Document:

EX-10.7

 Exhibit 10.7 

CHESAPEAKE BANK OF MARYLAND 

“SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN” 

This Supplemental Executive Retirement Plan (the “Plan”) is adopted by and between Chesapeake Bank of Maryland (the
“Bank”), a banking institution organized and existing under the laws of the State of Maryland, and William Bocek (the “Executive”), this 1st day of November, 2014. 

RECITALS 
 WHEREAS,
the Executive is employed by the Bank; 
 WHEREAS, the Bank recognizes the valuable services heretofore performed for it by the
Executive and wishes to encourage his continued employment and to provide him with additional incentive to achieve corporate objectives; 

WHEREAS, the compensation described in this Plan is provided in addition to, and not in lieu of, any sick leave, compensation or other
benefits to which the Executive may be entitled under Bank’s other plans and policies; 
 WHEREAS, the Bank intends this Plan
shall at all times be administered and interpreted in such a manner as to constitute an unfunded nonqualified deferred compensation arrangement, maintained primarily to provide supplemental retirement income for the Executive who is a member of a
select group of management or highly compensated employees of the Bank, for tax purposes and for purposes of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”); and 

WHEREAS, the Plan is intended to comply in form and operation with all applicable law, including, to the extent applicable, the
requirements of Internal Revenue Code Section 409A and will be administered, operated and construed in accordance with this intention. 

NOW THEREFORE, in consideration of the mutual promises contained herein and intending to be legally bound hereby, the Bank and the
Executive agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 The following
Article provides definitions of terms used throughout this Plan, and whenever used herein in a capitalized form, except as otherwise expressly provided, the terms shall be deemed to have the following meanings: 

1.1 “Accrued Liability” shall mean the dollar value of the liability accrued and expensed by the Bank under Generally Accepted
Accounting Principles (“GAAP”), for the Bank’s obligation to the Executive under this Plan. 
 1.2 “Bank”
shall mean Chesapeake Bank of Maryland, its successors and assigns, unless otherwise provided in this Plan, or any other corporation or business organization which, with the consent of Chesapeake Bank of Maryland, or its successors or assigns,
assumes the Bank’s obligations under this Plan. 
 1.3 “Beneficiary” or “Beneficiaries” shall mean the
person(s), trust(s) or other entity or entities designated by the Executive, in accordance with the procedures established by the Plan Administrator, to receive benefits under the Plan after the death of the Executive. 

  
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 1.4 “Beneficiary Designation Form” shall mean the form established from time to
time by the Plan Administrator that the Executive completes, signs, and returns to the Plan Administrator to designate one or more Beneficiaries. 

1.5 “Board” shall mean the Board of Directors of the Bank as from time to time constituted. 

1.6 “Cause” shall mean the Executive’s: (a) gross negligence or gross neglect of duties to the Bank;
(b) conviction of a felony or of a gross misdemeanor involving moral turpitude in connection with the Executive’s service to the Bank; or (c) fraud, disloyalty, dishonesty or willful violation of any law or significant Bank policy
committed in connection with the Executive’s service and resulting in a material adverse effect on the Bank. 
 1.7 “Change in
Control” shall be deemed to have occurred if a person or group acquires forty percent (40%) or more of the gross fair market value of the assets of the Bank over a twelve (12) month period. No Change in Control shall be deemed to have
occurred if the assets are transferred to certain entities controlled directly or indirectly by the shareholders of the transferring corporation, as defined in Treasury Regulation §1.409A-3(i)(5)(vii).

 1.8 “Claimant” shall mean the Executive or a Beneficial), who
believes that he or she is entitled to a benefit under this Plan or is being denied a benefit to which he or she is entitled hereunder. 

1.9 “Code” shall mean the Internal Revenue Code of 1986 and the Treasury Regulations or other authoritative guidance issued
thereunder, as amended from time to time. 
 1.10 “Disability” or “Disabled” shall mean a condition of the
Executive whereby he either: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period
of not less than twelve (12) months; or (ii) is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve
(12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Bank. The Executive shall be deemed Disabled if the Social Security
Administration has determined him to be totally disabled. Additionally, the Executive will be deemed Disabled if determined to be disabled in accordance with a disability insurance program, provided that the definition of disability applied under
such program complies with Code Section 409A. Upon the request of the Plan Administrator, the Executive must submit proof to the Plan Administrator of the Social Security Administration’s or provider’s determination. 

1.11 “Discount Rate” shall mean the rate used by the Plan Administrator for determining the Accrued Liability. The Plan
Administrator, in its sole discretion, may adjust the Discount Rate to maintain the rate within reasonable standards according to GAAP and/or applicable bank regulatory guidance. 

1.12 “Early Retirement” shall mean Separation from Service before Normal Retirement Age for reasons other than for
Cause, death, Disability, or following a Change in Control. 
 1.13 “Effective Date” shall mean November I, 2014. 

1.14 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as it may be amended from time to time, and the
regulations and guidance promulgated thereunder. 
 1.15 “Executive” shall mean William Bocek, a member of a select group of
management or highly compensated employees of the Bank (within the meaning of ERISA). 
 1.16 “Normal Retirement” shall mean
Separation from Service on or after Normal Retirement Age for reasons other than for Cause, death, Disability, or following a Change in Control. 

  
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 1.17 “Normal Retirement Age” shall mean the Executive’s age sixty-five
(65). 
 1.18 “Plan” shall mean this Chesapeake Bank of Maryland Supplemental Executive Retirement Plan agreement which
shall be evidenced by this instrument and any other forms required by the Plan Administrator, as may be amended from time to time. For purposes of applying Code Section 409A requirements, the benefit of the Executive under this Plan is a non-account balance plan under Treasury Regulation §1.409A-1(c)(2)(i)(C). 

1.19 “Plan Administrator” shall mean the Bank’s Board, or any committee of the Board, duly authorized to act as Plan
Administrator of the Plan, or any individual or entity duly authorized by the Plan Administrator to act on its behalf with respect to the Plan. If the Executive is part of a group of persons designated as a committee or Plan Administrator, then the
Executive may not participate in any activity or decision relating solely to his individual benefits under this Plan. 
 1.20 “Plan
Year” shall mean, for the first Plan Year, the period beginning on the Effective Date and ending December 31 of such calendar year; and thereafter shall mean each twelve (12) month period commencing on January 1 of a
calendar year and ending on December 31 of such calendar year. 
 1.21 “Section 409A” shall mean Code Section 409A
and the Treasury Regulations or other authoritative guidance issued thereunder. 
 1.22 “Separation from Service” or
“Separates from Service” shall mean the Executive has experienced a termination of employment with the Bank. Whether a termination of employment has occurred is determined based on whether the facts and circumstances indicate that the
Bank and the Executive reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Executive would perform after such date (whether as an Executive or as an independent
contractor) would permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an Executive or an independent contractor) over the immediately preceding
thirty-six (36) month period (or the full period during which the Executive performed services for the Bank, if that is less than thirty-six (36) months). 

1.23 “Specified Employee” shall mean the Executive meeting the definition of a “key employee” as such term is
defined in Code Sections 416(i)(1)(A)(i), (ii) or (iii) (without regard to the Treasury Regulations thereunder and Section 416(i)(5)). However, the Executive is not a Specified Employee unless any stock of the Bank is publicly traded on an
established securities market o• otherwise, as defined in Treasury Regulation §1.897-1(m). If the Executive is a key employee at any time during the twelve (12) months ending on
December 31, the identification date, the Executive is a Specified Employee for the twelve (12) month period ending on the first day of the fourth month following the identification date. The determination of the Executive as a Specified
Employee shall be made by the Plan Administrator in accordance with Code Section 416(i) and the “specified employee” requirements of Section 409A. 

1.24 “Treasury Regulation” or “Treasury Regulations” shall mean regulations promulgated by the Internal Revenue
Service for the U.S. Department of the Treasury, as they may be amended from time to time. 
 ARTICLE 2 

DISTRIBUTIONS OF BENEFITS 

2.1 Normal Retirement Benefit. Upon the Executive’s Normal Retirement, prior to the commencement of benefits
otherwise due under this Plan, the Bank shall distribute to the Executive an annual amount of thirty thousand dollars ($30,000.00) paid for a period of ten (10) years in equal monthly installments for one hundred twenty (120) months. (For
example: $30,000 x 10 = $300,000 aggregate benefit. $300,000 / 120 = $2,500 per month). Payment shall commence on the first day of the month following the Executive’s Normal Retirement with subsequent installments being paid on the first day of
each month thereafter. 

  
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 2.2 Early Retirement Benefit. Upon the Executive’s Early Retirement,
prior to the commencement of benefits otherwise due under this Plan, the Bank shall distribute to the Executive his Accrued Liability, calculated as of the date of his Early Retirement, and paid over a period of ten (10) years in equal monthly
installments for one hundred twenty (120) months. For purposes of calculating this benefit, interest shall be credited on the unpaid Accrued Liability and annuitized over the payout period using the Discount Rate in effect at Early Retirement.
Payment shall commence on the first day of the month following the Executive’s Early Retirement with subsequent installments being paid on the first day of each month thereafter. 

2.3 Disability Benefit. Upon Separation from Service due to the Executive’s Disability, prior to Normal Retirement Age and
the commencement of benefits otherwise due under this Plan, the Bank shall distribute to the Executive his Accrued Liability, calculated as of the date of Separation from Service, and paid over a period of ten (10) years in equal monthly
installments for one hundred twenty (120) months. For purposes of calculating this benefit, interest shall be credited on the unpaid Accrued Liability and annuitized over the payout period using the Discount Rate in effect at Separation from
Service. Payment shall commence on the first day of the month following the Executive’s Separation from Service with subsequent installments being paid on the first day of each month thereafter. 

2.4 Change in Control Benefit. Upon a Change in Control while actively employed with the Bank, and prior to the commencement of
benefits otherwise due under this Plan, the Bank shall distribute to the Executive an annual amount of thirty thousand dollars ($30,000.00) paid for a period of ten (10) years in equal monthly installments for one hundred twenty
(120) months. Payment shall commence on the first day of the month following the Change in Control with subsequent installments being paid on the first day of each month thereafter. 

(a) Parachute Payments. Notwithstanding any provision of this Plan to the contrary, and to the extent allowed by
Section 409A, if any benefit payment under this Section 2.4 would be treated as an “excess parachute payment” under Code Section 280G, the Company shall reduce such benefit payment to the extent necessary to avoid treating
such benefit payment as an excess parachute payment. 
 2.5 Death Benefit. 

(a) During Active Service. If the Executive dies while in active employment of the Bank, and prior to the
commencement of benefits otherwise due under this Plan, the Bank shall pay the Accrued Liability, calculated as of the date of the Executive’s death, to the Executive’s Beneficiary in a single lump sum on the first day of the month
following the Executive’s death. 
 (b) During Distribution of a Benefit. In the event the Executive dies
after any benefit distributions have commenced under this Plan but before receiving all such distributions, the Bank shall pay the Accrued Liability, calculated as of the date of the Executive’s death, to the Executive’s Beneficial), in a single lump sum on the first day of the month following the Executive’s death. 

2.6 Restrictions on Time of Payment. Solely to the extent necessary to avoid penalties under Section 409A, payments to be
made as a result of a Separation from Service may not commence earlier than six (6) months after the Executive’s Separation from Service if, pursuant to Section 409A, the Executive is considered a Specified Employee. In the event a
distribution is delayed pursuant to this paragraph, the originally scheduled payment shall be delayed for six (6) months and shall commence instead on the first day of the seventh month following Separation from Service. 

  
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 2.7 Acceleration of Payments. Except as specifically permitted herein or in other sections
of this Plan, no acceleration of the time or schedule of any payment may be made hereunder. Notwithstanding the foregoing, payments may be accelerated hereunder by the Bank (without any direct or indirect election on the part of the Executive), in
accordance with the provisions of Treasury Regulation §1.409A-3(j)(4) and any subsequent guidance issued by the United States Treasury Department. Accordingly, payments may be accelerated, in accordance
with the provisions of Treasury Regulation §1.409A-3(j)(4) in the following circumstances: (i) as a result of certain domestic relations orders; (ii) in compliance with ethics agreements with
the Federal Government; (iii) in compliance with ethics laws or conflicts of interest laws; (iv) in limited cashouts (but not in excess of the limit under Code Section 402(g)(1)(B)); (v) to pay employment-related taxes; or
(vi) to pay any taxes that may become due at any time that the Plan fails to meet the requirements of Section 409A (but in no case shall such payments exceed the amount to be included in income as a result of the failure to comply with the
requirements of Section 409A). 
 2.8 Unsecured General Creditor Status of Executive. 

(a) Payment to the Executive or Beneficial), hereunder shall be made from
the Bank general assets and no person shall have any interest in any such asset by virtue of any provision of this Plan. The Bank’s obligation hereunder shall be an unfunded and unsecured promise to pay money in the future. To the extent that
any person acquires a right to receive payments from the Bank under the provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the Bank and no such person shall have or acquire any legal or equitable
right, interest, or claim in or to any property or assets of the Bank. 
 (b) In the event that the Bank purchases an
insurance policy or policies insuring the life of the Executive to allow the Bank to recover or meet the cost of providing benefits, in whole or in pail, hereunder, the Executive or Beneficiary shall not have any rights whatsoever in said policy or
the proceeds therefrom. The Bank shall be the primary owner and beneficiary of any such insurance policy or property and shall possess and may exercise all incidents of ownership therein. No insurance policy with regard to any director, “highly
compensated employee,” or “highly compensated individual” as defined in Code Section 101(j) shall be acquired before satisfying the Code Section 101(j) “Notice and Consent” requirements. 

(c) In the event that the Bank purchases an insurance policy or policies on the life of the Executive as provided for above,
then all of such policies shall be subject to the claims of the creditors of the Bank. 
 (d) If the Bank chooses to obtain
insurance on the life of the Executive in connection with its obligations under this Plan, the Executive shall take such physical examinations and truthfully and completely supply such information as may be required by the Bank or the insurance
company designated by the Bank. 
 2.9 Changes in Form or Timing of Distributions. Upon the Bank’s approval, the
Executive may delay the time or change the form of a payment as expressly provided under this Section and Section 409A (a “Subsequent Deferral Election”). Notwithstanding the foregoing, a Subsequent Deferral Election cannot accelerate
any payment. A Subsequent Deferral Election which delays payment or changes the form of payment is permitted only if all of the following requirements are met: 

(a) the Subsequent Deferral Election does not take effect until at least twelve (12) months after the date on which the
election is made; 

  
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 (b) if the Subsequent Deferral Election relates to a payment based on Separation
from Service or a payment made at a specified time, the election must result in payment being deferred for a period of not less than five (5) years from the date the first amount was scheduled to be paid; 

(c) if the Subsequent Deferral Election relates to a payment at a specified time, the Executive must make the election not less
than twelve (12) months before the date the first amount was scheduled to be paid. 
 For purposes of applying these requirements,
installment payments shall be treated as a “single payment.” Any Subsequent Deferral Election made pursuant to this Section shall be made on such election forms or electronic media as is required by the Plan Administrator, in accordance
with the rules established by the Plan Administrator and shall comply with all requirements of Section 409A. 
 2.10 Distributions
Upon Income Inclusion. Under Section 409A, upon the inclusion of any amount into the Executive’s income as a result of the failure of this Plan to comply with the requirements of Section 409A, to the extent that such tax
liability can be covered by the Accrued Liability, a distribution shall be made as soon as is administratively practicable following the discovery of the Plan failure. 

2.11 Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a
person declared incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having care or custody of
such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to payment of the benefit. Any distribution of a benefit shall be a distribution
for the account of the Executive and the Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Plan for such distribution amount. 

2.12 Delays. If the Bank reasonably anticipates that any payment scheduled to be made tinder this Plan would violate securities
laws (or other applicable laws) or jeopardize the ability of the Bank to continue as a going concern if paid as scheduled, then the Bank may defer that payment, provided the Bank treats payments to all similarly situated Executives participating in
all aggregated plans on a reasonably consistent basis. In addition, the Bank may, in its discretion, delay a payment upon such other events and conditions as the IRS may prescribe, provided the Bank treats payments to all similarly situated
Executives participating in all aggregated plans on a reasonably consistent basis. The amounts so accrued in accordance with the terms of the Plan shall be distributed to the Executive (or his Beneficiary, in the event of the Executive’s death)
at the earliest possible date on which the Bank reasonably anticipates that such violation or material harm would be avoided or as otherwise prescribed by the IRS. 

ARTICLE 3 
 FORFEITURES

 3.1 Discharge for Cause. Notwithstanding any provision of this Plan to the contrary, in the event the Executive is discharged
for Cause at any time, the Bank shall not distribute any benefits under this Plan and all benefits herein shall be forfeited. 
 3.2
Removal. Notwithstanding any provision of this Plan to the contrary, the Bank shall not distribute any benefit under this Plan if the Executive is subject to a final removal or prohibition order issued by an appropriate federal banking
agency pursuant to Section 8(e) of the Federal Deposit Insurance Act. 

  
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 ARTICLE 4 

BENEFICIARY DESIGNATION 

4.1 Designation of Beneficiaries. 

(a) The Executive shall have the right to designate any person or persons (who may be named contingently or
successively) to receive any benefits payable tinder the Plan upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by
the Executive, shall be in the form prescribed by the Plan Administrator, and shall be effective only when filed with the Plan Administrator during the Executive’s lifetime. Upon the receipt by the Plan Administrator of a new Beneficiary
Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the last Beneficiary Designation Form filed by the Executive and received by the Plan Administrator prior to the
Executive’s death. 
 (b) In the absence of a valid Beneficiary designation, or if, at the time any benefit payment is
due to a Beneficiary, there is no living Beneficiary validly named by the Executive, the Bank shall pay the benefit payment to the Executive’s spouse, if then living, and if the spouse is not then living to the Executive’s then living
descendants, if any, per stirpes, and if there are no living descendants, to the Executive’s estate. In determining the existence or identity of anyone entitled to a benefit payment, the Bank may rely conclusively upon information
supplied by the Executive’s personal representative, executor, o• administrator. 
 (c) The Executive’s
designation of a Beneficiary will not be revoked o• changed automatically by any future marriage or divorce. Should the Executive wish to change the designated Beneficiary in the event of a future marriage or divorce, the Executive will have to
do so by means of filing a new Beneficiary Designation Form with the Plan Administrator. 
 (d) If a question arises as to
the existence or identity of anyone entitled to receive a death benefit payment under the Plan, or if a dispute arises with respect to any death benefit payment under the Plan, the Bank may distribute the payment to the Executive’s estate
without liability for any tax or other consequences, or may take any other action which the Bank deems to be appropriate. 
 4.2
Information to be Furnished by Executive and Beneficiary; Inability to Locate Executive of Beneficiary. Any communication, statement or notice addressed to the Executive or to a Beneficiary at his or her last post office
address as shown on the Bank’s records shall be binding on the Executive or Beneficiary for all purposes of the Plan. The Bank shall not be obliged to search for the Executive or Beneficiary beyond the sending of a registered letter to such
last known address. 
 ARTICLE 5 

PLAN ADMINISTRATION 

5.1 Plan Administrator Duties. This Plan shall be administered by a Plan Administrator which shall consist of the Board, or such
committee or person(s) as the Board shall appoint. The Plan Administrator shall also have the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Plan and
(ii) decide or resolve any and all questions including interpretations of this Plan, as may arise in connection with the Plan. 
 5.2
Binding Effect of Decisions. The decision or action of the Plan Administrator with respect to any question arising out of or in connection with the administration, interpretation, and application of this Plan and the rules and regulations
promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this Plan. 

  
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 5.3 Agents. In the administration of this Plan, the Plan Administrator may employ agents
and delegate to them such administrative duties as it sees fit, (including acting through a duly appointed representative), and may from time to time consult with counsel who may be counsel to the Bank. 

5.4 Indemnity of Plan Administrator. The Bank shall indemnify and hold harmless the members of the Plan Administrator against any
and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by the Plan Administrator or any of its members. 

5.5 Bank Information. To enable the Plan Administrator to perform its functions, the Bank shall supply full and timely
information to the Plan Administrator, on all matters relating to the compensation of the Executive, the date and circumstances of the death, a Change in Control, Disability or Separation from Service of the Executive, and such other pertinent
information as the Plan Administrator may reasonably require. 
 5.6 Annual Statement. The Plan Administrator shall provide to
the Executive, on an annual basis (or more frequently as the Plan Administrator shall determine), a statement setting forth the benefits to be distributed under this Plan. 

5.7 Compliance with Section 409A. 

(a) Notwithstanding anything contained herein to the contrary, the interpretation and distribution of Executives’ benefits
under the Plan shall be made in a manner and at such times as to comply with all applicable provisions of Section 409A and the regulations and guidance promulgated thereunder, or an exception or exclusion therefrom to avoid the imposition of
any accelerated or additional taxes. Any defined terms shall be construed consistent with Section 409A and any terms not specifically defined shall have the meaning set forth in Section 409A. 

(b) The intent of this Section is to ensure that the Executive is not subject to any tax liability or interest penalty, by
reason of the application of Code Section 409A(a)(l) as a result of any failure to comply with all the requirements of Section 409A, and this Section shall be interpreted in light of, and consistent with, such requirements. This Section
shall apply to distributions under the Plan, but only to the extent required in order to avoid taxation of, or interest penalties on, the Executive under Section 409A. These rules shall also be deemed modified or supplemented by such other
rules as may be necessary, from time to time, to comply with Section 409A. 
 ARTICLE 6 

AMENDMENT AND TERMINATION 

6.1 Amendment. This Plan may be amended only by a written agreement signed by the Bank and the Executive. However, the Bank may
unilaterally amend this Plan to conform with written directives to the Bank from its auditors or banking regulators or to conform the Plan to the provisions of Section 409A and to conform the Plan to the requirements of any other applicable law
(including ERISA, the Code, and banking regulations). No such amendment shall be considered prejudicial to any interest of the Executive or a Beneficiary hereunder. 

6.2 Plan Termination Generally. The Bank reserves the right to terminate the Plan at any time without the consent of the
Executive. The benefit payable in the event of termination of the Plan shall be the Accrued Liability, determined as of the date the termination of the Plan. Except as provided in Section 6.3, the termination of this Plan shall not cause a
distribution of benefits under this Plan. Rather, after such termination, benefit distributions will be made at the earliest distribution event permitted tinder Article 2. 

  
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 6.3 Plan Terminations Under Section 409A. Notwithstanding anything to
the contrary in Section 6.2, any acceleration of the payment of benefits due to termination of the Plan shall comply with the following subparagraphs, but only as permitted in accordance with Section 409A and Treasury Regulation §I.409A-3(j)(4)(ix). The Bank may distribute the Accrued Liability, determined as of the date of the termination of the Plan, to the Executive in a lump sum subject to the terms below: 

(a) Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Plan pursuant to
Treasury Regulation §1.409A-1(c) if the Executive participated in such arrangements (“Similar Arrangements”), provide that: (i) the termination does not occur proximate to a downturn in the
financial health of the Bank; (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination; and (iii) the Bank does not adopt any new
arrangement that would be a Similar Arrangement for a minimum of three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Plan. 

(b) Upon the Bank’s dissolution taxed under Code Section 331, or with approval of a bankruptcy court pursuant to 11
U.S.C. Section 503(b)(1)(A), provided that the amounts deferred under the Plan are included in the Executive’s gross income in the latest of: (i) the calendar year on which the Plan terminates; (ii) the calendar year on which the
Plan terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the payment is administratively practicable; or 

(c) Within thirty (30) days before, or twelve (12) months after a Change in Control, provided that all distributions
are made no later than twelve (12) months following such termination of the Plan and further provided that all the Bank’s arrangements which are substantially similar to the Plan are terminated so the Executive and all participants in the
similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the termination of the Plan. 

ARTICLE 7 
 CLAIMS
PROCEDURE 
 7.1 Claims Procedure. This Article is based on Department of Labor Regulation Section 2560.503-I. If any provision of this Article conflicts with the requirements of those regulations, the requirements of those regulations will prevail. A Claimant who has not received benefits under the Plan that he
or she believes should be paid shall make a claim for such benefits as follows: 
 (a) Initiation—Written
Claim. The Claimant initiates a claim by submitting a written request for the benefits to the Plan Administrator. The Plan Administrator will, upon written request of a Claimant, make available copies of all forms and instructions
necessary to file a claim for benefits or advise the Claimant where such forms and instructions may be obtained. If the claim relates to Disability benefits, then the Plan Administrator shall designate a
sub-committee to conduct the initial review of the claim (and applicable references below to the Plan Administrator shall mean such sub-committee). 

(b) Timing of Bank Response. The Plan Administrator shall respond to such Claimant within ninety (90) days
after receiving the claim. If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional ninety (90) days by notifying
the Claimant in writing prior to the end of the initial 90-day period that an additional period is required. In the event that the claim for benefits pertains to Disability, the Plan Administrator shall
provide written response within forty-five (45) days, but can extend this response period by an additional thirty (30) days, if necessary, due to circumstances beyond the Plan Administrator’s control. Any notice of extension
must set forth the special circumstances requiring an extension of time and the date by which the Plan Administrator expects to render its decision. 

  
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 (c) Notice of Decision. If the Plan Administrator denies part or
all of the claim, the Plan Administrator shall notify the Claimant in writing of such denial. The Plan Administrator shall write the notification in a manner calculated to be understood by the Claimant. The notification shall set forth: 

 

	 	(i)	The specific reasons for the denial; 

  

	 	(ii)	A reference to the specific provisions of the Plan on which the denial is based; 

  

	 	(iii)	A description of any additional information or material necessary for the Claimant to perfect the claim and an explanation of why it is needed; 

 

	 	(iv)	An explanation of the Plan’s review procedures and the time limits applicable to such procedures; and 

  

	 	(v)	A statement of the Claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review. 

7.2 Review Procedure. If the Plan Administrator denies part or all of the claim, the Claimant shall have the opportunity for a full and
fair review by the Plan Administrator of the denial, as follows: 
 (a) Initiation—Written Request. To
initiate the review, the Claimant, within sixty (60) days after receiving the Plan Administrator’s notice of denial, must file with the Plan Administrator a written request for review. 

(b) Review of a Disability Benefit Claim. If the Claimant’s initial claim is for Disability benefits,
any review of a denied claim shall be made by members of the Plan Administrator other than the original decision maker(s) and such person(s) shall not be a subordinate of the original decision maker(s). 

(c) Additional Submissions—Information Access. The Claimant shall then have the opportunity to submit
written comments, documents, records and other information relating to the claim. The Plan Administrator shall also provide the Claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other
information relevant (as defined in applicable ERISA regulations) to the Claimant’s claim for benefits. 
 (d)
Considerations on Review. In considering the review, the Plan Administrator shall take into account all comments, documents, records and other information submitted by the Claimant relating to the claim, without regard to whether such
information was submitted or considered in the initial benefit determination. Additional considerations shall be required in the case of a claim for Disability benefits. For example, the claim will be reviewed without deference to the initial
adverse benefits determination and, if the initial adverse benefit determination was based in whole or in part on a medical judgment, the Plan Administrator will consult with a health care professional with appropriate training and experience in the
field of medicine involving the medical judgment. The health care professional who is consulted on appeal will not be the same individual who was consulted during the initial determination or the subordinate of such individual. If the Plan
Administrator obtained the advice of medical or vocational experts in making the initial adverse benefits determination (regardless of whether the advice was relied upon), the Plan Administrator will identify such experts. 

(e) Timing of Bank Response. The Plan Administrator shall respond in writing to such Claimant within sixty
(60) days after receiving the request for review. If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional sixty
(60) days by notifying the Claimant in writing, prior to the end of the initial 60-day period that an additional period is required. The notice of extension must set forth the special circumstances and
the date by which the Plan Administrator expects to render its decision. 

  
 10 

 (f) Notice of Decision. The Plan Administrator shall notify the Claimant
in writing of its decision on review. The Plan Administrator shall write the notification in a manner calculated to be understood by the Claimant. The notification shall set forth: 

 

	 	(i)	The specific reasons for the denial; 

  

	 	(ii)	A reference to the specific provisions of the Plan on which the denial is based; 

  

	 	(iii)	A statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA
regulations) to the Claimant’s claim for benefits; and 

  

	 	(iv)	A statement of the Claimant’s right to bring a civil action under ERISA Section 502(a). 

7.3 Exhaustion of Remedies. A Claimant must follow the claims review procedures under this 

Plan and exhaust his or her administrative remedies before taking any further action with respect to a claim for benefits. 

7.4 Arbitration. If a Claimant continues to dispute the benefit denial based upon completed 

performance of the Plan or the meaning and effect of the terms and conditions thereof, then the Claimant must submit the dispute to an arbitrator for final
arbitration. The arbitrator shall be selected by mutual agreement of the Bank and the Claimant. The arbitrator shall operate under any generally recognized set of arbitration rules. The parties hereto agree that they and their heirs, personal
representatives, successors and assigns shall be bound by the decision of such arbitrator with respect to any controversy properly submitted to it for determination. Where a dispute arises as to the Bank’s discharge of the Executive for Cause,
such dispute shall likewise be submitted to arbitration as above described and the parties hereto agree to be bound by the decision thereunder. 

ARTICLE 8 
 MISCELLANEOUS

 8.1 Binding Effect. This Plan shall bind the Executive and the Bank, and their Beneficiaries, survivors, executors,
administrators and transferees. 
 8.2 No Guarantee of Employment. This Plan is not an employment policy or contract. It does
not give the Executive the right to remain an employee of the Bank, nor does it interfere with the Bank’s right to terminate the Executive’s employment. It also does not require the Executive to remain an employee nor interfere with the
Executive’s right to terminate his employment at any time. 
 8.3 Applicable Law. The Plan and all rights hereunder shall
be governed by the laws of the State of Maryland, except to the extent preempted by the laws of the United States of America. 
 8.4
Validity. In case any provision of this Plan shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal or
invalid provision had never been inserted herein. 
 8.5 Nonassignability. Neither the Executive nor any other person shall
have any right to 
 commute, sell, assign, transfer, pledge, anticipate, mortgage, or otherwise encumber, transfer, hypothecate, alienate,
or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part hereof, which are, and all rights to which are expressly declared to be, unassignable and non-transferable. 

  
 11 

 
No part of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments, alimony, or separate
maintenance owed by the Executive or any other person, be transferable by operation of law in the event of the Executive’s or any other person’s bankruptcy or insolvency, or be transferable to a spouse as a result of a property settlement
or otherwise. If the Executive, Beneficiary, or successor in interest is adjudicated bankrupt or purports to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber transfer, hypothecate, alienate, or convey in advance of
actual receipt, the amount, if any, payable hereunder, or any part thereof, the Plan Administrator, in its discretion, may cancel such distribution or payment (or any part thereof) to or for the benefit of the Executive, Beneficiary, or successor in
interest in such manner as the Plan Administrator shall direct. 
 8.6 Alternative Action. In the event it shall become
impossible for the Bank or the Plan Administrator to perform any act required by the Plan, the Bank or the Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Plan and is in
the best interests of the Bank. Any alternative acts shall be restricted to actions which do not violate Section 409A. 
 8.7
Notice. Any notice, consent, or demand required or permitted to be given under the provisions of this Plan shall be in writing and shall be signed by the party giving or making the same. If such notice, consent, or demand is mailed, it shall
be sent by United States certified mail, postage prepaid, addressed to the Executive’s or Beneficiary’s last known address as shown on the records of the Bank or to the Bank’s principle place of business. The date of such mailing
shall be deemed the date of notice consent, or demand. Any person may change the address to which notice is to be sent by giving notice of the change of address in the manner aforesaid. 

8.8 Reorganization. The Bank shall not merge or consolidate into or with another bank or reorganize, or sell substantially all of
its assets to another bank, firm, or person unless such succeeding or continuing bank, firm, or person agrees to assume and discharge the obligations of the Bank under this Plan. Upon the occurrence of such event, the term “Bank” as used
in this Plan shall be deemed to refer to the successor or survivor bank. 
 8.11 Income Tax Withholding. The Bank may make such
provisions and take such action as it may deem necessary or appropriate for the withholding of any taxes which the Bank is required by any law or regulation of any governmental authority, whether Federal, state, or local, to withhold in connection
with any benefits under the Plan, including, but not limited to, the withholding of appropriate sums from any amounts otherwise payable to the Executive (or Beneficiary). The Executive, however, shall be responsible for the payment of all individual
tax liabilities relating to any such benefits. 
 8.12 Entire Plan. This agreement constitutes the entire Plan between the Bank and
the Executive as to the subject matter hereof. No rights are granted to the Executive by virtue of this Plan other than those specifically set forth herein. 

IN WITNESS WHEREOF, the parties execute this Plan as of the date first written above. 

 

							
	EXECUTIVE	 		 	CHESAPEAKE OF MARYLAND
				
		 		 	By:	 	 /s/ William W. Whitty, Jr.

				
	 /s/ William J. Bocek, Jr
	 		 	Title:	 	Chairman Compensation Committee
	William J. Bocek, Jr.	 		 		 	

  
 12Form of Medium-Term Notes, Series S

 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. 94988U532 
	 PRINCIPAL AMOUNT: $__________ 

REGISTERED NO. __ 
 WELLS
FARGO & COMPANY 
 MEDIUM-TERM NOTE, SERIES S 

Due Nine Months or More From Date of Issue 

Market-Linked Step Up Notes Linked to the S&P 500® Index 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the
Redemption 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 June 1, 2020 (the “Stated Maturity Date”).
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. 

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

 Determination of Redemption Amount 

The “Redemption Amount” of this Security will equal: 

 

	 	•	 	 if the Ending Value is greater than the Step Up Value: the Principal Amount plus:

  

																															
		 		 		 		 		 		 		 		 		 		 		 		 		 		 		 	
		 		 		 		 	 	 	Principal Amount	 	  x    	 	 	 	Ending Value – Starting Value	 	 	 		 		 		 		 	 	 	 ;

		 		 		 		 	 	 	 	 	 	 	Starting Value	 	 	 		 		 		 		 	 	 

  

	 	•	 	 if the Ending Value is greater than or equal to the Starting Value but is equal to or less than the Step Up
Value: the Principal Amount plus the Step Up Payment; or 

  

	 	•	 	 if the Ending Value is less than the Starting Value: the Principal Amount minus: 

 

																											
		 		 		 		 		 		 		 		 		 		 		 		 		 	
		 		 		 		 	 	 	Principal Amount	 	  x    	 	Threshold Value – Ending Value	 	 	 		 		 		 		 	
		 		 		 		 	 	 	 	 	Starting Value	 	 	 		 		 		 		 	

 All calculations with respect to the Redemption 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 Redemption Amount will be rounded to the nearest cent, with one-half cent
rounded upward. 
 “Index” shall mean the S&P
500® Index. 
 The “Pricing Date” shall mean
May 24, 2018. 
 The “Step Up Payment” is 12.50% of the Principal Amount. 

The “Starting Value” is 2,727.76, the Closing Level of the Index on the Pricing Date. 

The “Closing Level” of the Index on any Market Measure Business Day means the official closing level of the
Index reported by the Index Publisher on such Market Measure Business Day, subject to the provisions set forth below under “Discontinuance of the Index,” “Adjustments to the Index” and “Market Disruption Events.” 

The “Step Up Value” is 3,068.73, which is equal to 112.50% of the Starting Value, rounded to two decimal
places. 
 The “Ending Value” will be the Closing Level of the Index on the Calculation Day (as defined
below), subject to the provisions set forth below under “Market Description Events.” 
 The “Threshold
Value” is 2,727.76, which is equal to 100% of the Starting Value. 
 A “Market Measure Business
Day” means a day on which (1) the New York Stock Exchange (the “NYSE”) and The Nasdaq Stock Market, or their successors, are open for trading and (2) the Index or any Successor Index (as defined below) is
calculated and published. 

  
 2 

 “Index Publisher” shall mean S&P Dow Jones Indices LLC.

 The “Calculation Day” is May 22, 2020, subject to the provisions set forth below under “Market
Disruption Events.” 
 “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. 

“Joint Calculation Agency Agreement” shall mean the Joint Calculation Agency Agreement dated as of
July 18, 2016, as amended by the letter agreement dated as of February 26, 2018, each between the Company and the Calculation Agents, and each as may be further amended from time to time. 

“Calculation Agents” shall mean the Persons that have entered into the Joint Calculation Agency Agreement
with the Company providing for, among other things, the determination of the Ending Value, the Step-Up Payment and the Redemption Amount, which term shall, unless the context otherwise requires, include their
successors under such Joint Calculation Agency Agreement. The initial Calculation Agents shall be Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated. Pursuant to the Joint Calculation Agency 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. 

Adjustments to the Index 

If, after the Pricing Date, the Index Publisher makes a material change in the method of calculating the Index or in another
way that changes the Index such that it does not, in the opinion of the Calculation Agents, fairly represent the level of the Index had those changes or modifications not been made, the Calculation Agents will, at the close of business in New York,
New York, on each date that the Closing Level is to be calculated, make adjustments to the Index. Those adjustments will be made in good faith as necessary to arrive at a calculation of a level of the Index as if those changes or modifications had
not been made, and the Calculation Agents shall calculate the Closing Level of the Index, as so adjusted. 
 Discontinuance of the Index 

If, after the Pricing Date, the Index Publisher discontinues publication of the Index, and the Index Publisher or another
entity then publishes a substitute index that the Calculation Agents determine, in their sole discretion, to be comparable to the original Index (a “Successor Index”), the Calculation Agents will substitute the Successor Index as
calculated by the relevant Index Publisher or any other entity and calculate the Ending Value as described in the definition of “Ending Value” above. If the Calculation Agents select a Successor Index, the Calculation Agents will give
written notice of the selection to the Trustee, to the Company, and to the Holder hereof. 

  
 3 

 If the Index Publisher discontinues publication of the Index before the
Calculation Day and the Calculation Agents do not select a Successor Index, then on the day that would otherwise be the Calculation Day, until the earlier to occur of: 
  

	 	•	 	 the determination of the Ending Value; and 

 

	 	•	 	 a determination by the Calculation Agents that a Successor Index is available, 

the Calculation Agents will compute a substitute level for the Index in accordance with the procedures last used to calculate the Index before
any discontinuance. The Calculation Agents will make available to the Holder hereof information regarding those levels by means of Bloomberg L.P., Thomson Reuters, a website, or any other means selected by the Calculation Agents in their reasonable
discretion. 
 If a Successor Index is selected or the Calculation Agents calculate a level as a substitute for the Index,
the Successor Index or level will be used as a substitute for all purposes, including for the purpose of determining whether a Market Disruption Event exists. 

Market Disruption Events 

“Market Disruption Event” means one or more of the following events, as determined by the Calculation Agents
in their sole discretion: 
  

	 	(A)	 the suspension of or material limitation on trading, in each case, for more than two consecutive hours of
trading, or during the one-half hour period preceding the close of trading, on the primary exchange where the securities included in the Index trade (without taking into account any extended or after-hours
trading session), in 20% or more of the securities which then compose the Index or any Successor Index; and 

  

	 	(B)	 the suspension of or material limitation on trading, in each case, for more than two consecutive hours of
trading, or during the one-half hour period preceding the close of trading, on the primary exchange that trades options contracts or futures contracts related to the Index (without taking into account any
extended or after-hours trading session), whether by reason of movements in price otherwise exceeding levels permitted by the relevant exchange or otherwise, in options contracts or futures contracts related to the Index, or any Successor Index.

 For the purpose of determining whether a Market Disruption Event has occurred: 

 

	 	1)	 a limitation on the hours in a trading day and/or number of days of trading will not constitute a Market
Disruption Event if it results from an announced change in the regular business hours of the relevant exchange; 

  

	 	2)	 a decision to permanently discontinue trading in the relevant futures or options contracts related to the
Index, or any Successor Index, will not constitute a Market Disruption Event; 

  
 4 

	 	3)	 a suspension in trading in a futures or options contract on the Index, or any Successor Index, by a major
securities market by reason of (a) a price change violating limits set by that securities market, (b) an imbalance of orders relating to those contracts, or (c) a disparity in bid and ask quotes relating to those contracts will
constitute a suspension of or material limitation on trading in futures or options contracts related to the Index; 

  

	 	4)	 a suspension of or material limitation on trading on the relevant exchange will not include any time when that
exchange is closed for trading under ordinary circumstances; and 

  

	 	5)	 if the Index has component securities listed on the NYSE, for the purpose of clause (A) above, any
limitations on trading during significant market fluctuations under NYSE Rule 80B, or any applicable rule or regulation enacted or promulgated by the NYSE or any other self-regulatory organization or the Securities and Exchange Commission of similar
scope as determined by the Calculation Agents, will be considered “material.” 

 If the
scheduled Calculation Day is determined by the Calculation Agents not to be a Market Measure Business Day by reason of an extraordinary event, occurrence, declaration, or otherwise, or if there is a Market Disruption Event on that day, the
Calculation Day will be the immediately succeeding Market Measure Business Day during which no Market Disruption Event occurs or is continuing; provided that the Ending Value will be determined (or, if not determinable, estimated) by the Calculation
Agents in a commercially reasonable manner on a date no later than the second scheduled Market Measure Business Day prior to the Stated Maturity Date, regardless of the occurrence of a Market Disruption Event on that day. 

Calculation Agent 

The Calculation Agents have the sole discretion to make all determinations regarding this Security as described in this
Security, including determinations regarding the Starting Value, the Step Up Value, the Threshold Value, the Ending Value, the Index, the Redemption Amount, the Step Up Payment, any Market Disruption Events, a Successor Index, Market Measure
Business Days, Business Days, the Calculation Day, non-Calculation Days, and determinations related to any adjustments to, or discontinuance of, the Index. Absent manifest error, all determinations of the
Calculation Agents will be conclusive for all purposes and final and binding on the Holder hereof and the Company, without any liability on the part of the Calculation Agents. 

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. 
 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 

  
 5 

 
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 June 1, 2020. 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
Redemption 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 Redemption Amount described under “Determination of Redemption Amount,” determined as if the date of acceleration were the Calculation Day. 

 
  

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose. 

  
 6 

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

 

											
	WELLS FARGO & COMPANY
		
	By:	 	 
		 	 	 		 	
		 	Its:	 	 	 	

  

											
			
	Attest:	 	 	 	 
		 	 	 		 	
		 	Its:	 	 	 	

  

			
	 TRUSTEE’S CERTIFICATE OF

AUTHENTICATION
 This is one of the Securities of the

series designated therein described
 in the within-mentioned Indenture.

	
	 CITIBANK, N.A.,

      as Trustee

		
	By:	 	 
		 	Authorized Signature
	
	OR
	
	 WELLS FARGO BANK, N.A.,

  as Authenticating Agent for the Trustee

		
	By:	 	 
		 	Authorized Signature

  
 7 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES S 

Due Nine Months or More From Date of Issue 

Market-Linked Step Up Notes Linked to the S&P 500 ® Index 
 This Security is one of a duly authorized issue of
securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an indenture dated as of February 21, 2017, as amended or supplemented from time to time (herein called the
“Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series S, of the Company. The amount payable on the Securities of this series may be determined by reference to the performance
of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other
market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series may mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not
at all and be denominated in different currencies. 
 The Securities are issuable only in registered form without coupons
and will be either (a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the Depositary or
(b) certificated securities issued to and registered in the names of, the beneficial owners or their nominees. 
 The
Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of this Security. 

Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding
affected by certain provisions of the Indenture, acting together as a class, on 

  
 8 

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

Defeasance 

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

This Security is issuable only in registered form without coupons in denominations of $10 or any amount in excess thereof which
is an integral multiple of $10. 
 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, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

  
 9 

 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 Redemption 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 Redemption 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, 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. 

  
 10 

 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)

  
 11 

 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. 

  
 12

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