Document:

Exhibit 10.12

 

Employment
Agreement

     

This
EMPLOYMENT AGREEMENT (“Agreement”) dated effective as of November 13, 2015 (the “Effective Date”), is
between Redwood Scientific Technologies, Inc., a Nevada Corporation (the “Company”), and Stefan Galluppi (“Executive”).

 

WITNESSETH

 

WHEREAS,
the Company desires to employ Executive as Chief Technology Officer (“CTO”) of the Company;

 

WHEREAS,
the Company and Executive desire to enter into the Agreement as to the terms of his employment by the Company;

 

NOW
THEREFORE, in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

This
Agreement is 9 pages. This Agreement constitutes the entirety of the terms of employment between Employer and Employee.
This Agreement, along with any exhibits, appendices, addendums, schedules, and amendments hereto, encompasses the entire agreement
of the parties, and supersedes all previous understandings and agreements between the parties, whether oral or written. The parties
hereby acknowledge and represent, by affixing their hands and seals hereto, that said parties have not relied on any representation,
assertion, guarantee, warranty, collateral contract or other assurance, except those set out in this Agreement, made by or on
behalf of any other party or any other person or entity whatsoever, prior to the execution of this Agreement. The parties hereby
waive all rights and remedies, at law or in equity, arising or which may arise as the result of a party’s reliance on such
representation, assertion, guarantee, warranty, collateral contract or other assurance, provided that nothing herein contained
shall be construed as a restriction or limitation of said party’s right to remedies associated with the gross negligence,
willful misconduct or fraud of any person or party taking place prior to, or contemporaneously with, the execution of this Agreement.

 

	 	 	 	 
	Company Initial	 	Executive Initial	 

 

1.
Formation of Agreement.

 

This
is an offer for employment according to the terms recited herein. Acceptance of this offer for employment, and formation of the
employment contract, is effectuated upon Employer’s receipt of a duly signed Agreement.

 

     

     

    

 

2. Position
and Responsibilities.

          

(a) The
Company hereby employs Executive and Executive hereby accepts continued employment by the Company as the Company’s CTO.
In this capacity Executive shall have such duties, authorities and responsibilities commensurate with the duties, authorities
and responsibilities of persons in similar capacities in similarly sized companies, and such other duties and responsibilities
as determined by the CEO. Executive shall report directly to the CEO.

          

(b) Throughout
the term of this Agreement, Executive shall devote substantially all of his working time (excluding periods of vacation and other
approved leaves of absence), energy, attention, skill and best efforts to the affairs of the Company and to the performance of
his duties hereunder in a manner that will faithfully and diligently further the business and interests of the Company. Approval
of board memberships will be at the discretion of the CEO, however, such approval will not be unreasonably withheld, provided
that such activities do not significantly interfere with Executive’s duties under this Agreement. Executive shall comply
with the Company’s Code of Ethical Standards and Business Practices.

 

3.
Employment Term.

 

(a)
Executive’s term of employment under this agreement shall be for a term commencing on November 13, 2015 and, unless terminated
earlier as provided for in Section 7 hereof, end twelve (12) months later.

            

(b)
Renewal or extension of the Employment term may only be effectuated by mutual written agreement between the parties. In absence
of such written Agreement, Executive’s employment will continue according to the terms of this Agreement on a monthly basis.

 

4. Compensation.

          

(a)
Salary. Executive shall receive a base salary (the “Base Salary”) at the annual rate of $109,000 plus one percent
(1%) of EBIDA not to exceed $60,000 beginning on the effective date of this agreement. Executive shall only receive salary when
this agreement is effective. Plus, $400 monthly car allowance paid once a month.

 

(b) Stock
Award. Company intends to establish a Stock Award Plan. Although such plan is not currently in place, it is
expressly contemplated that CTO be part of this stock plan. Once the stock plan is established an implemented, a “Stock
Plan Addendum” will be duly executed and attached to this Agreement as an addendum. Company and CTO agree to negotiate
this future stock plan in good faith.

 

(c)
Discretionary Grants. In addition to the Stock Award contemplated under this Section, at the sole discretion of the Board,
Executive shall be eligible for grants of stock options and other equity awards.

 

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(d)
Notwithstanding any other provision, in the event of a change in control, all equity awards (including, but not limited to, any
options or stock grants made subsequent to the date of this Agreement) shall fully vest and be immediately exercisable. A change
in control means the consummation after the date hereof of a transaction or series of related transactions that results in any
person or group (“group”) as defined in the rules and regulations promulgated under the Securities Exchange Act of
1934, as amended) acquiring (i) directly or indirectly by merger or otherwise more than 50% of the Company’s securities
entitled to vote in the election of directors, (ii) all or substantially all of the assets of the Company or (iii) the right to
elect a majority of members of the Company’s Board of Directors.

 

(e)
Option to Have Company Repurchase Stock and Options. If Executive dies while employed, the Company shall, subject to any
restrictions contained in any credit or similar agreements or that exist under California state law, offer to purchase all of
Executive’s stock and any outstanding options, which are vested at the time of death at fair market value.

 

(f)
Compliance with Section 409A. The Company agrees not to take any action (or omit to take any action that is required to
be taken) in respect of the Stock Award (or any other similar award) that is materially inconsistent with, contrary to or in material
breach of the terms of the SA, that causes Executive to incur tax in respect of a violation of Section 409A of the Code. If Executive
or the Company believes, at any time, that any feature of Executive’s compensation or benefits (including the SA) does not
comply with (or is not exempt from) Section 409A of the Code or that any action taken or contemplated to be taken (including any
failure to take action) in regards to compensation or benefits caused or might cause a violation of Section 409A of the Code,
Executive or the Company will promptly advise the other and will reasonably negotiate in good faith to amend the terms of the
payments or benefits or alter the action or contemplated action in order that such payments or benefit arrangements comply with
(or are exempt from) the requirements of Section 409A of the Code or in order to mitigate any additional taxes that may apply
under Section 409A of the Code if compliance or exemption is not practicable.

 

For
the avoidance of doubt, the Company is not responsible for the payment of any taxes, including income and excise taxes, that Executive
may incur under Section 409A of the Code, nor will the Company indemnify Executive for any such liability, unless the Company
breaches a material term of this Agreement or of any compensatory program in which Executive participates and that breach is the
cause of the 409A taxation/penalties.

 

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5. Executive
Benefits.

 

		(a)	Medical
                                         Insurance. During the term of his employment, Executive and his eligible dependents
                                         shall be eligible to participate in the Company’s group medical, dental and vision
                                         plans (the “Health Plans”) in accordance with the terms of the Health Plans
                                         and, subject to the restrictions and limitations contained in the insurance agreement
                                         or agreements.

 

		(b)	Benefit
                                         Plans. Executive shall be eligible to participate in the Company’s profit sharing
                                         plan, deferred compensation plan, 401k plan, long-term disability plan and Executive
                                         benefit programs, if any, generally made available to other Executives of the Company,
                                         subject to their respective generally applicable eligibility requirements, terms, conditions
                                         and restrictions; provided, however, that severance payments under this Agreement shall
                                         be in lieu of any severance benefits otherwise provided by the Company. However, nothing
                                         in this Agreement shall preclude the Company from amending or terminating any such insurance,
                                         benefit, program or plan so long as the amendment or termination is applicable to the
                                         Company’s executives participating in such insurance, benefit, program or plan
                                         generally.

 

		(c)	Paid
                                         Time Off. Executive shall be entitled two weeks paid vacation per calendar year,
                                         which vacation entitlement shall be pro-rated in any calendar year in which Executive
                                         does not work the entire calendar year.

 

		(d)	Business
                                         and Entertainment Expenses. Upon presentation of appropriate documentation, and written
                                         approval by the CEO, Executive shall be reimbursed in accordance with the Company’s
                                         expense reimbursement policy for all reasonable and necessary business and entertainment
                                         expenses incurred in connection with the performance of his duties hereunder, including
                                         but not limited to:

 

		a.	The
                                         cost and provision of a mobile telephone service; and the provision of a personal computer
                                         and broadband connection for remote/home office use; and
	 	 	 
		b.	The
                                         reasonable costs of attending conferences, seminars, training and professional development
                                         courses and study relevant to the performance of his duties; and
	 	 	 
		c.	Membership
                                         fees and subscriptions payable to professional associations, the membership of which
                                         is reasonably necessary or desirable to hold in the performance of his duties.

        

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6. Termination
of Employment. Notwithstanding any other provision of this Agreement, Executive’s employment and all of the Company’s
obligations or liabilities under this Agreement may be terminated immediately in any of the following circumstances:

          

(a)
Disability or Incapacity. In the event of Executive’s physical or mental inability to perform his essential duties
hereunder, for a period of greater than six (6) months and where all leave entitlements have been exhausted during the term of
this Agreement.

          

(b)
Death of Executive. In the event of Executive’s death.

          

(c)
Resignation for Good Reason. Executive may resign for “Good Reason,” defined below, upon 30 days’
written notice by Executive to the Company. The Company may waive Executive’s obligation to work during this 30-day notice
period and terminate his employment immediately, but if the Company takes this action in the absence of agreement by Executive,
Executive shall receive the salary that otherwise would be due through the end of the notice period. For purposes of this Agreement,
“Good Reason” shall mean any of the following violations of this Agreement by the Company: any reduction in Executive’s
Base Salary; except as provided in this Agreement, any reduction in Executive’s potential bonus percentage amounts; a material
change in geographic location from which Executive must perform his services, notwithstanding provisions in Section 6; any significant
diminution of Executive’s responsibility or authority, any material failure of the successors to the Company after a Change
of Control to perform or cause the Company to perform the obligations of the Company under this Agreement; and any substantial
breach by the Company of any material provision of this Agreement. Notwithstanding the foregoing, the acts or omissions described
above shall not constitute “Good Reason” unless Executive provides the Company with written notice detailing the matters
she asserts to be “Good Reason” which the Company does not cure within thirty (30) days of receiving the written
notice.

          

(d) Discharge
for Cause. The Company may discharge Executive at any time for “Cause,” which shall be limited
to: Executive’s material and serious breach or neglect of Executive’s responsibilities; willful violation or
disregard of standards of conduct established by law; willful violation or disregard of standards of conduct established by
Company policy as may from time to time be communicated to Executive; fraud, willful misconduct, misappropriation of funds or
other dishonesty; conviction of a crime of moral turpitude; or any material breach by Executive of any provision of this
Agreement. Executive shall not be discharged for Cause unless and until the CEO provides written notice of the ground for the
termination for "Cause", specifying the particulars thereof in detail.  

 

(e)
Discharge without Cause. Notwithstanding any other provision of this Agreement, Executive’s employment and any and
all of the Company’s obligations under this Agreement (excluding any obligations the Company may have under paragraph 8
below) may be terminated by the Company at any time without Cause.

 

(f)
Return of Company Property. When the employment relationship between the Company and the Executive is terminated for whatever
reason, the Executive agrees to immediately return to the Company all tangible and intangible property belonging to, leased, or
otherwise provided to the Executive by the Company, including without limitation any and all: stationery, books, business cards,
documents, records, disks, access cards, mobile telephone, computer hardware, credit cards, cars or keys; materials provided to
the Executive by the Company, unless otherwise agreed in writing by the Company.

     

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7. Payments
Upon Termination.

          

(a)
Discharge Without Cause, or Resignation for Good Reason. If Executive is discharged without Cause or resigns for Good Reason
during the Initial Term, Executive shall receive $100 as severance pay. The severance payment shall be payable in a lump sum as
soon as practicable, but no later than 60 days of Executive’s termination of employment. The severance payment will be made
provided that Executive signs and does not timely revoke a general release of claims (including, without limitation, contractual,
common law and statutory claims) against the Company and its officers, directors, Executives and agents. Executive will also receive
any vested benefits to which Executive is entitled under the Company’s compensation and Executive benefit plans in accordance
with, to the extent provided in, and subject to the restrictions and payout schedules contained in those plans, including, but
not limited to the company’s Stock Plan.

 

(b)
Vesting Acceleration. If the Company terminates your Employment for any reason other than Cause, death or Disability, then
Executive receives those shares that vested during Executive’s employment with Company, plus the shares set to vest upon
the next immediate vestment period. The remainder of shares to be vested are forfeited.

                    

(c)
Discharge for Cause. If Executive is discharged for Cause or resigns without Good Reason, Executive’s sole entitlement
will be the receipt of Base Salary for any days worked through the date of termination and any vested benefits to which Executive
is entitled under the Company’s compensation and Executive benefit plans in accordance with, to the extent provided in,
and subject to the restrictions and payout schedules contained in those plans, including, but not limited to the company’s
Stock Plan.

              

8. Company
Property. All advertising, sales, manufacturers’ and other materials or articles or information, including, without
limitation, data processing reports, customer sales analyses, invoices, price lists or information or any other materials or data
of any kind furnished to Executive by the Company or developed by Executive on behalf of the Company or at the Company’s
direction or for the Company’s use or otherwise in connection with Executive’s employment with the Company, are and
shall remain the sole and confidential property of the Company.

     

9. Non-Solicitation
and Confidentiality. To the maximum extent permissible by law:

          

(a) During
his employment with the Company and for a period of one year after the termination of his employment with the Company for any
reason whatsoever, whether by Executive or by the Company and whether during the term of this Agreement or subsequent to the expiration
of this Agreement, Executive shall not, directly or indirectly induce or intentionally influence any customer, Executive, consultant,
independent contractor or supplier of the Company to change his, her or its business relationship with or terminate employment
with the Company.  

     

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(b) During
his employment with the Company and at all times thereafter, and except as required by law, Executive shall not use for his personal
benefit, or disclose, communicate or divulge to, or use for the direct or indirect benefit of, any person, firm, association or
company other than the Company, any confidential information of the Company that Executive acquires in the course of his employment,
which is not otherwise lawfully known by and readily available to the general public. This confidential information includes,
but is not limited to: any non-public information regarding the business, marketing, policies, plans, procedures, strategies or
techniques; research or development projects or results; trade secrets or other knowledge or processes of or developed by the
Company; names and addresses of Executives, suppliers or customers. Executive confirms that such information is confidential and
constitutes the exclusive property of the Company, and agrees that, immediately upon his termination, whether by Executive or
by the Company and whether during the term of this Agreement or subsequent to the expiration of this Agreement, Executive shall
deliver to the Company all correspondence, documents, books, records, lists, computer programs and other writings relating to
the Company’s business.

 

(c) Both during his
employment with the Company and following his termination for any reason, whether by Executive or by the Company and whether during
the term of this Agreement or following the expiration of the Agreement, Executive shall, upon reasonable notice, furnish to the
Company such information pertaining to his employment with the Company as may be in his possession. The Company shall reimburse
Executive for all reasonable expenses incurred by his in fulfilling his obligation under this subparagraph (c).

 

(d) The provisions
of subparagraphs (a), (b) and (c) shall survive the cessation of Executive’s employment for any reason, as well as
the expiration of this Agreement at the end of its term or at any time prior thereto.

 

(e) Executive agrees
that if any or any portion of the foregoing covenants, or the application thereof, is construed to be invalid or unenforceable,
the remainder of such covenant or covenants or the application thereof shall not be affected and the remaining covenant or covenants
will then be given full force and effect without regard to the invalid or unenforceable portions. If any covenant is held to be
unenforceable because of the area covered, the duration thereof, or the scope thereof, Executive agrees that the Court making
such determination shall have the power to reduce the area and/or the duration, and/or limit the scope thereof, and the covenant
shall then be enforceable in its reduced form. If Executive violates any of the restrictions contained in subparagraphs (a) or
(b), the period of such violation (from the commencement of any such violation until such time as such violation shall be cured
by Executive to the satisfaction of the Company) shall not count toward or be included in the restrictive period contained in
subparagraphs (a) and (b).

       

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10. Entire
Understanding. This Agreement contains the entire understanding between the Company and Executive with respect to the subject
matter hereof and supersedes all prior and contemporary agreements and understandings, inducements or conditions, express or implied,
written or oral, between the Company and Executive except as herein contained. The express terms hereof control and supersede
any course of performance and/or usage of the trade inconsistent with any of the terms hereof.

     

11. Modifications.
This Agreement may not be modified orally but only by written agreement signed by Executive and the Company’s CEO or such
other person as the Board may designate specifically for this purpose.

     

12. Provisions
Separable. The provisions of this Agreement are independent of and separable from each other, and no provision shall be affected
or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable
in whole or in part.

     

13. Consolidation,
Merger or Sale of Assets. Nothing in this Agreement shall preclude the Company from consolidating or merging into or with,
or transferring all or substantially all of its assets to, another entity that assumes this Agreement and all obligations and
undertakings of the Company hereunder. Under such a consolidation, merger or transfer of assets and assumption, the term “the
Company” as used herein, shall mean such other entity and this Agreement shall continue in full force and effect.

 

14.
Notice. “Notice”, “Written Notice”, or “Written Consent” under this agreement is deemed
satisfied by any written method of transmission, whether electronic or otherwise. Such written transmissions expressly include
email and text message transmissions. If notice of any fact is established by the acts of the Employee, “Notice”,
“Written Notice”, or “Written Consent” by the Employer shall be deemed waived.     

         

15. No
Attachment. Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation,
commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy or
similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall
be null, void and of no effect.  

     

16. Binding
Agreement. This Agreement shall be binding upon, and shall inure to the benefit of the Company and its successors, representatives,
and assigns and shall be binding upon Executive, his heirs, executors and legal representatives.

    

17. No
Assignment by Executive. Executive acknowledges that the services to be rendered by his are unique and personal. Accordingly,
Executive may not assign or delegate any of his rights or obligations hereunder, except that he may assign certain rights hereunder
if agreed to in writing by the Board.

    

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18. Indulgences.
Neither the failure nor any delay on the part of either party to exercise any right, remedy, power or privilege under this Agreement
shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude
any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right,
remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with
respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have
granted such waiver.

          

19. Choice
of Law and Forum. Any controversy between the parties to this Agreement regarding the construction, application, or performance
of any duty under this Agreement and any claim arising out of or relating to this Agreement or its breach shall be governed by
the laws of the State of California. Additionally, the forum for any such controversy shall be JAMS Arbitration, Mediation, and
ADR Service Center in Orange, California.

 

20.
Mandatory Binding Arbitration. Any controversy between the parties to this Agreement regarding the construction, application,
or performance of any duty under this Agreement and any claim arising out of or relating to this Agreement or its breach shall
be submitted to mandatory binding arbitration. The cost of arbitration shall be governed by JAMS Commercial Arbitration Rules.

 

IN
WITNESS WHEREOF, the parties hereto, intending to be legally bound, have duly executed and delivered, this Agreement as of the
date first above written.

 

	Redwood
    Scientific Technologies, Inc.  	 
	 	 	 
	By:	 	 
	 	Jason
    Cardiff, CEO, President	 

 

	EXECUTIVE:	 
	 	 
	 	 
	Stefan
    Galluppi	 

 

 

9Form of Medium-Term Notes, Series K, Principal at Risk Securities

 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. 94986RF22 
	 FACE AMOUNT: $                

 REGISTERED NO.      

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Principal at Risk Securities 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 Cash
Settlement Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, on the Stated Maturity Date. The “Stated Maturity
Date” shall be August 10, 2017. If the Determination Date (as defined below) is postponed, the Stated Maturity Date will be postponed to the third Business Day (as defined below) after the Determination Date as postponed. This Security
shall not bear any interest. 
 Any payments on this Security at Maturity will be made against presentation of this Security
at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. 

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

 Determination of Cash Settlement Amount and Certain Definitions 

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

 

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

 

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

  

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

  

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

 All
calculations with respect to the Cash Settlement Amount will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward (e.g., 0.000005 would be rounded to 0.00001); and the Cash Settlement Amount will be rounded
to the nearest cent, with one-half cent rounded upward. 
 The “Underlier” shall mean the S&P 500® Index. 
 The “Trade Date” shall mean
February 5, 2016. 
 The “Initial Underlier Level” is 1,880.05, the Closing Level of the Underlier on
the Trade Date. 
 The “Closing Level” of the Underlier on any Trading Day means the official closing level
of the Underlier reported by the Underlier Sponsor 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 “Discontinuance of The Underlier; Alteration of Method of
Calculation” and “Market Disruption Events.” 
 The “Final Underlier Level” will be the
Closing Level of the Underlier on the Determination Date. 
 The “Underlier Return” will be the quotient of
(i) the Final Underlier Level minus the Initial Underlier Level divided by (ii) the Initial Underlier Level, expressed as a percentage. 

The “Cap Level” is 2,100.01585, which is 111.70% of the Initial Underlier Level. 

The “Buffer Level” is 1,692.045, which is equal to 90% of the Initial Underlier Level. 

  
 2 

 The “Maximum Settlement Amount” is 117.55% of the Face Amount of
this Security. 
 The “Buffer Amount” is 10%. 

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

The “Upside Participation Rate” is 1.5. 

“Underlier Sponsor” shall mean S&P Dow Jones Indices LLC. 

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

The “Relevant Stock Exchange” for any security underlying the Underlier means the primary exchange or
quotation system on which such security is traded, as determined by the Calculation Agent. 
 The “Determination
Date” shall be August 7, 2017. If the originally scheduled Determination Date is not a Trading Day, the Determination Date will be postponed to the next succeeding Trading Day. The Determination Date is also subject to postponement due
to the occurrence of a Market Disruption Event (as defined below). See “–Market Disruption Events.” 

“Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of March 18, 2015
between the Company and the Calculation Agent, as amended from time to time. 
 “Calculation Agent” shall
mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among other things, the determination of the Final Underlier Level and the Cash Settlement Amount, which term shall, unless the context otherwise
requires, include its successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time
to time after the initial issuance of this Security without the consent of the Holder of this Security and without notifying the Holder of this Security. 

  
 3 

 Discontinuance Of The Underlier; Alteration Of Method Of Calculation 

If the Underlier Sponsor discontinues publication of the Underlier, and the Underlier 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 Underlier (a “Successor Underlier”), then, upon the Calculation Agent’s notification of that
determination to the Trustee and the Company, the Calculation Agent will substitute the Successor Underlier as calculated by the relevant Underlier Sponsor or any other entity and calculate the Final Underlier Level as described above. Upon any
selection by the Calculation Agent of a Successor Underlier, the Company will cause notice to be given to the Holder of this Security. 

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

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

 If at any time the Underlier Sponsor makes a material change in the formula for or the method of calculating the
Underlier, or in any other way materially modifies the Underlier (other than a modification prescribed in that formula or method to maintain the Underlier in the event of changes in constituent stock and capitalization and other routine events),
then, from and after that time, the Calculation Agent will, at the close of business in New York, New York, on each date that the Closing Level of the Underlier is to be calculated, calculate a substitute Closing Level of the Underlier in accordance
with the formula for and method of calculating the Underlier last in effect prior to the change, but using only those securities that comprised the Underlier immediately prior to that change. Accordingly, if the method of calculating the Underlier
is modified so that the level of the Underlier is a fraction or a multiple of what it would have been if it had not been modified, then the Calculation Agent will adjust the Underlier in order to arrive at a level of the Underlier as if it had not
been modified. 

  
 4 

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

  

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

  

	 	(E)	 The closure on any Exchange Business Day of the Relevant Stock Exchanges on which securities that then comprise 20% or more of the level of the
Underlier or any Successor Underlier 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. 

  
 5 

	 	(F)	 The Relevant Stock Exchange for any security underlying the Underlier or Successor Underlier 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 Underlier or any Successor Underlier will be based on a comparison of
(x) the portion of the level of such underlier attributable to that security and (y) the overall level of the Underlier or Successor Underlier, in each case immediately before the occurrence of the Market Disruption Event;

  

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

  

	 	(4)	 an “Exchange Business Day” means any Trading Day for the Underlier or any Successor Underlier on which each Relevant Stock
Exchange for the securities underlying the Underlier or any Successor Underlier 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. 

 If a Market Disruption Event occurs or
is continuing on the Determination Date, then the Determination Date will be postponed to the first succeeding Trading Day on which a Market Disruption Event has not occurred and is not continuing; however, if such first succeeding Trading Day has
not occurred as of the eighth Trading Day after the originally scheduled Determination Date, that eighth Trading Day shall be deemed to be the Determination Date. If 

  
 6 

 
the Determination Date has been postponed eight Trading Days after the originally scheduled Determination Date and a Market Disruption Event occurs or is continuing on such eighth Trading Day,
the Calculation Agent will determine the Closing Level of the Underlier on such eighth Trading Day in accordance with the formula for and method of calculating the Closing Level of the Underlier 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 Underlier. 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. 
 Calculation Agent 

The Calculation Agent will determine the Cash Settlement Amount and the Final Underlier Level. In addition, the Calculation
Agent will (i) determine if adjustments are required to the Closing Level of the Underlier under the circumstances described in this Security, (ii) if publication of the Underlier is discontinued, select a Successor Underlier or, if no
Successor Underlier is available, determine the Closing Level of the Underlier 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. 

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 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 August 10, 2017. This Security is not entitled to any sinking fund. 

  
 7 

 Acceleration 

If an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Cash
Settlement Amount (calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted
under the Indenture will be equal to the Cash Settlement Amount hereof calculated as provided herein as though the date of acceleration was the Determination Date. 
  

 

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

  
 8 

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

 

					
	WELLS FARGO & COMPANY
		
	By:	 	 
			
		 	Its:	 	 

 [SEAL] 
  

					
	Attest:	 	 
			
		 	Its:	 	 

  

			
	 TRUSTEE’S CERTIFICATE OF

AUTHENTICATION
 This is one of the Securities of the

series designated therein described
 in the within-mentioned Indenture.

	
	 CITIBANK, N.A.,

      as Trustee

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

  as Authenticating Agent for the Trustee

		
	By:	 	 
		 	Authorized Signature

  
 9 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Principal at Risk Securities 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 July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and
Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more
foreign or composite currencies. 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. 

Article Sixteen of the Indenture shall not apply to this Security. 

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

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 

  
 10 

 
provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together as a
class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the
Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. 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 and certain Events of Default, upon compliance by the Company with certain conditions set forth therein,
shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Authorized
Denominations 
 This Security is issuable only in registered form without coupons in denominations of $1,000 or any
amount in excess thereof which is an integral multiple of $1,000. 
 Registration of Transfer 

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

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

  
 11 

 
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 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 Cash Settlement Amount at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 

No Personal Recourse 

No recourse shall be had for the payment of the Cash Settlement Amount, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, 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. 

  
 12 

 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 & 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. 

  
 14

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