Document:

Exhibit
10.1

  

 

Orange Door Capital, LLC PURCHASE AGREEMENT

 

This Purchase Agreement (“Agreement”)
dated November 16, 2017 between Orange Door Capital, LLC (“Company”) and the merchant or other
business listed below (“Merchant”).

 

MERCHANT INFORMATION 

Business
Legal Name: VPR Brands LP                                                                                                                                                    

 

D/B/A:
HoneyStick, VaporX, Vaporin, Krave, Helium                State
of Incorporation/Organization: FL                                           

Type of entity:

Corporation

Physical Address: 3001
Griffin Road                        City:
Dania Beach                        State:
FL                           
Zip: 33312           

Mailing Address: SAME
                                               City:
                                                State:
                                Zip:
                       

Date Business Started:
2009                            
Federal Tax ID or Social Security #: 30-0956562                                                     

Contact Name: Kevin
Frija                    Position:
Owner                          

Phone:
305.749.2676           Fax: 954.371.0097                            Email:
                                          Website:
www.vprbrands.com,

www.vapehoneystick.com 

 

PURCHASE AND SALE OF FUTURE RECEIVABLES

In exchange for payment by
Company to Merchant of the purchase price specified below (“Purchase Price”), Company hereby purchases
from Merchant and Merchant hereby sells to Company all of Merchant’s right, title and interest in and to the amount specified
below (“Specified Amount”) of Merchant’s future receivables (“Future Receivables”)
arising from electronic payments by Merchant’s customers with credit or debit cards, checks that are processed and converted
electronically, or any other electronic payment to Merchant (“Electronic Payments”). Merchant will remit
the Specified Amount of Future Receivables to Company in one of the two following ways:

 

(1) by authorizing and directing
a processor acceptable to Company (“Processor”) to pay Company each day an amount of cash equal to the
percentage specified below (“Specified Percentage”) of all Electronic Payment receivables settled by
Processor to Merchant on the day in question (“Receivables”); or (2) by debiting each day an amount of
cash equal to the Specified Percentage of the Receivables from a deposit account established by Merchant that is approved by Company
(the “Account”). Company may decide in its sole discretion which of the two methods it will accept for
the remittance of the Specified Percentage and will notify Merchant prior to delivering the Purchase Price to Merchant. Company
will continue to receive the Specified Percentage of Receivables until Merchant has remitted to Company the entire Specified Amount
and Applicable Fees. A list of all fees applicable under this agreement is contained in Appendix A.

 

Purchase Price = $ 240,000Specified Amount = $312,000Specified
% = Addendum

 

GUARANTEE BY OWNER(S)

The owners of Merchant (such
owners, whether shareholders, partners, members or other owners are jointly and severally referred to herein as “Owner”)
personally guarantee the performance of all of the covenants and the truth and accuracy of all of the representations

 

THE MERCHANT / OWNER HAS REVIEWED AND
AGREES TO THE TERMS OF THIS CONTRACT, INCLUDING THE ARBITRATION CLAUSE IN SECTION 4.15, AND ACKNOWLEDGES RECEIPT OF A COMPLETED
COPY OF IT.

 

MERCHANT
/ OWNER REPRESENTATIVE

By:
Kevin Frija                                                                  /s/
Kevin Frija                                                                                   

            (Print
Name)                                                                               (Signature)

 

By:
                                                                                                                                                                                                       

            (Print
Name)                                                                               (Signature)

 

By:
                                                                                                                                                                                                       

            (Print
Name)                                                                               (Signature)

 

By:
                                                                                                                                                                                                       

            (Print
Name)                                                                               (Signature)

 

Orange
Door Capital, LLC:                             
                                                     
                                                                           

                                        (Orange Door Capital, LLC Officer)                                   (Signature)

Each
of the parties is obligated upon his, her or its execution of the Agreement to all terms of the Agreement, including the Additional
Terms set forth below. Each of above-signed Merchant and Owner represents that he or she is authorized to sign this Agreement and
that the information provided in this Agreement and in all of Company’s forms
is true, accurate and complete in all respects. If any such information is false or misleading, Merchant shall be deemed in material
breach of all agreements between Merchant and Company and Company shall be entitled to all remedies available under law. An investigative
or consumer report may be made or requested by Company in connection with the Agreement.

Merchant
and each Owner authorize Company, its agents and representatives and any credit reporting agency engaged by Company, to (i) investigate
any references given or any other statements or data obtained from or about Merchant or its Owner for the purpose of this Agreement,
and (ii) pull credit reports at any time, so long as Merchant and/or Owner continue to owe any obligation to Company as a consequence
of this Agreement or in order for Company to determine Merchant’s eligibility to enter into any future agreement with Company.

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ADDITIONAL
TERMS OF THE PURCHASE AGREEMENT

 

Capitalized terms used
but not defined in these Additional Terms of the Purchase Agreement shall have the meanings assigned to such terms above.

I.  
PROCESSING TERMS AND ARRANGEMENTS. Section 1.1. Processing Agreement.
If Company elects to accept the remittance of the Specified Percentage directly from
Processor, Merchant (i) will enter, or has already entered, into an agreement acceptable to Company with Processor to obtain processing
services (“Processing Agreement”) and (ii) irrevocably authorizes and instructs Processor to pay daily
the cash attributable to the Specified Percentage of Receivables to Company rather than to Merchant until Company receives the
cash equal to the entire Specified Amount. This authorization may be revoked only by written consent of Company. Merchant agrees
that Processor may rely upon the instructions of Company, without any independent verification, in paying the Specified Percentage
of Receivables to Company. Merchant waives any claim for damages it may have against Processor in connection with actions taken
based on instructions from Company or the actions or omissions of Company, unless such
damages were due
to Processor’s failure to
follow Company’s reasonable instructions.
Merchant acknowledges that (a) Processor
is not an affiliate of Company, (b) Company does not have any power or authority to control Processor’s actions
with respect to the processing of Electronic Payment transactions, and (c) Company is not responsible
for, and Merchant agrees to hold Company harmless
for, the actions of Processor. If Processor transfers to any account of Merchant
or Owner any funds that should have been transferred to Company pursuant to Sections 1.1 and 1.2 hereof, or if Merchant otherwise
has monies deposited in its or Owner’s account(s) that otherwise should have been transferred to Company pursuant to Sections
1.1 and 1.2 hereof, Merchant and/or Owner shall immediately segregate and hold all such funds in express trust for Company’s
sole and exclusive benefit.

Section
1.2. Instructions to Processor. Merchant irrevocably authorizes and instructs Processor to hold the Specified Percentage
of Receivables on behalf of Company and to remit directly to Company the cash equal thereto at the same time it remits to Merchant
the cash equal to the Receivables less the Specified Percentage. Merchant acknowledges and agrees that Processor shall provide
Company with Merchant’s Electronic Payment transaction history from time to time upon request by Company. This Agreement
does not prohibit, limit or alter the rights possessed by Processor pursuant to the Processing Agreement, including but not limited
to Processor’s right to withhold, debit, offset or chargeback funds sent to or to be sent to Merchant or, funds that may
become owing to Processor, or to terminate the Processing Agreement.

Section
1.3. Indemnification. Merchant indemnifies and holds
Processor, its officers,
directors, affiliates, employees,
agents and representatives harmless
from and against
all losses,
damages, claims, liabilities and expenses (including reasonable attorneys’
fees) suffered or incurred
by Processor resulting from
actions taken by Merchant.

Section
1.4. Processing Fees. Processor may charge certain fees for processing Electronic Payment transactions and providing
related services as set forth in the Processing Agreement (the “Processing Fees”) and such Processing
Fees and other amounts, fees, charges, fines and penalties, may be deducted from the gross amount of Electronic Payment receivables
before determining the amount of Receivables payable to Merchant, to which the Specified Percentage will be applied.

Section
1.5. No Modification or Termination of Processing Agreement. Merchant
will comply with the Processing Agreement and will not modify the Processing Agreement
in any manner that could have a material adverse effect upon Company’s
interests, without Company’s prior written consent.
Merchant will not terminate the Processing Agreement,
nor do anything that may cause the Processing Agreement
to be suspended or terminated, until the Specified Amount
has been remitted to Company. Until the Specified Amount has been remitted
to Company, Merchant may not replace Processor, or enter into an agreement
with another payment processing company, without
the prior written consent of
Company.

Section
1.6. Account. If Company agrees to accept the remittance of the Specified Percentage by debiting the Account, Merchant
agrees to complete all necessary forms to establish the Account. Company may, in its sole discretion, require Merchant to establish
a new deposit account to replace and become the Account at a financial institution reasonably selected by Company. Merchant shall
cause all proceeds of Receivables to be deposited in the Account. Until the Specified Amount is remitted in full to Company, Merchant
shall maintain in the Account a minimum balance equal to $2,000 (“Minimum Balance).

Merchant acknowledges and
agrees that any funds deposited in the Account by Merchant’s card processor will remain in the Account until the cash equal
to the Specified Percentage is withdrawn by Company, and then the remaining funds, minus the Minimum Balance, will be forwarded
to the account identified by the account name, account number and bank name and address that is shown on the face of the voided
check that Merchant shall provide to Company along with this Agreement, the delivery of which voided check is a condition precedent
to Company’s obligations under this Agreement, (“Merchant’s Account”). Merchant and Owner
authorize Company to debit funds directly from the Account, and agree to not revoke or cancel such authorizations until such time
as Company has received the entire Specified Amount. Merchant acknowledges and agrees that Company may issue a pre- notification
to Merchant’s bank(s) with respect to such debit transactions. Within twenty-four (24) hours of any request by Company,
Merchant shall provide, or cause Merchant’s card processor to provide, Company with records and other information regarding
Merchant’s Electronic Payment sales, the Account and any other bank accounts of Merchant or Owner. If Merchant has monies
deposited in its or Owner’s account(s) that otherwise should have been transferred to Company pursuant to this Section 1.6,
Merchant and/or Owner shall immediately segregate and hold all such funds in express trust for Company’s sole and exclusive
benefit. Section 1.7. Processing Trial. After this Agreement has been signed by both Merchant and Company but prior
to Company’s determination as to whether to pay the Purchase Price, Merchant agrees to permit Company to conduct a short
processing trial (the “Processing Trial”) to ensure that Merchant’s Electronic Payment transactions
are being correctly processed through Processor or to the Account and that the cash attributable to the Specified Percentage of
Receivables will be appropriately remitted to Company. Company agrees to make a determination as to whether to purchase the Specified
Amount promptly after the commencement of the Processing Trial. If Company elects to purchase the Specified Amount, then all of
the cash received by Company in connection with the Processing Trial prior to the payment of the Purchase Price shall be applied
to reduce the Specified Amount. Nothing herein shall create an obligation on behalf of Company to purchase any Future Receivables,
and Company expressly reserves the right to not purchase the Specified Amount and not pay the Purchase Price to Merchant. If Company
decides to not purchase the Specified Amount and not pay the Purchase Price, this Agreement shall have no further effect and Company
shall, promptly after receipt from Processor or the Account, return to Merchant any cash received by Company in connection with
the Processing Trial.

Section
1.8. Excess Cash. If the amount of cash remitted to Company pursuant to this Agreement exceeds the Specified Amount
(such excess being the “Excess Cash”) by at least $50.00, Company agrees to pay such Excess Cash to
Merchant within 30 days after receipt thereof by Company. In the event the Excess Cash is less than $50.00, Company agrees to
pay such Excess Cash to Merchant within 30 days after its receipt of a written request from Merchant, provided such request is
made within 90 days of Company’s receipt of such Excess Cash. Company has no obligation to take any action (including against
Processor) with respect to any cash being held by Processor, which will become Excess Cash once it is paid by Processor to Company,
prior to the receipt of such Excess Cash by Company, and that Processor shall have no liability to Merchant for any Excess Cash.

Section
1.9. Reliance on Terms. The provisions of this Agreement are agreed to for the benefit of Merchant, Owner, Company,
and Processor and, notwithstanding the fact that Processor is not a party to this Agreement, it may rely upon the terms of this
Agreement and raise them as defenses in any action.

Section
1.10. Estoppel Certificate. Merchant will at any time, and from time
to time, upon at least one (1) day’s prior notice from Company to Merchant, execute, acknowledge and deliver to Company
and/or to any other person, person firm or corporation specified by Company, a statement certifying that this Agreement is unmodified
and in full force and effect (or, if there have been modifications, that the same is in full force and effect as modified and
stating the modifications) and stating the dates which the Specified Amount or any portion thereof has been repaid.

II.  
REPRESENTATIONS,WARRANTIESAND COVENANTS.

Merchant and each Owner
represent, warrant and covenant the following as of the date of this Agreement and continuing until the Specified Amount is paid
in full to Company: Section 2.1. Merchant General Business Covenants. Merchant agrees (i) to use its best efforts
to conduct its business consistent with past practice; (ii) to not take any action, including changing its arrangements with Processor,
to discourage the use of Electronic Payments and to not permit any event to occur that could have an adverse effect on the use,
acceptance or authorization of Electronic Payments for the purchase of Merchant’s services and/or products; (iii) to not
open a new bank account other than the Account to which Electronic Payment settlement proceeds will be deposited and to not take
any action to cause Future Receivables to be settled or delivered to any bank account other than the Account; and (iv) not to
sell, dispose, convey or otherwise transfer its business or assets without the express prior written consent of Company and the
assumption of all of Merchant’s obligations under this Agreement pursuant to documentation reasonably satisfactory to Company.

Section
2.2. Business Information. All information (financial and other) provided by or on behalf of Merchant to Company in
connection with the execution of or pursuant to this Agreement is true, accurate and complete in all respects. Merchant shall
furnish Company such additional information as Company may request from time to time.

Section
2.3. Reliance on Information. All information (financial and other) provided by or on behalf of Merchant has been relied
upon by Company in connection with its decision to purchase the Specified Amount of Future Receivables and is true, accurate and
complete in all respects.

Section
2.4. Default Under Other Contracts; Compliance. Merchant’s execution of and/or performance under this Agreement
will not cause or create an event of default by Merchant under any contract with another person or entity. Merchant is not in
default under any of the terms, covenants and conditions of any other agreement with Company. Merchant is in compliance with any
and all applicable federal, state and local laws and regulations and rules and regulations of card associations and payment networks.
Merchant possesses and is in compliance with all permits, licenses, approvals, consents, registrations and other authorizations
necessary to own, operate and lease its properties and to conduct the business in which it is presently engaged.

Section
2.5. Authorization. Merchant and the person(s) signing this Agreement on behalf of Merchant have full power and authority
to enter into and perform the obligations under this Agreement and the Processing Agreement, all of which have been duly authorized
by all necessary and proper actions.

Section
2.6. Insurance. Merchant shall maintain insurance in such amounts and against such risks as are consistent with past
practice and shall show proof of such insurance upon the request of Company.

Section
2.7. Change Name or Location. Merchant does not and shall not conduct Merchant’s business under any name other
than as disclosed to Company and Processor and shall not change its jurisdiction of organization, ownership or other legal structure
without the prior written consent of Company, which consent may be withheld for any reason. Merchant shall not change its place
of business or transport or move, interrupt, suspend, dissolve or terminate its business without advance, written notice to Company.

Section
2.8. Exclusive Use of Processor. Merchant understands and agrees that if Company elects to accept the remittance of
the Specified Percentage directly from Processor, until the Specified Amount is paid in full to Company, the services of Processor
are the exclusive means by which Merchant can and shall process its Electronic Payment transactions. Merchant shall not take any
action that has the effect of causing the Processor to be changed to another processor. Merchant has not been notified by Processor
and is not aware of any fact that would trigger the termination or suspension of the Processing Agreement or the creation of a
reserve account. If Merchant receives such notice, Merchant shall immediately notify Company. If Merchant’s action or inaction
results in the Processing Agreement being terminated or suspended, Company may immediately debit the difference between (x) the
Specified Amount, and (y) the portion of the Specified Amount that Company has received to date by initiating a debit via the
Automatic Clearing House (ACH) system from Merchant’s Account or such other bank account that

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Merchant
maintains, or any bank account maintained by each Owner.

Section
2.9. Exclusive Use of Account. Merchant understands and agrees that if Company elects to accept the remittance of the
Specified Percentage by debiting the Account, until the Specified Amount is paid in full to Company, all proceeds of Receivables
shall be deposited into the Account. If Merchant’s action or inaction results in the Account being terminated or suspended,
Merchant and each Owner irrevocably authorizes Company or its designated successor to immediately withdraw the difference between
(x) the Specified Amount, and (y) the portion of the Specified Amount that Company has received to date by initiating a debit
via the Automatic Clearing House (ACH) system from Merchant’s Account or such other bank account that Merchant maintains,
or any other bank account maintained by each Owner.

Section
2.10. Working Capital Funding. Merchant shall not enter into any other arrangement, agreement or commitment that relates
to or involves Future Receivables, whether in the form of a purchase of, a loan against, or the sale or purchase of credits against,
Future Receivables or future Electronic Payment sales with any party other than Company.

Section
2.11. Unencumbered Future Receivables. Subject to the terms of the Processing Agreement, Merchant has good, complete
and marketable title to all Future Receivables, free and clear of any and all liabilities, liens, claims, charges, restrictions,
conditions, options, rights, mortgages, security interests, equities, pledges and encumbrances of any kind or nature whatsoever
or any other rights or interests that may be inconsistent with the transactions contemplated with, or adverse to the interests
of, Company. Merchant shall make or send notice of any intended bulk sale or transfer by Merchant.

Section 2.12. Business
Purpose. Merchant is a valid business in good standing under the laws of the jurisdictions in which it is organized and/or
operates, and Merchant is entering into this Agreement for business purposes and not as a consumer for personal, family or household
purposes. Section 2.13. No Bankruptcy/Litigation. As of the date of this Agreement, Merchant does not contemplate
and has not filed any petition for bankruptcy protection under Title 11 of the United States Code and there has been no involuntary
petition brought or pending against Merchant. Merchant further warrants that it does not anticipate filing any such bankruptcy
petition and it does not anticipate that an involuntary petition will be filed against it. There is no action, suit or investigation
pending or, to Merchant’s or Owner’s knowledge, threatened against it or any of its assets, before any court or governmental
authority which, if determined adversely to it, would have a material adverse effect on Merchant’s business.

Section
2.14. Merchant Fraud. Merchant and Owner shall immediately notify Company if any of the representations, warranties
or covenants contained in this Agreement are no longer true. Any false representation or warranty shall constitute fraud against
Company, and Merchant consents to entry of a judgment admitting to such fraud in an amount to be determined by the applicable
court in favor of Company.

		III.	ADDITIONAL
                                         TERMS.

Section
3.1. Sale of Future Receivables. Merchant and Company agree that the Purchase Price paid by Company in exchange for
the Specified Amount is a purchase of the Specified Amount of Future Receivables and is not intended to be, nor shall it be construed
as, a loan or financial accommodation from Company to Merchant. If Merchant’s business slows down and Merchant’s Electronic
Payments decrease (and merchant has not violated the terms of this Agreement), Company may not increase the Specified Percentage
without Merchant’s prior written consent. If Merchant’s business closes or goes bankrupt (and Merchant has not violated
the terms of this Agreement), Merchant and Owner will not be in default under this Agreement. Merchant shall treat this transaction
as a sale of assets for all purposes, including but not limited to tax preparation, financial reporting and accounting purposes.

Section
3.2. No Right to Repurchase. Merchant has no right to repurchase the Specified Amount of Future Receivables from Company
and Company may not force Merchant to repurchase the Specified Amount.

Section
3.3. Remedies. If any of the representations or warranties contained in this Agreement are not true, accurate and complete,
or in the event of a breach of any of the covenants contained in this Agreement, or in the event that any Owner seeks to cancel
the guaranty, Company shall be entitled to all remedies available under law, including the right to non judicial foreclosure of
any collateral. If Merchant breaches any of the representations or covenants specified in Sections 2.1 through 2.14, Merchant
agrees that Company shall be entitled to, but not limited to, damages equal to the

amount
by which the Specified Amount exceeds the amount of cash received from Receivables that have previously been delivered to Company
pursuant to this Agreement. Merchant and Owner agree that Company may automatically debit such damages via the ACH system or wire
transfers from Merchant’s Account or such other bank account that Merchant maintains, or any bank account maintained by
each Owner. The obligations of Owner, including the guarantee on the first page of this Agreement are primary and unconditional
and Owner waives any rights to require Company to first proceed against Merchant. Notwithstanding any other provision of
this Agreement to the contrary and provided that Merchant/Owner has no current intention to close or slow down business or file
for bankruptcy protection, Merchant will not be in default under this Agreement if Merchant closes its business, files for bankruptcy
protection or experiences a business slow down due to any of the following: an act of God; the destruction of Merchant's business
(where Merchant played no role in the destruction); the death of the Owner (if the Merchant is a sole proprietorship); the Owner
becoming seriously ill or disabled such that he or she can no longer work (if the Merchant is a sole proprietorship); or a decline
in Merchant's business caused by market or other forces and despite Merchant's/Owner's good faith efforts to succeed at Merchant's
business.

Section
3.4. Financing Statements. To secure performance of all of the obligations of Merchant to Company under this Agreement
or any other agreement between Merchant and Company, Merchant grants to Company, immediately upon an event of default under this
Agreement or any other agreement between Merchant and Company, a security interest, subject only to the security interest of Processor,
if any, in the following property of Merchant wherever found: (a) All personal property of Merchant, including, all accounts,
chattel paper, documents, equipment, general intangibles, instruments, inventory (as those terms are defined in Article 9 of the
Uniform Commercial Code (“UCC”) in effect from time-to-time in the State of California), and liquor
licenses, wherever located, now or hereafter owned or acquired by Merchant; (b) all trademarks, trade names, service marks, logos
and other sources of business identifiers, and all registrations, recordings and applications with the U.S. Patent and Trademark
Office (“USPTO”) and all renewals, reissues and extensions thereof (collectively “IP”)
whether now owned or hereafter acquired, together with any written agreement granting any right to use any IP; and (c) all proceeds
with respect to the items described in (a) and (b) above, as the term “proceeds” is defined in Article
9 of the UCC. Merchant understands and agrees that Company may file one or more UCC-1 financing statements (i) at anytime to perfect
the interest created under the UCC upon the sale of the account (as that term is defined in the UCC), (ii) after an event of default
to perfect the grant of the security interest in the other assets of Merchant described above, and (iii) after an event of default
assignments with USPTO to perfect the security interest in IP described above. The UCC-1 financing statements specified in item
(i) of the preceding sentence may state that the sale of the Specified Amount is intended to be a sale and not an assignment for
security.

Section
3.5. Protection of Information. Merchant and each person signing this Agreement on behalf of Merchant and/or as Owner,
in respect of himself or herself personally, authorizes Company to disclose to any third party information concerning Merchant’s
and each Owner’s credit standing (including credit bureau reports that Company obtains) and business conduct. Merchant and
each Owner hereby waives to the maximum extent permitted by law any claim for damages against Company and any of its affiliates
or agents and Processor relating to any (i) investigation undertaken by or on behalf of Company as permitted by this Agreement
or (ii) disclosure of information as permitted by this Agreement.

Section
3.6. Solicitations. Merchant and each Owner authorizes Company and its affiliates to communicate with, solicit and/or
market to Merchant and each Owner via regular mail, telephone, email and facsimile in connection with the provision of goods or
services by Company, its affiliates or any third party that Company shares, transfers, exchanges, discloses or provides information
with or to pursuant to Section 3.5 and will hold Company, its affiliates and such third parties harmless against any and all claims
pursuant to the federal CAN-SPAM ACT of 2003 (Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003),
the Telephone Consumer Protection Act (TCPA), and any and all other state or federal laws relating to transmissions or solicitations
by any of the methods described above.

Section
3.7. Confidentiality. The terms and conditions of the products and services
offered by Company, including this Agreement and any other Company documentation

(collectively,
“Confidential Information”)
are proprietary and confidential information of Company.
Accordingly, unless disclosure is required by law or court order, Merchant
shall not disclose Confidential Information to any person
other than an attorney, accountant, financial
advisor or employee of Merchant
who needs to know such information for the purpose of advising Merchant (“Advisor”),
provided such Advisor uses such information solely for the purpose of advising Merchant
and first agrees in writing to be bound by the terms of this Section 3.7.

Section
3.8. Publicity. Merchant and each Owner authorizes Company to use its, his or her name in a listing of clients and
in advertising and marketing materials.

		IV.	MISCELLANEOUS.

Section
4.1. Modifications; Amendments; Construction. No modification,
amendment or waiver of any provision of this Agreement
shall be effective unless the same shall
be in writing and signed by the parties affected. The headings of the sections
and subsections are inserted for convenience only and shall not affect in
any way the meaning or interpretation of this Agreement. For purposes of this Agreement,
“including” shall mean “including, without
limitation”.

Section
4.2. Notices. All notices, requests, demands and other communications shall be in writing and shall be delivered by
mail, overnight delivery or hand delivery to the respective parties to this Agreement. Notices to Company shall be sent to the
following address:

Orange Door Capital

330 E. Lambert Road, Suite 275

Brea, CA 92821

Section
4.3. Waiver; Remedies. No failure on the part of Company to exercise, and no delay in exercising, any right under this
Agreement shall operate as a waiver, nor shall any single or partial exercise of any right under this Agreement preclude any other
or further exercise of any other right. The remedies provided in this Agreement are cumulative and not exclusive of any remedies
provided by law or equity.

Section
4.4. D/B/A’s. Merchant understands and acknowledges that Company may be using “doing business as”
or “d/b/a” names in connection with various matters relating to the transaction between Company and Merchant,
including the filing of UCC-1 financing statements and other notices or filings.

Section
4.5. Binding Effect. This Agreement shall be binding upon and inure to the benefit of Merchant, Owner, Company and
their respective successors and assigns, except that Merchant and Owner shall not have the right to assign its rights or obligations
under this Agreement or any interest in this Agreement without the prior written consent of Company, which consent may be withheld
in Company’s sole discretion. Company reserves the right to assign this Agreement or its rights or obligations hereunder
with or without prior notice to Merchant.

Section
4.6. Governing Law. This Agreement, all transactions it contemplates,
the construction of the terms of the Agreement and all transactions, and the interpretation, performance and enforcement of the
rights and duties of Merchant, Company and each individual signatory shall be governed by and construed in accordance with the
laws of the State of California, without regards to any applicable principles of conflicts of law. Without limiting the generality
of the foregoing, the Parties agree that the laws of the State of California shall govern the entire relationship between and
among the Parties, including, without limitation, all issues or claims arising out of, relating to, in connection with or incident
to this Agreement and any transaction it contemplates, whether such claims are based in tort, contract, or arise under statute
or in equity. The Parties acknowledge and agree that this Agreement is made and performed in the State of California.

Section
4.7. Costs. Company shall be entitled to receive from Merchant and/or Owner, and Merchant and/or Owner shall pay, all
reasonable costs associated with a breach by Merchant of term of this Agreement and the enforcement thereof, including court costs
and attorneys’ fees.

Section
4.8. Term and Survival. This Agreement shall continue in full force and effect until all obligations hereunder have
been satisfied in full; provided, however, that Sections 1.3, 3.3, 3.6, 3.7, 3.8, 4.6, 4.7, 4.8, 4.11, 4.12, 4.13, 4.14 and

4.15
shall survive indefinitely.

Section
4.9. Severability. In case any one or more of the provisions contained in this Agreement is found to be invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

Section
4.10. Counterparts and Facsimile Signatures. This Agreement may be signed in one or more counterparts, each of which
shall constitute an original and all of which when taken together shall constitute one and the same agreement. Facsimile signatures
or signed documents scanned in .pdf (or similar) format shall have the same legal

 

 

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force
and effect as an original of such signature and shall be treated as an original document for evidentiary purposes.

Section
4.11. Limitation of Liability. In no event will Processor or Company be liable for any claims asserted by Merchant
for lost profits, lost revenues, lost business opportunities, exemplary, punitive, special, incidental, indirect or consequential
damages, even if advised of the possibility of such damages, under any theory of law, including any tort or contract theory, each
of which is expressly waived by Merchant.

Section
4.12. Entire Agreement. This Agreement contains the entire agreement and understanding between Merchant, Owner and
Company and supersedes all prior agreements and understandings, whether oral or in writing, relating to the subject matter unless
otherwise specifically reaffirmed or restated in this Agreement. Merchant and Owner each

acknowledge
and agree that he, she or it is not relying on any representations not specifically embodied in this Agreement. Section 4.13.
Jury Trial Waiver. THE PARTIES WAIVE TRIAL BY JURY IN ANY COURT IN ANY SUIT, ACTION OR PROCEEDING ON ANY MATTER ARISING
IN CONNECTION WITH OR IN ANY WAY RELATED TO THE TRANSACTIONS OF WHICH THIS AGREEMENT IS A PART OR THE ENFORCEMENT, EXCEPT WHERE
SUCH WAIVER IS PROHIBITED BY LAW OR DEEMED BY A COURT OF LAW TO BE AGAINST PUBLIC
POLICY. THE PARTIES ACKNOWLEDGE THAT EACH MAKES THIS WAIVER KNOWINGLY, WILLINGLY AND VOLUNTARILY AND WITHOUT DURESS, AND ONLY
AFTER EXTENSIVE CONSIDERATION OF THE RAMIFICATIONS OF THIS WAIVER WITH THEIR ATTORNEYS.

Section
4.14. Class Action Waiver. THE PARTIES WAIVE ANY RIGHT TO ASSERT ANY CLAIMS AGAINST

THE
OTHER PARTY AS A REPRESENTATIVE OR MEMBER IN ANY CLASS OR REPRESENTATIVE ACTION, EXCEPT WHERE SUCH WAIVER IS PROHIBITED BY LAW
AGAINST PUBLIC POLICY. TO THE EXTENT EITHER PARTY IS PERMITTED BY LAW OR COURT OF LAW TO PROCEED WITH A CLASS OR REPRESENTATIVE
ACTION AGAINST THE OTHER, THE PARTIES AGREE THAT: (1) THE PREVAILING PARTY SHALL NOT BE ENTITLED TO RECOVER ATTORNEYS’ FEES
OR COSTS ASSOCIATED WITH PURSUING THE CLASS OR REPRESENTATIVE ACTION (NOT WITHSTANDING ANY OTHER PROVISION IN THIS AGREEMENT);
AND (2) THE PARTY WHO INITIATES OR PARTICIPATES AS A MEMBER OF THE CLASS WILL NOT SUBMIT A CLAIM OR OTHERWISE PARTICIPATE IN ANY
RECOVERY SECURED THROUGH THE CLASS OR REPRESENTATIVE ACTION.

 

 

 

Page 4 of 6Initial
KFInitial  

     

     

    

 

Section
4.15. Arbitration Agreement; Class Action Waiver. This Arbitration Clause is an agreement between the Merchant and
the Company to arbitrate disputes. “Disputes” has the broadest possible meaning, and includes but is
not limited to any and all disputes, claims or controversies, in law or in equity, between the Merchant and the Company arising
out of or relating in any way to the Agreement, any prior purchase agreement Merchant entered into with Company (a "Prior
Agreement"), the transaction this Agreement contemplates, any prior transaction under a Prior Agreement. “Disputes”
include , including without limitation,: (a) any claims of breach of contract, tort, usury, misrepresentation, conversion, fraud,
or unfair and deceptive trade practices, or (b) any claim of a violation of any local, state or federal statute, regulation, ordinance,
rule, etc.

At
the request of either the Merchant or the Company, any Dispute shall be decided in binding arbitration before the Merchant’s
choice of the American Arbitration Association (“the AAA”) or any other arbitration organization the Merchant choose
and that the Company approves of in writing (“the Arbitration Organization”). The arbitration shall be conducted under
the then current rules for the Arbitration Organization. The Merchant can get a copy of the rules from the AAA by calling (1-800-778-7879).
The arbitration hearing shall be conducted in the federal district in which the Merchant resides or in which the Agreement was
signed.

The
Merchant and the Company agree that once the Merchant or the Company have elected to arbitrate, binding arbitration is the exclusive
method for resolving any and all Disputes and that under this arbitration clause the Merchant and the Company are waiving the
right to a jury trial and the right to bring or participate in any class action in
court or through arbitration (this is referred to below as “the Class Action Waiver”).

The
arbitrators shall be attorneys or retired judges and shall be selected in accordance with the applicable rules. The arbitration
award shall be in writing, but without a supporting opinion unless such an opinion is requested by the Merchant or the Company.
If the Merchant elects arbitration first, the Merchant will pay one half of any arbitration filing fee. The Company will pay the
rest of the filing fee, and the whole filing fee if the Company elects arbitration first or if the arbitrator determines that
applicable law requires the Company to do so or that the Merchant is unable to do so. The Company will pay the arbitration costs
and fees for the first day of arbitration, up to a maximum of eight hours. The Company will also pay any fees and charges
that the arbitrator determines that the Company must pay in order to assure that this arbitration clause is enforceable. The
arbitrator shall decide who shall pay any additional costs and fees. The arbitrator shall have the authority to award fees, costs,
and injunctive or equitable relief in accordance with this arbitration clause and applicable law.

If
either the Merchant or the Company fail to arbitrate as required under this arbitration clause, the party electing arbitration
shall, unless prohibited by applicable law, be entitled to recover its/their attorneys’ fees and costs incurred in compelling
the other party to arbitrate the Dispute.

The
parties acknowledge and agree that the Federal Arbitration Act (9 U.S.C. § 1 et seq.) shall govern any arbitration under
this arbitration clause. 

If
any part of this arbitration clause conflicts with the terms of any other document or agreement between the parties or the rules
of the Arbitration Organization, the terms of this arbitration clause shall prevail. If any part of this arbitration clause other
than the Class Action Waiver shall be deemed or found unenforceable for any reason, the remainder of the arbitration clause shall
remain enforceable. If the Class Action Waiver shall be deemed or found unenforceable for any reason, the remainder of the arbitration
clause shall be enforceable.

The
Merchant and the Company agree that the mutual promises in this arbitration clause constitute the consideration necessary to make
this arbitration clause enforceable even if the Company does not enter into any further agreements. This arbitration clause shall
survive the termination, rescission or payment in full of this Agreement.

The
Merchant may opt out of this arbitration clause by notifying the Company in writing of the Merchant’s intent to do so. The
Merchant’s election to opt out must be mailed by first class mail postmarked no later than 10 days from the date of this
Agreement and addressed to the Company at:

Orange
Door Capital, LLC

330 E. Lambert Road, Suite 275

Brea, CA 92821 

If
more than one Merchant and/or Owner is shown in this contract, all Merchants and/or Owners must elect to opt out in order for
the opt-out to be effective.

 

Page 5 of
6Initial KFInitial  

     

     

    

 

APPENDIX
A: FEES

Filing
Fee. Merchant shall be responsible for fees associated with the proper filing of any financing statements in the appropriate
jurisdiction. This fee may vary by state or county but is generally accepted to be equal to half of one percent of the Specified
Amount. This fee may be collected directly from the funds being dispersed to purchase receivables if not paid in full before funding.
This fee is non-refundable.

Underwriting
Fee. This fee is paid by the Merchant to the Company to cover the costs of underwriting. These fees include the cost of credit
reports, site surveys, and other administrative costs and proper filing of financing statements. This fee will be calculated as
follows: Advances with a Specified Amount of $7,500 or less will be assessed a fee of $295.00, advances with a Specified Amount
from $7,501-$50,000 will be assessed a fee of $395.00; advances with a Specified Amount from $50,001-

$100,000
will be assessed a fee of $595.00; advances with a Specified Amount from $100,001-$160,000 will be assessed a fee of $795.00;
and advances with a Specified Amount over $160,000 will be assessed a fee of .5% of the Specified Amount.

Monthly
Administrative Fee. A $50.00 fee is applied on the initial day of funding and every month thereafter,
until the Specified Amount is paid in full

Multiple
Site Inspection Fee. For any Merchant who has multiple locations, a fee of $100.00 per additional location will be collected.
If this is not paid in advance, this fee will be collected from receipts prior to the collection of the Specified Amount purchased
by the Company. This fee is non-refundable.

Wire
Transfer Fee. A $45.00 fee is applied for any wire transfer.

 

Monthly
Lockbox Fee (if applicable). A $40.00 fee is applied on the initial day of funding and every 30 days to follow, until the
Specified Amount is paid in full.

Bank
Account Change Fee. A $65.00 fee is applied anytime the Merchant changes bank accounts during the term of the Agreement.

NSF
Fee. A $50.00 fee will be applied to the Merchants account for each check or automated debit returned as NSF or otherwise
stopped.

Lockbox
Close Fee (if applicable). In the event that a Merchant is notified to change bank account affiliated with the lockbox and
Merchant fails to do so within 48 hours, a fee in the amount of $10.00 per day will be applied until the lockbox is closed.

Default
Waiver Fee. Upon Merchant's request, the Company may elect in its sole and absolute discretion to waive to occurrence of an
event of default hereunder, provided that Merchant shall pay a default waiver fee for each such waiver in the amount of

$5,000.00
to The Company, which shall be due and payable to the Company on demand. Such default waiver fee shall be payable for each event
of default. In addition, if a merchant obtains and completes another loan, purchase receivable financing and/or other financing
contract without the Company's written approval, then the default fee will be $10,000.00

 

Card
Processor / Bank Change Fee. Merchant shall pay to the Company $5,000.00 in the event that Merchant (i) uses multiple credit/debit/bank
card processing terminals without the prior written consent of the Company; or (ii) changes its credit/debit/bank card Processor
without prior written consent of the Company; or (iii) changes its bank depository accounts which have been agreed as payment
remittance sources without prior written consent of the Company; or (iv) any violation of Section 3.1 of this Purchase Agreement.
Such change fee (i) shall be due and payable to the Company on demand; (ii) is not exclusive of, and is cumulative with, any other
fee or amount paid or payable to the Company by Merchant pursuant to this agreement; and (iii) shall not be construed as a waiver
of any event of default hereunder or as otherwise operating to reduce or limit the Company’s rights or remedies provided
for hereunder or at law or in equity.

 

Page
6 of 6Initial KFInitialForm of Medium-Term Notes, Series P

 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. 95000N3J6 
	
PRINCIPAL AMOUNT: $                   
  

 REGISTERED NO.      

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES P 

Due Nine Months or More From Date of Issue 

Notes due December 5, 2037 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, the principal sum of
                     MILLION DOLLARS
($                    ) on December 5, 2037 (the “Stated Maturity Date”) and to pay interest thereon from
December 5, 2017 or from the most recent Interest Payment Date to which interest has been paid or duly provided for semi-annually on each June 5 and December 5, commencing June 5, 2018, and at Maturity (each, an “Interest
Payment Date”), at the rate per annum specified below until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest next preceding such Interest Payment Date. The Regular Record
Date for an Interest Payment Date shall be one Business Day prior to such Interest Payment Date. If an Interest Payment Date is not a Business Day, interest on this Security shall be payable on the next day that is a Business Day, with the same
force and effect as if made on such Interest Payment Date, and without any interest or other payment with respect to the delay. “Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a
day on which banking institutions are authorized or required by law or regulation to close in New York, New York. 
 Except
as described below for the first Interest Period, on each Interest Payment Date, interest will be paid for the period commencing on and including the immediately preceding Interest Payment Date and ending on and including the day immediately
preceding that Interest Payment Date. This period is referred to as an “Interest Period.” The first Interest Period will 

 
commence on and include December 5, 2017 and end on and include June 4, 2018. Interest on this Security will be computed on the basis of a
360-day year of twelve 30-day months. 
 The
interest rate on this Security that will apply during an Interest Period will be as follows: 
  

			
	 Commencing December 5, 2017 and

ending December 4, 2032
	  	 3.75% per annum

	 Commencing December 5, 2032 and

ending December 4, 2037
	  	 4.00% per annum

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

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

This Security is redeemable at the option of the Company, in whole but not in part, on any Optional Redemption Date at a
Redemption Price equal to 100% of the principal amount of this Security to be redeemed, plus any accrued but unpaid interest to, but excluding, the Redemption Date. The “Optional Redemption Dates” are quarterly on the 5th day of each March, June, September and December, commencing December 5, 2027 and ending September 5, 2037. Notice of any redemption will be mailed at least 5 but not more than 30 days
before the applicable Redemption Date to the Holder hereof. Unless the Company defaults in the payment of the Redemption Price, on or after the Redemption Date, interest will cease to accrue on this Security or the portion hereof called for
redemption. 
 This Security is not subject to repayment at the option of the Holder hereof prior to December 5, 2037.
This Security is not entitled to any sinking fund. 

  
 2 

 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] 

  
 3 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal. 
 DATED: 
  

					
	WELLS FARGO & COMPANY
		
	By:	 	 
			
		 	Its:	 	 

 [SEAL] 
  

					
	Attest:	 	 
			
		 	Its:	 	 

  

			
	 TRUSTEE’S CERTIFICATE OF

AUTHENTICATION
 This is one of the Securities of the

series designated therein described
 in the within-mentioned Indenture.

	
	 CITIBANK, N.A.,

      as Trustee

		
	By:	 	 
		 	Authorized Signature
	
	 OR

	
	 WELLS FARGO BANK, N.A.,

  as Authenticating Agent for the Trustee

		
	By:	 	 
		 	Authorized Signature

  
 4 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES P 

Due Nine Months or More From Date of Issue 

Notes due December 5, 2037 

This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and
Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series of the Securities designated as Medium-Term Notes, Series P, of the Company, which series is limited to an aggregate principal amount of $25,000,000,000 or the equivalent thereof in one or more foreign or composite currencies. The
Securities of this series will bear interest at a fixed rate or a floating rate. The Securities of this series may mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times
or not at all and be denominated in different currencies. 
 Article Sixteen of the Indenture shall not apply to this
Security. 
 Article Seventeen of the Indenture shall apply to this Security. 

The Securities are issuable only in registered form without coupons and will be either
(a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated
securities issued to and registered in the names of, the beneficial owners or their nominees. 
 The Company agrees, to the
extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of this Security. 

Events of Default 

“Event of Default”, whenever used herein with respect to the Securities of this series, means any one of the
following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law, pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 
 (1)        default in the
payment of any interest upon any Security of this series when it becomes due and payable, and continuance of such default for a period of 30 days; or 

  
 5 

 (2)        default
in the payment of the principal of any Security of this series at its Maturity, and continuance of such default for a period of 30 days; or 

(3)        default in the performance, or breach, of any covenant or
warranty of the Company in the Indenture (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in Section 501 of the Indenture specifically dealt with or which has expressly been included in the
Indenture solely for the benefit of Securities of a series other than the Securities of this series), and continuance of such default or breach for a period of 90 days after there has been given by registered or certified mail, to the Company by the
Trustee, or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of this series, a written notice specifying such default or breach and requiring it to be remedied and stating that such
notice is a “Notice of Default” under the Indenture, or 

(4)        the failure of the Company, subject to the provisions of
Section 1008 of the Indenture, to observe and perform the covenants contained in Section 1005 of the Indenture; or 

(5)        the entry by a court having jurisdiction of (A) a
decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency or similar law or (B) a decree or order adjudging the Company a bankrupt or insolvent, or
approving a petition seeking receivership, insolvency or liquidation of or in respect of the Company under any applicable Federal or State law, or appointing a receiver, liquidator, trustee or similar official of the Company, or ordering the winding
up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; or 

(6)        the commencement by the Company of a voluntary case or
proceeding under any applicable Federal or State bankruptcy, insolvency or similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, the appointment of a receiver for the Company under any applicable Federal or State
bankruptcy, insolvency or similar law following consent by the Board of Directors of the Company to such appointment, or the entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable
Federal or State bankruptcy, insolvency, receivership, liquidation or similar law following the Company’s consent to such decree or order. 

If an Event of Default specified in Clause (1), (2), (5) or (6) shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. For the avoidance of doubt, if an Event of Default specified in Clause (3) or (4) shall occur and be continuing, the
principal of the Securities of this series may not be declared due and payable. 
 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 

  
 6 

 
Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected, acting together as a class. The Indenture also
contains provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount
of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

Defeasance 

Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the
Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein,
shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Authorized
Denominations 
 This Security is issuable only in registered form without coupons in denominations of $1,000 or any
amount in excess thereof which is an integral multiple of $1,000. 
 Registration of Transfer 

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

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

  
 7 

 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 principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 

No Personal Recourse 

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

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

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

  
 8 

 ABBREVIATIONS 

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

					
	 TEN COM
	 	  -- 
	 	 as tenants in common

			
	 TEN ENT
	 	  -- 
	 	 as tenants by the entireties

			
	 JT TEN
	 	  -- 
	 	 as joint tenants with right

of survivorship and not
 as
tenants in common

  

									
	 UNIF GIFT MIN ACT
	 	  --    
	 	 	 	 Custodian
	 	 
		 		 	(Cust)	 		 	(Minor)

  

	
	Under Uniform Gifts to Minors Act

	
	
	   

	(State)

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

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

 

	
	 Please Insert Social Security or
 Other
Identifying Number of Assignee

	
	
	   

  
  

 
  
  

 
 (PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

  
 9 

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

	
	   

  

	
	   

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

  
 10

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