Document:

avt_Ex_10-1

		
			Exhibit 10.1
		

		
			 
		

		
			Manager’s agreement
		

		
			 
		

			
					
						Between:

					
					
						Avnet Europe Executive BVBA, a company incorporated under the Laws of Belgium, registered at the Crossroads bank for enterprises under number 0632.679.431 and having its registered offices at 20 Kouterveldstraat 20, 1831 Machelen, duly represented by Mr. Jan Hermans and Mr. Dirk De Vos in their capacity as managers. 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Hereinafter referred to as “Avnet”.

				
	
					
						 

					
					
						 

				
	
					
						And:

					
					
						Mr. Patrict Zammit, residing at __________ Brussels;

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Hereinafter referred to as “Mr. Zammit”.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Avnet and Mr. Zammit are collectively referred to as “the Parties”.

				

		
			 
		

		
			WHEREAS Avnet’s General Meeting of shareholders will appoint Mr. Zammit as a remunerated manager of Avnet on 1 October 2015;
		

		
			 
		

		
			WHEREAS by the conclusion of the present agreement, the Parties wish to determine the terms and conditions under which Mr. Zammit will perform his duties as a manager of Avnet, as from his appointment in such capacity by the General Meeting of shareholders scheduled on 1 October 2015;  
		

		
			 
		

		
			WHEREAS for the performance of his manager’s office, Mr. Zammit shall act as a self-employed person, both Parties declaring to be fully aware of the implications hereof.
		

		
			 
		

		
			THE PARTIES HAVE AGREED AS FOLLOWS: 
		

		
			 
		

		
			Article 1 – Definitions
		

		
			 
		

		
			In the present agreement (the “Agreement”) the following terms have the following meanings:
		

			
	
			
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			“Avnet Group” means Avnet and any and all subsidiaries, affiliates and related companies.

		
			 
		

			
	
			
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			“Confidential Information” means personal data or commercial, technical, strategic, operational or financial data concerning Avnet or the Avnet Group, or business partners or employees of either or both, which Mr. Zammit has obtained in the context of the Agreement or his employment within the Avnet Group, irrespective of the form of the data (electronic, hard copy, verbal, etc.).

		
			 
		

		
			Article 2 - Object of the Agreement 
		

		
			 
		

		
			By the Agreement, the Parties wish to determine the terms and conditions under which Mr. Zammit will perform as manager bearing the title of President, Avnet Technology Solutions.  
		

		
			 
		

		
			

		 

 

Article 3 – Obligations of Mr. Zammit
		

		
			 
		

		
			3.1. Mr. Zammit commits to work towards achieving Avnet‘s objectives and to carry out his duties in a loyal and efficient manner and to promote the interest and reputation of the Avnet Group and to not intentionally undertake any action which could be harmful to its interests and/or reputation. 
		

		
			 
		

		
			3.2. In his capacity as manager of Avnet, Mr. Zammit undertakes to perform his duties on a self-employed basis and in full liberty. In particular, Mr. Zammit will freely dispose of his working time and shall never be given instructions regarding the organization of his work and/or the practical modalities of the performance of his duties. 
		

		
			 
		

		
			3.3. Mr. Zammit undertakes to be available for the performance of his duties during the time considered necessary to fulfill his obligations resulting from the Agreement with a minimum of 221 man-days per year. 
		

		
			 
		

		
			3.4. Mr. Zammit is allowed to use the Avnet Group’s infrastructure and documentation as far as it is necessary for the proper performance of the Agreement. Given the fact that he is authorized to use the Avnet Group’s infrastructure, he agrees to comply with all applicable instructions regarding safety and health in the Avnet Group’s buildings where employees work.
		

		
			 
		

		
			3.5. Mr. Zammit undertakes to perform his functions with due diligence and in accordance with generally accepted and consistently applied business practices. Mr. Zammit shall, at all times, (a) take into consideration the objectives and best interest of Avnet and the Avnet Group, (b) comply with all applicable laws and regulations and (c) comply with all corporate policies and codes of business ethics established by the Avnet Group.
		

		
			 
		

		
			3.6. Mr. Zammit also undertakes to communicate to the General Meeting of Avnet all information which is relevant for Avnet. 
		

		
			 
		

		
			Article 4 – Place of performance and mobility
		

		
			 
		

		
			4.1. Mr. Zammit will perform his duties mainly from Diegem.  Mr. Zammit acknowledges that Avnet may at its sole discretion assign him to another place of work within 80 kilometers from Avnet’s office at Diegem for a temporary or indefinite period.  Avnet may also assign Mr. Zammit to another place of work outside 80 kilometers from Avnet’s office at Diegem for a temporary or indefinite period, however with Mr. Zammit’s consent.  
		

		
			 
		

		
			4.2. In view of the international scope of activities of Avnet, Mr. Zammit acknowledges and accepts that the proper performance of his duties entails that he will have to travel frequently to other locations abroad and perform temporary assignments abroad. He accepts that international mobility is inherent to the performance of his duties.  
		

		
			 
		

		
			Article 5 – Compensation 
		

		
			 
		

		
			

		 

 

5.1. For the performance of his office of remunerated manager, Mr. Zammit will be entitled to a Total Compensation (OTE), split as follows:
		

		
			 
		

			
	
			
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			a yearly fixed Compensation paid in 12 equal monthly installments, which includes the allowances as defined by and according to the Belgian Tax Circular of August 8, 1983 that will be reviewed on no less than an annual basis.  For FY16, the fixed compensation is EUR 440.000 gross;

		
			 
		

			
	
			
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			a yearly variable Compensation if the Avnet Group attains certain targets.  The amount of variable compensation, the measurement criteria and the terms of payment will be defined in Mr. Zammit’s annual incentive pay plan at the beginning of each fiscal year.  For FY16, the target variable compensation is EUR 440.000 gross.  

		
			 
		

		
			5.2. The Total Compensation will be paid on the individual bank account indicated by Mr. Zammit, after the deduction of applicable withholding taxes.  In case of incomplete year, the Total Compensation will be prorated in accordance with periods during which Mr. Zammit has performed his duties.
		

		
			 
		

		
			5.3. In case of non-performance of the Agreement during an uninterrupted period of 6 months due to sickness and/or accident, Avnet will continue to pay the Total Compensation during the said period of 6 months. As from the 1st day of the second month, Mr. Zammit will fall under the disability insurance as provided in article 6 of the Agreement and in accordance with the terms and conditions of this insurance. 
		

		
			 
		

		
			Article 6 – Insurances  
		

		
			 
		

		
			6.1. Avnet will subscribe Mr. Zammit to the following benefits and will pay the premiums in accordance with the applicable policies within Avnet Group: 
		

		
			 
		

			
	
			
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			Individual Pension Commitment (including death insurance and pension);

			
	
			
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			Collective Guaranteed Income Insurance;

			
	
			
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			DKV;

			
	
			
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			Travel assistance insurance; and

		
			-      D&O insurance.
		

		
			 
		

		
			6.2. Avnet shall reimburse Mr. Zammit the annual contribution to the French Management Pension insurance at Groupe Humanis (CRE + IRCAFEX).  The quarterly premium is calculated on a reference salary, fixed at EUR 185,312 for 2015, and reevaluated annually.  If a taxation is required by law, Mr. Zammit himself is responsible for this.  
		

		
			 
		

		
			Article 7 – Company Car
		

		
			 
		

		
			7.1. Avnet will provide Mr. Zammit with a company car, type BMW 740 standard or similar, for carrying out his professional activities.  Avnet will also provide Mr. Zammit with a fuel card.
		

		
			 
		

		
			

		 

 

7.2. Mr. Zammit must use the company car and the fuel card with due diligence, in accordance with Avnet’s car policy.  Mr. Zammit acknowledges having received a copy of the car policy, having examined its content, and agrees to comply with it.
		

		
			 
		

		
			7.3. Mr. Zammit may use the company car for private purposes, in accordance with the terms and conditions of the car policy.
		

		
			 
		

		
			7.4. A benefit in kind will be declared in line with the applicable tax and social security regulations.  
		

		
			 
		

		
			Article 8 – Tax regime
		

		
			 
		

		
			8.1. The Avnet Group has filed a request on behalf of Mr. Zammit and has obtained the application of the special tax regime for foreign executives.
		

		
			 
		

		
			8.2. Mr. Zammit will not undertake any action that could jeopardize the approval or continued application of the special tax regime for foreign executives or reduce the benefits for the Avnet Group.
		

		
			 
		

		
			8.3. Mr. Zammit shall keep all documents related to his professional travel outside Belgium, such as boarding passes, train tickets, visa stubs, etc., and forward these upon simple request of Avnet or designated tax consultancy firm to the latter.
		

		
			 
		

		
			8.4. If Mr. Zammit ever loses the benefits and the application of the special tax regime for foreign executives, for whatever reason, Avnet will not be liable and will not be held to compensate Mr. Zammit in any way.
		

		
			 
		

		
			8.5. If in the course of performance of the Agreement, the benefit of the expatriate tax regime which currently applies to Mr. Zammit would be withdrawn or lost, then Avnet shall use its best efforts to explore and agree with Mr. Zammit alternative terms and conditions which will aim at minimizing the adverse financial impact of such withdrawal or loss, without however resulting in an excess salary cost to Avnet.
		

		
			 
		

		
			Article 9 – Social security status 
		

		
			 
		

		
			9.1. Mr. Zammit will be subject to the Belgian social security scheme for self-employed workers. He undertakes to register to a Belgian social insurance fund for self-employed workers and to maintain his affiliation during the entire duration of the Agreement and to pay the necessary social security contributions to his social insurance fund.
		

		
			 
		

		
			9.2. Should Mr. Zammit’s social insurance fund claim any social security contribution due by Mr. Zammit from Avnet, Mr. Zammit agrees to reimburse Avnet immediately.  Avnet also reserves the right to withhold from Mr. Zammit’s remuneration any social security contributions due by Mr. Zammit in his capacity as self-employed worker and claimed from Avnet by Mr. Zammit’s social insurance fund for self-employed workers. 
		

		
			 
		

		
			

		 

 

9.3.  Avnet commits itself to facilitate the payment of the social security contributions due by Mr. Zammit to the social insurance fund. 
		

		
			 
		

		
			Article 10 – Reimbursement of expenses 
		

		
			 
		

		
			Avnet will reimburse Mr. Zammit for his actual travel expenses and other expenses made in performance of the Agreement, to the extent that those costs are accompanied by the appropriate documentary evidence and are in line with Avnet’s policies.  The expenses must be reasonable in amount and type and they must be made in the interest of Avnet.
		

		
			 
		

		
			Article 11 – Duration and termination 
		

		
			 
		

		
			11.1. The Agreement is concluded for an indefinite duration and shall be effective as of Mr. Zammit’s appointment as manager by Avnet’s General Meeting.
		

		
			 
		

		
			11.2. Each Party will have the right to terminate this Agreement at all times subject to giving the other party notice in writing and sent by registered mail.  
		

		
			 
		

		
			The notice period to be complied with or the period covered by the indemnity in lieu of notice by Avnet will be 23,5 months.
		

		
			 
		

		
			In addition, Mr. Zammit will also be entitled to an additional notice period or indemnity in lieu of notice corresponding to 1 month per fully completed year beginning with the start of this Agreement.
		

		
			 
		

		
			Avnet has the right to pay an indemnity in lieu of notice equal to the part of the Total Compensation as detailed in article 4 of the Agreement and the benefits provided in articles 6 and 7 which correspond to the number of months of the notice period that is not performed. 
		

		
			 
		

		
			The notice period to be complied with by Mr. Zammit will be 6 months. 
		

		
			 
		

		
			Article 12 – Serious cause 
		

		
			 
		

		
			12.1. Avnet may terminate the Agreement with immediate effect, without notice or payment in lieu, if serious misconduct or any other conduct of Mr. Zammit renders it immediately and definitively impossible to continue any further professional relations between the Parties.
		

		
			 
		

		
			12.2. Examples of serious cause which would result in the immediate termination of the Agreement, include but are not limited to:
		

		
			 
		

			
	
			
				 (1)
			

			
	
			
			Any serious breach by Mr. Zammit of his duties, as defined by the Agreement;

		
			 
		

			
	
			
				 (2)
			

			
	
			
			Any breach of the duty of confidentiality;

		
			 
		

			
	
			
				 (3)
			

			
	
			
			Any forgery of documents, or fraud;

		
			

		 

 

 
		

			
	
			
				 (4)
			

			
	
			
			Any misuse of a credit card of the Avnet Group or the Avnet Group’s funds;

		
			 
		

			
	
			
				 (5)
			

			
	
			
			Any other criminal offense or any other act which is of such nature that it definitively breaks the trust between the Parties or which could damage the reputation or public image of the Avnet Group, provided, however, that any criminal offence charged to Mr. Zammit solely by virtue of his status as a director or officer of the Avnet Group and not by virtue of any act or willful omission by him shall not constitute serious cause;

		
			 
		

			
	
			
				 (6)
			

			
	
			
			Any unjustified absence of three consecutive days;

		
			 
		

			
	
			
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			Any public statement which would damage the reputation or the public image of the Avnet Group; and

		
			 
		

			
	
			
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			Any breach by Mr. Zammit of a third party’s intellectual property rights.

		
			 
		

		
			Article 13 – Conflict of interests
		

		
			 
		

		
			Where Mr. Zammit has any direct or indirect patrimonial interest to a decision or operation submitted to the managers, Mr. Zammit undertakes to notify the managers and Avnet’s statutory auditor hereof in accordance with article 259 of the Belgian Company Code.
		

		
			 
		

		
			Article 14 – Unfair competition
		

		
			 
		

		
			14.1. Mr. Zammit is prohibited from engaging in or co-operating in any unfair competition, both during the performance of and after the termination of the Agreement. Examples of unfair competition include, but are not limited to, the following:
		

		
			 
		

			
	
			
				 (1)
			

			
	
			
			Use of Avnet’s or the Avnet Group’s names or logos for Mr. Zammit’s own benefit or for the benefit of any corporate person or individual other than Avnet or the Avnet Group;

		
			
Any act which could confuse Avnet’s or the Avnet Group’s clients or suppliers about the activities of Avnet or the Avnet Group;
		

		
			 
		

			
	
			
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			Mr. Zammit representing himself as being in any way connected with or interested in the business of Avnet or the Avnet Group after the termination of the Agreement; or

			
	
			
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			Any attempt to induce or encourage any agent, any other intermediary, supplier or service provider of Avnet or the Avnet Group to cease providing services or the delivery of goods to Avnet or the Avnet Group or to change the conditions under which these goods or services are delivered in a manner that is disadvantageous to Avnet or the Avnet Group.

		
			 
		

		
			14.2. The following practices will also be considered unfair competition, to the extent that they are associated with one of the practices referred to under Articles 14.1(1) – 14.1(4) or have the intention or 

		 

 

effect or is accompanied by the destabilizing of the undertakings of Avnet or the Avnet Group, causing confusion, being misleading, portraying Avnet or the Avnet Group in a bad light, making deceptive statements, using Confidential Information, obtaining disproportionate advantages, engaging in parasitic competition, abusing rights or being an accomplice as a third party to a breach of contract:
		

		
			 
		

			
	
			
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			(Directly or indirectly) soliciting collaborators of Avnet or the Avnet Group (irrespective of whether these collaborators would breach their own employment agreement or contract).

		
			 
		

			
	
			
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			Enticing away clients or prospective clients of Avnet or the Avnet Group. For the purpose of this article “prospective clients” means undertakings with whom Avnet or the Avnet Group is or has been in negotiation with at any given time in the three-year period preceding the termination of the Agreement with a view to providing services and/or goods to that undertaking, unless Avnet or the Avnet Group respectively has decided that it will not provide services or goods to the undertaking concerned.

		
			 
		

		
			14.3. Article 14 in no way affects article 15 (non-competition).
		

		
			 
		

		
			Article 15 – Non-competition clause
		

		
			 
		

		
			15.1. If the Agreement ends for whatever reason, Mr. Zammit is prohibited from undertaking any activity that competes with Avnet or the Avnet Group either directly, by exploiting an undertaking himself, or indirectly by accepting a position as a collaborator in an undertaking with competing activities. Hereby, it is irrelevant whether or not the competing activity is fair or unfair, and whether or not it is performed for Mr. Zammit’s own account or for the account of a third party.
		

		
			 
		

		
			15.2. The non-compete obligation set out in this article 15:
		

		
			 
		

			
	
			
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			only applies if the undertaking referred to in article 15.1 competes with or is contemplating competing with Avnet or the Avnet Group and is limited to identical or similar activities to those performed by Mr. Zammit for Avnet or the Avnet Group;

		
			 
		

			
	
			
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			applies in the Americas, Europe, Middle East and Africa, and Asia-Pacific; and

		
			 
		

			
	
			
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			applies for 12 months from and including the day on which the Agreement ends.

		
			 
		

		
			15.3. In the event any competent court holds that the territorial scope of article 15.2. is deemed to be too wide and hence puts an undue burden on Mr. Zammit, the Parties agree to nevertheless observe the key provisions of the covenant but to limit the territorial scope of article 15.2. to the countries listed in Annex A.
		

		
			 
		

		
			15.4. Within 15 days of the Agreement ending, Avnet may waive its rights under this article 15 for any reason at its discretion. Any such waiver must be given in writing.
		

		
			 
		

		
			If Avnet does not waive the application of this article 15, Avnet must pay Mr. Zammit a one-off lump-sum payment equal to 100% of Mr. Zammit’s gross fixed salary for a period equivalent to the number of 

		 

 

months during which this article 15 applies. The reference salary to be taken into account is the gross salary that Mr. Zammit received during the month preceding the day on which his duties as manager were terminated.
		

		
			 
		

		
			If Mr. Zammit breaches this article 15, Mr. Zammit must reimburse Avnet for the amount paid by Avnet under the previous paragraph, and in addition pay Avnet an equivalent amount as a penalty. Avnet may claim additional compensation based on the actual injury suffered and proven by Avnet.
		

		
			 
		

		
			Article 16 – Exclusivity
		

		
			 
		

		
			16.1. Mr. Zammit acknowledges and accepts that his duties and responsibilities demand, and his remuneration was fixed in such a way, so that Mr. Zammit is required to devote his full working time and ability to Avnet’s business.
		

		
			 
		

		
			16.2. Avnet must consent in advance if Mr. Zammit wishes to undertake any other professional activity. Avnet may refuse its consent without giving reasons, or may subject its consent to certain conditions.
		

		
			 
		

		
			This consent is required for any professional activity, whether or not remunerated, that:
		

		
			 
		

			
	
			
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			Mr. Zammit carries out directly as a self-employed person or as an employee, officer or representative of a company or unincorporated association; or

		
			 
		

			
	
			
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			A company or unincorporated association that is under Mr. Zammit’s control carries out.

		
			 
		

		
			16.3. Mr. Zammit is prohibited from performing any other activity (whether or not remunerated, for his own account or for a third party) other than in performance of the Agreement, that:
		

		
			 
		

			
	
			
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			Is competitive in any way with Avnet’s or the Avnet Group’s activities;

		
			 
		

			
	
			
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			Is harmful in any way to the interests or reputation of Avnet, the Avnet Group or of the clients of Avnet or the Avnet Group; or

		
			 
		

			
	
			
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			Obstructs or prevents the proper performance of the Agreement.

		
			 
		

		
			Article 17 – Confidentiality
		

		
			 
		

		
			17.1. Both during the term of the Agreement and after it ends, Mr. Zammit must not:
		

		
			 
		

		
			-  disclose any Confidential Information to any third party;
		

		
			-  use any Confidential Information for his own purposes (whether or not for financial gain) or for the purposes of any other third party (whether or not for financial gain); or
		

		
			-  through any failure to exercise due care and diligence, permit or cause any unauthorized disclosure of any Confidential Information.
		

		
			 
		

		
			

		 

 

17.2. Both during the term of the Agreement and after it ends, Mr. Zammit must spontaneously, or at the latest on the first request of Avnet, return all Confidential Information to Avnet, irrespective of how the Confidential Information is stored.
		

		
			 
		

		
			17.3. Article 17.1. will not apply to:
		

		
			 
		

			
	
			
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			 Any use or disclosure which is necessary in the context of and for the purpose of the proper performance of the Agreement;

			
	
			
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			Any use or disclosure with the prior written consent of Avnet; or

			
	
			
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			Any disclosure ordered by a court or other competent authority.

		
			 
		

		
			Article 18 – Non-solicitation
		

		
			 
		

		
			18.1 Mr. Zammit must with regards to any person who is at any time during the term of the Agreement:
		

		
			 
		

			
	
			
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			a collaborator of Avnet or the Avnet Group:

		
			 
		

			
	
			
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			not attempt or participate in an attempt to

		
			 
		

			
	
			
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			recruit that person (or otherwise employ them as a self-employed service provider, or in any other capacity); or

		
			 
		

			
	
			
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			incite that person to end his or her professional relationship with Avnet or the Avnet Group;

			
	
			
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			a client, prospective client, supplier or any other party to a contract with Avnet or the Avnet Group entice that entity;

		
			 
		

			
	
			
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			to terminate its relationship with Avnet or the Avnet Group; or

			
	
			
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			substantially reduce its business with Avnet or the Avnet Group, or change the terms and conditions of the business with Avnet or the Avnet Group in any unfavorable way.

		
			 
		

		
			18.2. For the application of this article 18 “prospective client” means: persons, companies, or any other entities that Avnet or the Avnet Group is negotiating with, or has negotiated with a view to the supply of services or goods to that person, company or other entity, except where Avnet or the Avnet Group has decided that it does not wish to supply goods, or services to the person, company or other entity in question.
		

		
			 
		

		
			18.3. The limitation imposed in this article 18 applies both during the term of the Agreement and during a period of 12 months after the termination thereof.
		

		
			 
		

		
			Article 19 – Duties of Mr. Zammit upon termination 
		

		
			 
		

		
			

		 

 

On termination of the Agreement, for whatever reason, Mr. Zammit must return to Avnet immediately the following:
		

		
			 
		

			
	
			
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			All business cards and credit cards issued to him by Avnet or the Avnet Group;

			
	
			
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			All documents containing Confidential Information (without making any copies) that are in his possession;

			
	
			
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			Any keys to Avnet premises;

			
	
			
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			The company car and fuel card;

			
	
			
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			All materials pertaining to any intellectual property rights transferred to Avnet; and

			
	
			
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			All other property, materials and equipment in his possession belonging to Avnet or the Avnet Group.

		
			 
		

		
			Article 20 – Intellectual property rights
		

		
			 
		

		
			20.1. All systems, programs, software (object codes as well as source codes), documents, databases, manuals, reports, trade secrets, inventions, improvements, know-how and all other work created, designed, developed or produced by Mr. Zammit, whether or not by using the facilities of Avnet, in the course of or in relation with the performance of this Agreement, or that relate to the activities of Avnet or the Avnet Group (the “Works”) shall remain or become the exclusive property of Avnet. This exclusivity implies but is not limited to the transfer and assignment of all intellectual and other proprietary rights in the Works to Avnet. 
		

		
			 
		

		
			20.2. All intellectual and other proprietary rights in the Works (including but not limited to copyrights, trademark rights, rights on databases, rights on computer programs as well as patent rights) that have come into existence or will come into existence in the course of or in relation with the performance of this Agreement are immediately transferred and assigned to Avnet as from their coming into existence or, as from the execution of this Agreement for rights already in existence at the time of contracting.
		

		
			 
		

		
			20.3. The transfer and assignment of these intellectual and other proprietary rights in the Works includes, but is not limited to the transfer and assignment of the right to reproduce, modify, translate, adapt, use to make derivative works, distribute, rent, lend and/or communicate the Works to the public, partially or completely, in each and any way, for internal (including but not limited to research and development) and external use. The transfer and assignment is valid for all countries, in the most extensive way possible as permitted by law, without limitation in time other than the legal duration of validity of these rights and without further payment than the Total Compensation as provided for performing this Agreement.
		

		
			 
		

		
			20.4. Mr. Zammit undertakes to fully inform Avnet, upon first demand of Avnet, that he has created, designed, developed or produced certain Works. Mr. Zammit undertakes to fully communicate all information and know-how in relation to the Works to Avnet, and this immediately upon the creation, design, development or production of the Works.
		

		
			 
		

		
			20.5. Should Avnet decide, without having any obligations whatsoever, to file for any registered intellectual property rights in relation to a Work, Mr. Zammit undertakes, upon first demand of Avnet, 

		 

 

upon expenses borne by Avnet, to provide all necessary or useful cooperation and to provide and sign all documents in order to permit, facilitate or accelerate any application for any registered intellectual property right. Mr. Zammit undertakes not to apply for any registered intellectual property right nor to ask a third party to apply for a registered intellectual property right related to the Works without the written express authorization of Avnet.
		

		
			 
		

		
			20.6. Avnet has the exclusive right to decide, when and how, to exploit the Works.  Works that have not been exploited remain the exclusive property of Avnet. Avnet can adapt and modify the Works as it deems appropriate in order to exploit the Works. Mr. Zammit agrees not to oppose the adaptation or the modification of the Works. Mr. Zammit agrees that Avnet may exploit the Works without mentioning Mr. Zammit’s name.
		

		
			 
		

		
			Article 21 – Nullity 
		

		
			 
		

		
			If one or several provisions of the Agreement are held to be void in whole or in part, the remaining provisions will not be affected by the nullity and will consequently continue to be valid.
		

		
			 
		

		
			Article 22 – Previous agreements 
		

		
			 
		

		
			The present agreement cancels and replaces all previous contracts, agreements, arrangements that might have been previously concluded, verbally or by written, between Mr. Zammit and the Avnet Group with the same subject. 
		

		
			 
		

		
			Article 23 – Miscellaneous
		

		
			 
		

		
			23.1. Any amendment to this agreement has to be agreed upon in writing by the Parties.
		

		
			 
		

		
			23.2. Any notification shall be made at the residence or at the registered offices of the Parties as above-mentioned unless the modification of the residence or the registered offices has been previously communicated in writing to the other Party in accordance with this provision.
		

		
			 
		

		
			Article 24 – Applicable law and arbitration 
		

		
			 
		

		
			24.1. The present agreement is governed by Belgian law.
		

		
			 
		

		
			24.2. In case of any dispute in connection with the conclusion, the existence, the validity, the interpretation, the execution and/or the termination of the Agreement, the Parties will endeavor to settle the dispute by amicable agreement. Failing that, the dispute shall be exclusively and finally settled under the Belgian Center for Arbitration and Mediation Rules of Arbitration (CEPANI) by three arbitrators appointed in accordance with those rules. The language of the procedure shall be [French/Dutch] and the place of arbitration shall be Brussels.    
		

		
			 
		

		
			Article 25 – Elimination of Avnet Europe Executive BVBA
		

		
			 
		

		
			

		 

 

In the event the management structure of the Avnet Group is modified without elimination of Mr. Zammit’s position, but with the effect that Avnet Europe Executive BVBA ceases to exist or operate, Mr. Zammit shall have the right to be re-employed by another Avnet Group company in the same or a similar position, provided Mr. Zammit consents, without additional claims, to the transfer of his employment agreement to another Avnet Group company, providing for a remuneration package globally equivalent to Mr. Zammit’s remuneration package before such transfer, and providing for the taking-over of his accrued length of service within the Avnet Group.
		

		
			 
		

		
			The present agreement, including the annex, contains 13 pages. It was made in two original copies in Diegem, on October 1, 2015, both Parties acknowledging receipt of one original copy duly signed by the other party.
		

		
			 
		

		
			 
		

		
			 
		

		
			/s/ Dirk De Vos “Read and approved”
		

		
			For Avnet,
		

		
			Dirk De Vos
		

		
			 
		

		
			 
		

		
			/s/ Jan Hermans “Read and approved”
		

		
			For Avnet, 
		

		
			Jan Hermans
		

		
			 
		

		
			 
		

		
			/s/ Patrick Zammit “Read and approved”
		

		
			Mr. Zammit
		

		
			
		

		
			

		 

 

BIJLAGE A / ANNEX A
		

		
			 
		

			
					
						Australië

					
						Oostenrijk

					
						België

					
						Brazilië

					
						Canada

					
						China

					
						Tsjechië

					
						Denemarken

					
						Frankrijk

					
						Duitsland

					
						Hong Kong

					
						Hongarije

					
						Indië

					
						Indonesië

					
						Ierland

					
						Israël

					
						Italië

					
						Maleisië

					
						Mexico

					
						Nederland

					
						Polen

					
						Roemenië

					
						Rusland

					
						Singapore

					
						Zuid-Afrika

					
						Zuid-Korea

					
						Spanje

					
						Zweden

					
						Zwitserland

					
						Taiwan

					
						Thailand

					
						Turkije

					
						Verenigde Arabische Emiraten

					
						Verenigd Koninkrijk

					
						Verenigde Staten van Amerika

					
					
						Australia

					
						Austria

					
						Belgium

					
						Brazil

					
						Canada

					
						China

					
						Czech Republic

					
						Denmark

					
						France

					
						Germany

					
						Hong Kong

					
						Hungary

					
						India

					
						Indonesia

					
						Ireland

					
						Israel

					
						Italy

					
						Malaysia

					
						Mexico

					
						Netherlands

					
						Poland

					
						Romania

					
						Russian Federation

					
						Singapore

					
						South Africa

					
						South Korea

					
						Spain

					
						Sweden

					
						Switzerland

					
						Taiwan

					
						Thailand

					
						Turkey

					
						United Arab Emirates

					
						United Kingdom

					
						United StatesForm of Medium-Term Notes, Series K, Notes Linked to 3 Month LIBOR

 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. 94986RD57 
	 PRINCIPAL AMOUNT: $                

 REGISTERED NO.      

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes Linked to 3 Month LIBOR due January 28, 2019 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, the principal sum of FOUR
MILLION ONE HUNDRED THOUSAND DOLLARS ($4,100,000) on January 28, 2019 (the “Stated Maturity Date”) and to pay interest thereon from January 28, 2016 or from the most recent Interest Payment Date to which interest has been
paid or duly provided for quarterly on each January 28, April 28, July 28 and October 28, commencing April 28, 2016 and at Maturity (each, an “Interest Payment Date”), at the rate per annum specified below
until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest next preceding such Interest Payment Date. The Regular Record Date for an Interest Payment Date shall be one Business Day
prior to such Interest Payment Date. If an Interest Payment Date is not a Business Day, interest on this Security shall be payable on the next day that is a Business Day, with the same force and effect as if made on such Interest Payment Date, and
without any interest or other payment with respect to the delay. “Business Day” shall mean a day, other than a Saturday or Sunday, (i) 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 and (ii) that is also a London Banking Day (as defined below). 

Except as described below for the first Interest Period, on each Interest Payment Date, interest will be paid for the period
commencing on and including the immediately preceding 

 
Interest Payment Date and ending on and including the day immediately preceding that Interest Payment Date. This period is referred to as an “Interest Period.” The first Interest
Period will commence on and include January 28, 2016 and end on and include April 27, 2016. Interest on this Security will be computed on the basis of a 360-day year and the actual number of days in
such Interest Period. 
 The interest rate on this Security that will apply during an Interest Period will be determined by
the calculation agent for this Security (the “Calculation Agent”) and will be equal to 3 month LIBOR on the Determination Date for such Interest Period plus 0.30%, but in no event will such rate be more than the Maximum Interest
Rate or less than the Minimum Interest Rate. 
 The “Determination Date” for an Interest Period will be two
London Banking Days prior to the first day of such Interest Period. A “London Banking Day” is any day on which commercial banks and foreign exchange markets settle payments in London. 

“3 month LIBOR” means, for any Determination Date, the arithmetic mean of the offered rates for deposits in
U.S. dollars having a 3 month maturity, commencing on the second London Banking Day immediately following that Determination Date that appear on the Designated LIBOR Page as of 11:00 a.m., London time, on that Determination Date, if at
least two offered rates appear on the Designated LIBOR Page, provided that if the Designated LIBOR Page by its terms provides only for a single rate, that single rate will be used. The “Designated LIBOR Page” means the display on
Reuters, or any successor service, on page LIBOR01, or any other page as may replace that page on that service, for the purpose of displaying the London Interbank rates for U.S. dollars. 

If (i) fewer than two offered rates appear or (ii) no rate appears and the Designated LIBOR Page by its terms
provides only for a single rate, then the Calculation Agent will request the principal London offices of each of four major banks in the London Interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered
quotation for deposits in U.S. dollars for a 3 month period commencing on the second London Banking Day immediately following that Determination Date to prime banks in the London Interbank market at approximately 11:00 a.m., London time, on
that Determination Date and in a principal amount that is representative of a single transaction in U.S. dollars in that market at that time. If at least two quotations are provided, 3 month LIBOR determined on that Determination Date will be the
arithmetic mean of those quotations. 
 If fewer than two quotations are provided, 3 month LIBOR will be the arithmetic mean
of the rates quoted at approximately 11:00 a.m. in New York, New York on that Determination Date by three major banks in New York, New York selected by the Calculation Agent for loans in U.S. dollars to leading European banks, having a 3 month
maturity and in a principal amount that is representative of a single transaction in U.S. dollars in that market at that time. 

If the banks so selected by the Calculation Agent are not quoting as set forth above, 3 month LIBOR on such Determination Date
will be determined by the Calculation Agent in a commercially reasonable manner. 

  
 2 

 The “Maximum Interest Rate” is 2.75% per annum. 

The “Minimum Interest Rate” is 0.75% per annum. 

The Calculation Agent shall, upon the request of a Holder of this Security, provide the interest rate then in effect and, if
determined, the interest rate that will become effective for the next Interest Period. All calculations of the Calculation Agent, in the absence of manifest error, shall be conclusive for all purposes and binding on the Company and the Holder
hereof. The Calculation Agent shall notify the Paying Agent of each determination of the interest applicable to this Security promptly after the determination is made. Wells Fargo Securities, LLC will initially act as Calculation Agent. The Company
may appoint a successor Calculation Agent with the written consent of the Trustee. 
 Any interest not punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in
any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

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

This Security is not subject to redemption at the option of the Company or, except as provided in the next sentence, repayment
at the option of the Holder hereof prior to January 28, 2019. This Security may be subject to repayment if requested by an authorized representative of a beneficial owner of this Security as described on the reverse hereof. This Security is not
entitled to any sinking fund. 
  
  

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. 

  
 3 

 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] 

  
 4 

 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

  
 5 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes Linked to 3 Month LIBOR due January 28, 2019 

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 

  
 6 

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

 Defeasance 

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

The Company has agreed to repay beneficial ownership interests in this Security, if requested by the authorized representative
of the beneficial owner of such beneficial ownership interest following the death of the beneficial owner, so long as the beneficial ownership interest in this Security was acquired by the beneficial owner at least six months prior to the request
(the “Survivor’s Option”). 
 Upon the valid exercise of the Survivor’s Option and the proper
tender of a beneficial ownership interest in this Security for repayment, the Company will repay such beneficial ownership interest in this Security, in whole or in part, at a price equal to 100% of the principal amount of the deceased beneficial
owner’s beneficial interest in this Security, plus any accrued and unpaid interest to the date of repayment. 
 To be
valid, the Survivor’s Option must be exercised by or on behalf of the Person who has authority to act on behalf of a deceased beneficial owner of this Security under the laws of the applicable jurisdiction (including, without limitation, the
personal representative of or the executor of the estate of the deceased beneficial owner or the surviving joint owner with the deceased beneficial owner). 

A beneficial owner of this Security is a Person who has the right, immediately prior to such Person’s death, to receive
the proceeds from the disposition of such beneficial owner’s interest in this Security, as well as the right to receive the principal amount of the deceased beneficial owner’s interest in this Security plus any accrued and unpaid interest
thereon. 

  
 7 

 The death of a Person holding a beneficial ownership interest in this Security as
a joint tenant or tenant by the entirety with another Person, or as a tenant in common with the deceased holder’s spouse, will be deemed the death of a beneficial owner of that beneficial ownership interest in this Security, and the entire
principal amount of the deceased beneficial owner’s interest in this Security held in this manner will be subject to repayment by the Company upon exercise of the Survivor’s Option. However, the death of a Person holding a beneficial
ownership interest in this Security as tenant in common with a Person other than such deceased holder’s spouse will be deemed the death of a beneficial owner only with respect to such deceased Person’s interest in this Security, and only
the deceased beneficial owner’s percentage interest in that beneficial ownership interest in the principal amount of this Security will be subject to repayment. 

The death of a Person who, during his or her lifetime, was entitled to substantially all of the beneficial ownership interests
in this Security will be deemed the death of the beneficial owner of this Security for purposes of the Survivor’s Option, regardless of whether that beneficial owner was the registered holder of this Security, if the beneficial ownership
interest can be established to the satisfaction of the Paying Agent. A beneficial ownership interest will be deemed to exist in typical cases of nominee ownership, ownership under the Uniform Transfers to Minors Act or Uniform Gifts to Minors Act,
community property, or other joint ownership arrangements between a husband and wife. In addition, the beneficial ownership interest in this Security will be deemed to exist in custodial and trust arrangements where one Person has all of the
beneficial ownership interest in this Security during his or her lifetime. In the case of a joint trust, the joint tenant rules above will apply to the respective beneficial ownership interests. 

The Company has the discretionary right to limit the aggregate principal amount of this Security as to which exercises of the
Survivor’s Option will be accepted by the Company in any calendar year to an amount equal to the greater of $2,500,000 or 2.5% of the principal amount of this Security outstanding as of the end of the most recent calendar year. The Company also
has the discretionary right to limit the aggregate amount of this Security as to which exercises of the Survivor’s Option will be accepted by the Company from the authorized representative for any individual deceased beneficial owner of this
Security in any calendar year to an amount equal to $300,000. In addition, the Company will not permit the exercise of the Survivor’s Option for any portion of this Security with a principal amount of less than $1,000, and the Company will not
permit the exercise of the Survivor’s Option if such exercise will result in this Security having a principal amount that is not an integral multiple of $1,000. 

An otherwise valid election to exercise the Survivor’s Option may not be withdrawn. An election to exercise the
Survivor’s Option will be accepted in the order that it was received by the Paying Agent, except for any beneficial ownership interest in this Security the acceptance of which would contravene the limitations described above. Beneficial
ownership interests in this Security accepted for repayment through the exercise of the Survivor’s Option normally will be repaid on the first Interest Payment Date that occurs 10 or more calendar days after the date of the acceptance. Each
tendered beneficial ownership interest in this Security that is not accepted in a calendar year due to the application of the limitations described in the preceding paragraph will be deemed to be tendered in the following calendar year in the order
in which all such beneficial interests were originally tendered. If a beneficial ownership interest in this Security tendered through a valid exercise of the Survivor’s Option is not accepted, the Paying Agent will

  
 8 

 
deliver a notice by first-class mail to the registered holder, at that registered holder’s last known address as indicated in the Security Register, that states the reason that the
beneficial ownership interest in this Security has not been accepted for repayment. 
 Since this Security is a Global
Security, DTC, as depository, or its nominee will be treated as the holder of this Security and will be the only entity that can exercise the Survivor’s Option. To obtain repayment of this Security pursuant to exercise of the Survivor’s
Option, the deceased beneficial owner’s authorized representative must provide the following items to the broker or other entity through which the beneficial interest in this Security is held by the deceased beneficial owner: 

 

	 	•	 	 appropriate evidence satisfactory to the Paying Agent that: 

 

	 	(a)	 the deceased was a beneficial owner of this Security at the time of death and his or her interest in this Security was acquired by the deceased
beneficial owner at least six months prior to the request for repayment, 

  

	 	(b)	 the death of the beneficial owner has occurred and the date of death, and 

 

	 	(c)	 the representative has authority to act on behalf of the deceased beneficial owner; 

 

	 	•	 	 if the beneficial interest in this Security is held by a nominee or trustee of, or custodian for, or other Person in a similar capacity to, the
deceased beneficial owner, a certificate satisfactory to the Paying Agent from the nominee, trustee, custodian or similar Person attesting to the deceased’s beneficial ownership in this Security; 

 

	 	•	 	 a written request for repayment signed by the authorized representative of the deceased beneficial owner with the signature guaranteed by a member
firm of a registered national securities exchange or of the Financial Industry Regulatory Authority, Inc. or a commercial bank or trust company having an office or correspondent in the United States; 

 

	 	•	 	 if applicable, a properly executed assignment or endorsement; 

 

	 	•	 	 tax waivers and any other instruments or documents that the Paying Agent reasonably requires in order to establish the validity of the beneficial
ownership in this Security and the claimant’s entitlement to payment; and 

  

	 	•	 	 any additional information the Paying Agent requires to evidence satisfaction of any conditions to the exercise of the Survivor’s Option or to
document beneficial ownership or authority to make the election and to cause the repayment of this Security. 

 In turn,
the broker or other entity will deliver each of these items to the Paying Agent and will certify to the Paying Agent that the broker or other entity represents the deceased beneficial owner. 

  
 9 

 The Company retains the right to limit the aggregate principal amount of this
Security as to which exercises of the Survivor’s Option will be accepted by the Company from the authorized representative for any individual deceased beneficial owner in this Security in any calendar year as described above. All other
questions regarding the eligibility or validity of any exercise of the Survivor’s Option will be determined by the Paying Agent, in its sole discretion, which determination will be final and binding on all parties. 

The broker or other entity will be responsible for disbursing payments received from the Paying Agent to the authorized
representative. Forms for the exercise of the Survivor’s Option may be obtained from the Paying Agent. 
 Registration of Transfer 

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

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

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 

  
 10 

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

No Personal Recourse 

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

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

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

  
 11 

 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)

  
 12 

 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. 

  
 13

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