Document:

WELLS FARGO & COMPANY 8-K

 

Exhibit 4.2

 

[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. 95001H4C2	FACE AMOUNT: $___________

REGISTERED NO. __

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A

Fully and Unconditionally Guaranteed
by Wells Fargo & Company

 

Principal at Risk Securities Linked
to the S&P 500® Index

due May 8, 2023

 

WELLS FARGO FINANCE
LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,”
which term includes any successor corporation under and as defined in the Indenture hereinafter referred to), for value received,
hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Maturity Payment Amount (as defined
below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts, on the Stated Maturity Date, unless this Security is automatically called as provided below under “Automatic
Call.” The “Initial Stated Maturity Date” shall be May 8, 2023. If the Final Calculation Day (as
defined below) is not postponed, the Initial Stated Maturity Date will be the “Stated Maturity Date.” If the
Final Calculation Day is postponed, the “Stated Maturity Date” shall be the later of (i) the Initial Stated
Maturity Date and (ii) three Business Days (as defined below) after the Final Calculation Day as postponed. This Security
shall not bear any interest.

 

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

 

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

 

     

     

    

  

Automatic Call

 

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

 

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

 

	 	Call Date	 	Call Premium	 
	 	 	 	 
	 	May 7, 2020	 	6.00% of the Face Amount of this
        Security

	 	May 7, 2021	 	12.00% of the Face Amount of this Security
	 	May 9, 2022	 	18.00% of the Face Amount of this Security
	 	May 1, 2023	 	24.00% of the Face Amount of this Security

 

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

 

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

 

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

 

Determination of Maturity Payment
Amount and Certain Definitions

 

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

 

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

 

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

 

 

 

All calculations with respect to the Maturity
Payment Amount or Call Price, as applicable, will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded
upward

 

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(e.g., 0.000005 would be rounded to 0.00001);
and the Maturity Payment Amount or Call Price, as applicable, will be rounded to the nearest cent, with one-half cent rounded
upward.

 

“Index”
shall mean the S&P 500® Index.

 

The “Pricing
Date” shall mean April 30, 2019.

 

The “Starting
Level” is 2945.83, the Closing Level of the Index on the Pricing Date.

 

The “Closing
Level” of the Index on any Trading Day means the official closing level of the Index reported by the Index Sponsor (as
defined below) on such Trading Day, as obtained by the Calculation Agent on such Trading Day from the licensed third-party market
data vendor contracted by the Calculation Agent at such time; in particular, taking into account the decimal precision and/or
rounding convention employed by such licensed third-party market data vendor on such date, subject to the provisions set forth
below under “Market Disruption Events,” “Adjustments to the Index” and “Discontinuance of the Index.”

 

The “Ending
Level” will be the Closing Level of the Index on the Final Calculation Day.

 

The “Threshold
Level” is 2651.247, which is equal to 90% of the Starting Level.

 

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

 

A “Trading
Day” means a day, as determined by the Calculation Agent, on which (i) the Relevant Stock Exchanges with respect
to each security underlying the Index are scheduled to be open for trading for their respective regular trading sessions and (ii) each
Related Futures or Options Exchange is scheduled to be open for trading for its regular trading session.

 

The “Relevant
Stock Exchange” for any security underlying the Index means the primary exchange or quotation system on which such security
is traded, as determined by the Calculation Agent.

 

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

 

The “Calculation
Days” shall mean each of the Call Dates (including the Final Calculation Day). If any Calculation Day is not a Trading
Day, such Calculation Day will be postponed to the next succeeding Trading Day. A Calculation Day is also subject to postponement
due to the occurrence of a Market Disruption Event (as defined below). If a Market Disruption Event occurs or is continuing with
respect to the Index on a Calculation Day, such Calculation Day will be postponed to the first succeeding Trading Day on which
a Market Disruption Event has not occurred and is not continuing; however, if such first succeeding Trading Day has not occurred
as of the eighth Trading Day after the originally scheduled

 

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Calculation Day, that eighth Trading Day
shall be deemed to be the Calculation Day. If a Calculation Day has been postponed eight Trading Days after the originally scheduled
Calculation Day and a Market Disruption Event occurs or is continuing on such eighth Trading Day, the Calculation Agent will determine
the Closing Level of the Index on such eighth Trading Day in accordance with the formula for and method of calculating the Closing
Level of the Index last in effect prior to commencement of the Market Disruption Event, using the closing price (or, with respect
to any relevant security, if a Market Disruption Event has occurred with respect to such security, its good faith estimate of
the value of such security at the Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the
actual closing time of the regular trading session of such Relevant Stock Exchange) on such date of each security included in
the Index. As used herein, “closing price” means, with respect to any security on any date, the Relevant Stock
Exchange traded or quoted price of such security as of the Scheduled Closing Time of the Relevant Stock Exchange for such security
or, if earlier, the actual closing time of the regular trading session of such Relevant Stock Exchange.

 

The “Final
Calculation Day” is May 1, 2023, subject to postponement as provided herein.

 

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

 

“Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among
other things, the determination of whether this Security will be automatically called on any of the Call Dates, the Call Price,
if any, the Ending Level and the Maturity Payment Amount, which term shall, unless the context otherwise requires, include its
successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant
to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time to time after the initial
issuance of this Security without the consent of the Holder of this Security and without notifying the Holder of this Security.

 

Adjustments to the Index

 

If at any time the
method of calculating the Index or a Successor Equity Index, or the closing level thereof, is changed in a material respect, or
if the Index or a Successor Equity Index is in any other way modified so that such index does not, in the opinion of the Calculation
Agent, fairly represent the level of such index had those changes or modifications not been made, then the Calculation Agent will,
at the close of business in New York, New York, on each date that the closing level of such index is to be calculated, make such
calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a
level of an index comparable to the Index or Successor Equity Index as if those changes or modifications had not been made, and
the Calculation Agent will calculate the closing level of the Index or Successor Equity Index with reference to such index, as
so adjusted. Accordingly, if the method of calculating the Index or Successor Equity Index is modified so that the level of such
index is a fraction or a multiple of what it would have been if it had not been modified (e.g., due to a split or reverse
split in such equity index), then the Calculation Agent will adjust the

 

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Index or Successor Equity Index in order
to arrive at a level of such index as if it had not been modified (e.g., as if the split or reverse split had not occurred).

 

Discontinuance of the Index

 

If the sponsor or
publisher of the Index (the “Index Sponsor”) discontinues publication of the Index, and the Index Sponsor or
another entity publishes a successor or substitute equity index that the Calculation Agent determines, in its sole discretion,
to be comparable to the Index (a “Successor Equity Index”), then, upon the Calculation Agent’s notification
of that determination to the Trustee and the Company, the Calculation Agent will substitute the Successor Equity Index as calculated
by the Index Sponsor or any other entity and calculate the Ending Level or the Closing Level on any Calculation Day as described
above. Upon any selection by the Calculation Agent of a Successor Equity Index, the Company will cause notice to be given to the
Holder of this Security.

 

In the event that
the Index Sponsor discontinues publication of the Index prior to, and the discontinuance is continuing on, a Calculation Day and
the Calculation Agent determines that no Successor Equity Index is available at such time, the Calculation Agent will calculate
a substitute Closing Level for the Index in accordance with the formula for and method of calculating the Index last in effect
prior to the discontinuance, but using only those securities that comprised the Index immediately prior to that discontinuance.
If a Successor Equity Index is selected or the Calculation Agent calculates a level as a substitute for the Index, the Successor
Equity Index or level will be used as a substitute for the Index for all purposes, including the purpose of determining whether
a Market Disruption Event exists.

 

If on a Calculation
Day the Index Sponsor fails to calculate and announce the level of the Index, the Calculation Agent will calculate a substitute
Closing Level of the Index in accordance with the formula for and method of calculating the Index last in effect prior to the
failure, but using only those securities that comprised the Index immediately prior to that failure; provided that, if
a Market Disruption Event occurs or is continuing on such day, then the provisions set forth above under the definition of “Calculation
Day” shall apply in lieu of the foregoing.

 

Market Disruption Events 

 

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

 

		(A)	The occurrence or existence
                                         of a material suspension of or limitation imposed on trading by the Relevant Stock Exchanges
                                         or otherwise relating to securities which then comprise 20% or more of the level of the
                                         Index or any Successor Equity Index at any time during the one-hour period that ends
                                         at the Close of Trading on that day, whether by reason of movements in price exceeding
                                         limits permitted by those Relevant Stock Exchanges or otherwise.

 

		(B)	The occurrence or existence
                                         of a material suspension of or limitation imposed on trading by any Related Futures or
                                         Options Exchange or otherwise in futures or

 

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	 	 	options
                                         contracts relating to the Index or any Successor Equity Index on any Related Futures
                                         or Options Exchange at any time during the one-hour period that ends at the Close of
                                         Trading on that day, whether by reason of movements in price exceeding limits permitted
                                         by the Related Futures or Options Exchange or otherwise.

 

		(C)	The occurrence or existence
                                         of any event, other than an early closure, that materially disrupts or impairs the ability
                                         of market participants in general to effect transactions in, or obtain market values
                                         for, securities that then comprise 20% or more of the level of the Index or any Successor
                                         Equity Index on their Relevant Stock Exchanges at any time during the one-hour period
                                         that ends at the Close of Trading on that day.

 

		(D)	The occurrence or existence
                                         of any event, other than an early closure, that materially disrupts or impairs the ability
                                         of market participants in general to effect transactions in, or obtain market values
                                         for, futures or options contracts relating to the Index or any Successor Equity Index
                                         on any Related Futures or Options Exchange at any time during the one-hour period that
                                         ends at the Close of Trading on that day.

 

		(E)	The closure on any Exchange
                                         Business Day of the Relevant Stock Exchanges on which securities that then comprise 20%
                                         or more of the level of the Index or any Successor Equity Index are traded or any Related
                                         Futures or Options Exchange prior to its Scheduled Closing Time unless the earlier closing
                                         time is announced by the Relevant Stock Exchange or Related Futures or Options Exchange,
                                         as applicable, at least one hour prior to the earlier of (1) the actual closing
                                         time for the regular trading session on such Relevant Stock Exchange or Related Futures
                                         or Options Exchange, as applicable, and (2) the submission deadline for orders to
                                         be entered into the Relevant Stock Exchange or Related Futures or Options Exchange, as
                                         applicable, system for execution at such actual closing time on that day.

 

		(F)	The Relevant Stock Exchange
                                         for any security underlying the Index or Successor Equity Index or any Related Futures
                                         or Options Exchange fails to open for trading during its regular trading session.

 

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

 

		(1)	the relevant percentage
                                         contribution of a security to the level of the Index or any Successor Equity Index will
                                         be based on a comparison of (x) the portion of the level of such Index attributable
                                         to that security and (y) the overall level of the Index or Successor Equity Index,
                                         in each case immediately before the occurrence of the Market Disruption Event;

 

		(2)	the “Close of
                                         Trading” on any Trading Day for the Index or any Successor Equity Index means
                                         the Scheduled Closing Time of the Relevant Stock Exchanges with respect to the securities
                                         underlying the Index or Successor Equity Index on such

 

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	 	 	Trading
                                         Day; provided that, if the actual closing time of the regular trading session
                                         of any such Relevant Stock Exchange is earlier than its Scheduled Closing Time on such
                                         Trading Day, then (x) for purposes of clauses (A) and (C) of the definition of “Market
                                         Disruption Event” above, with respect to any security underlying the Index or Successor
                                         Equity Index for which such Relevant Stock Exchange is its Relevant Stock Exchange, the
                                         “Close of Trading” means such actual closing time and (y) for purposes of
                                         clauses (B) and (D) of the definition of “Market Disruption Event” above,
                                         with respect to any futures or options contract relating to the Index or Successor Equity
                                         Index, the “close of trading” means the latest actual closing time of the
                                         regular trading session of any of the Relevant Stock Exchanges, but in no event later
                                         than the Scheduled Closing Time of the Relevant Stock Exchanges;

 

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

 

		(4)	an “Exchange
                                         Business Day” means any Trading Day for the Index or any Successor Equity Index
                                         on which each Relevant Stock Exchange for the securities underlying the Index or any
                                         Successor Equity Index and each Related Futures or Options Exchange are open for trading
                                         during their respective regular trading sessions, notwithstanding any such Relevant Stock
                                         Exchange or Related Futures or Options Exchange closing prior to its Scheduled Closing
                                         Time.

 

Calculation Agent

 

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

 

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

 

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

 

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Tax Considerations

 

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

 

Redemption and Repayment

 

This Security is not
subject to repayment at the option of the Holder hereof prior to May 8, 2023. Except as set forth above under “Automatic
Call,” this Security is not subject to redemption prior to May 8, 2023. 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 Maturity Payment Amount (calculated
as set forth in the next sentence) of this Security may be declared due and payable in the manner and with the effect provided
in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to
the Maturity Payment Amount hereof calculated as provided herein as though the date of acceleration was the Final Calculation
Day; provided that if the Closing Level of the Index on the date of acceleration is equal to or greater than the Starting Level,
the amount payable on this Security will be calculated using a Call Premium that is prorated to the date of acceleration. 

 

 

 

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

 

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

 

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

 

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

 

DATED:

 

	 	WELLS FARGO FINANCE LLC
	 	 	 	 	 
	 	By:	 	 
	 	 	 	 	 
	 	 	Its:	 	 
	 	 	 	 	 
	 	Attest:	 	 
	 	 	 	 
	 	 	Its:	 	 

 

	TRUSTEE’S CERTIFICATE OF	 
	AUTHENTICATION	 
	This is one of the Securities of the	 
	series designated therein described	 
	in the within-mentioned Indenture.	 
	 	 	 
	CITIBANK, N.A.,	 
	 	as Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 
	 	 	 
	 	OR	 
	 	 	 
	WELLS FARGO BANK, N.A.,	 
	   as Authenticating Agent for the Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 

 

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[Reverse of Note]

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A

Fully and Unconditionally Guaranteed
by Wells Fargo & Company

 

Principal at Risk Securities Linked to
the S&P 500® Index

due May 8, 2023

 

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

 

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

 

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

 

Guarantee 

 

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

 

Modification and Waivers 

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time
by the

 

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

 

Defeasance

 

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

 

Authorized Denominations

 

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

 

Registration of Transfer

 

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

 

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

 

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to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to
the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date of issuance,
Stated Maturity Date and other terms and of authorized denominations aggregating a like amount.

 

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

 

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

 

Obligation of the Company Absolute

 

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

 

No Personal Recourse

 

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

 

Defined Terms

 

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

 

Governing Law

 

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

 

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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)

 

    13

     

    

 

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

 

	Dated:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

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

 

    14WELLS FARGO & COMPANY 8-K

 

Exhibit
4.3

 

[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. 95001H4D0

                       
	FACE
                                         AMOUNT: $__________
	REGISTERED NO. ____	 

 

WELLS
FARGO FINANCE LLC

 

MEDIUM-TERM
NOTE, SERIES A

Fully
and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal
at Risk Securities Linked to the

iShares® MSCI Emerging Markets ETF
due May 8, 2023

 

WELLS
FARGO FINANCE LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under and as defined in the Indenture hereinafter
referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Maturity
Payment Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts, on the Stated Maturity Date, unless this Security is automatically called as provided
below under “Automatic Call.” The “Initial Stated Maturity Date” shall be May 8, 2023. If the Final
Calculation Day (as defined below) is not postponed, the Initial Stated Maturity Date will be the “Stated Maturity Date.”
If the Final Calculation Day is postponed, the “Stated Maturity Date” shall be the later of (i) the Initial
Stated Maturity Date and (ii) three Business Days (as defined below) after the Final Calculation Day as postponed. This Security
shall not bear any interest.

 

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

 

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

 

    

     

    

 

Automatic
Call

 

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

 

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

 

	Call Date	 	Call
                                         Premium
	 	 	 
	May 7, 2020	 	7.50%
                                         of the Face Amount of this Security
	May 7, 2021	 	15.00%
                                         of the Face Amount of this Security
	May 9, 2022	 	22.50%
                                         of the Face Amount of this Security
	May 1, 2023	 	30.00%
                                         of the Face Amount of this Security

 

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

 

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

 

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

 

Determination
of Maturity Payment Amount and Certain Definitions

 

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

 

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

 

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

 

	 	 	 

 

All
calculations with respect to the Maturity Payment Amount or Call Price, as applicable, will be rounded to the nearest one hundred-thousandth,
with five one-millionths rounded upward

 

    2

     

    

 

(e.g.,
0.000005 would be rounded to 0.00001); and the Maturity Payment Amount or Call Price, as applicable, will be rounded to the nearest
cent, with one-half cent rounded upward.

 

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

 

The
“Pricing Date” shall mean April 30, 2019.

 

The
“Starting Price” is $43.93, the Fund Closing Price of the Fund on the Pricing Date.

 

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

 

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

 

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

 

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

 

The
“Threshold Price” is $39.537, which is equal to 90% of the Starting Price.

 

The
“Underlying Index” shall mean the MSCI Emerging Markets Index.

 

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

 

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

 

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

 

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

 

    3

     

    

 

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

 

The
“Final Calculation Day” is May 1, 2023, subject to postponement as provided herein.

 

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

 

“Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among
other things, the determination of whether this Security will be automatically called on any of the Call Dates, the Call Price,
if any, the Ending Price and the Maturity Payment Amount, which term shall, unless the context otherwise requires, include its
successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant
to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time to time after the initial
issuance of this Security without the consent of the Holder of this Security and without notifying the Holder of this Security.

 

Market
Disruption Events 

 

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

 

		(A)	The
                                         occurrence or existence of a material suspension of or limitation imposed on trading
                                         by the Relevant Stock Exchange or otherwise relating to the shares (or other applicable
                                         securities) of the Fund or any Successor Fund (as defined below) on the Relevant Stock
                                         Exchange at any time during the one-hour period that ends at the Close of Trading on
                                         such day, whether by reason of movements in price exceeding limits permitted by such
                                         Relevant Stock Exchange or otherwise.

 

		(B)	The
                                         occurrence or existence of a material suspension of or limitation imposed on trading
                                         by any Related Futures or Options Exchange or otherwise in futures or options contracts
                                         relating to the shares (or other applicable securities) of the Fund or any Successor
                                         Fund on any Related Futures or Options Exchange at any time

 

    4

     

    

 

	 	 	during
                                         the one-hour period that ends at the Close of Trading on that day, whether by reason
                                         of movements in price exceeding limits permitted by the Related Futures or Options Exchange
                                         or otherwise.

 

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

 

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

 

		(E)	The
                                         closure of the Relevant Stock Exchange or any Related Futures or Options Exchange with
                                         respect to the Fund or any Successor Fund prior to its Scheduled Closing Time unless
                                         the earlier closing time is announced by the Relevant Stock Exchange or Related Futures
                                         or Options Exchange, as applicable, at least one hour prior to the earlier of (1) the
                                         actual closing time for the regular trading session on such Relevant Stock Exchange or
                                         Related Futures or Options Exchange, as applicable, and (2) the submission deadline for
                                         orders to be entered into the Relevant Stock Exchange or Related Futures or Options Exchange,
                                         as applicable, system for execution at the Close of Trading on that day.

 

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

 

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

 

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

 

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

 

    5

     

    

 

Anti-dilution
Adjustments Relating to the Fund; Alternate Calculation

 

Anti-dilution
Adjustments 

 

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

 

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

 

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

 

		(A)	Stock
                                         Splits and Reverse Stock Splits

 

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

 

		(B)	Stock
                                         Dividends

 

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

 

    6

     

    

 

entitled
to receive immediately following that date; provided, however, that no adjustment will be made for a distribution for which the
number of securities of the Fund paid or distributed is based on a fixed cash equivalent value.

 

		(C)	Extraordinary
                                         Dividends

 

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

 

For
purposes of determining whether an Extraordinary Dividend has occurred:

 

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

 

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

 

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

 

		(D)	Other
                                         Distributions

 

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

 

    7

     

    

 

		(E)	Reorganization
                                         Events

 

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

 

Liquidation
Events

 

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

 

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

 

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

 

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

 

    8

     

    

 

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

 

Alternate
Calculation

 

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

 

Calculation
Agent

 

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

 

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

 

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

 

Tax
Considerations

 

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

 

Redemption
and Repayment

 

This
Security is not subject to repayment at the option of the Holder hereof prior to May 8, 2023. Except as set forth above under
“Automatic Call,” this Security is not subject to redemption prior to May 8, 2023. This Security is not entitled to
any sinking fund.

 

    9

     

    

 

Acceleration

 

If
an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Maturity Payment
Amount (calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and with
the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture
will be equal to the Maturity Payment Amount hereof calculated as provided herein as though the date of acceleration was the Final
Calculation Day; provided that if the Fund Closing Price of the Fund on the date of acceleration is equal to or greater than the
Starting Price, the amount payable on this Security will be calculated using a Call Premium that is prorated to the date of acceleration.

__________________

 

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

 

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

 

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

 

    10

     

    

 

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

 

	DATED:	 	 
	 	WELLS
    FARGO FINANCE LLC
	 	 	 
	 	By:	 
	 	 	 
	 		Its:
	 	 	 
	 	Attest:	 
	 	 	 
	 		Its:

 

TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION  

This is one of the Securities of the  

series designated therein described  

in
the within-mentioned Indenture.

 

	 	 	 
	CITIBANK,
    N.A.,	 
	 	as Trustee	 
	 	 	 
	By:	 	 
	 	Authorized
    Signature	 
	 	 	 	 
		OR	 	 
	 	 	 
	WELLS
    FARGO BANK, N.A.,	 
	 	as Authenticating
    Agent for the Trustee	 
	 	 	 
	By:	 	 
	 	Authorized
    Signature	 

 

    11

     

    

 

[Reverse
of Note]

 

WELLS
FARGO FINANCE LLC

 

MEDIUM-TERM
NOTE, SERIES A

Fully
and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal
at Risk Securities Linked to the

iShares® MSCI Emerging Markets ETF
due May 8, 2023

 

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

 

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

 

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

 

Guarantee

 

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

 

    12

     

    

 

Modification
and Waivers 

 

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

 

Defeasance

 

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

 

Authorized
Denominations

 

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

 

Registration
of Transfer

 

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

 

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

 

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

 

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

 

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

 

Obligation
of the Company Absolute

 

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

 

No
Personal Recourse

 

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

 

Defined
Terms

 

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

 

    14

     

    

 

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.

 

    15

     

    

 

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)

 

    16

     

    

 

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

 

	Dated:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

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

 

    17

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