Document:

Exhibit 10.37

      

   

      

  TRANSITION AGREEMENT

   

      

  This Transition Agreement (this “Agreement”), dated February 27, 2019, confirms the following understandings and agreements between Gardner Denver Holdings, Inc. (the “Company”) and Todd Herndon (hereinafter referred to as “you” or “your”).

   

    

  In consideration of the promises set forth herein, you and the Company agree as follows:

   

    

  1.           Employment Status and Separation Payments.

   

    

  (a)          You acknowledge your separation from employment
      and all directorships with the Company and its direct and indirect parent(s), subsidiaries, and affiliates (collectively, with the Company, the “Company Group”) effective as of February 28, 2019 (the “Termination Date”), and after the
      Termination Date you will not represent yourself as being an employee, officer, agent or representative of the Company or any other member of the Company Group.  With respect to the MEP Grant Documents and LTI Grant Documents (as defined on Schedule I attached hereto), your termination of employment described herein will be treated as a termination without “Cause” for all purposes thereunder.

   

    

  (b)          You will be provided with payments and benefits
      as calculated in accordance with Schedule I attached hereto and payable in accordance with the terms therewith.

   

    

  (c)          You currently hold common stock of the Company
      (“Common Stock”), options to purchase shares of Common Stock (“Options”) and Restricted Stock Units that will be settled in Common Stock (“RSU’s”).
      Subject to your compliance with the provisions of this Agreement including without limitation paragraphs 2 and 8 thru 12 below, your Common Stock, Options and RSU’s will be treated in accordance with the terms set forth in Schedule I attached hereto (the “Equity Treatment”).

   

    

  (d)          The Company will also reimburse you for
      reasonable and customary business expenses incurred prior to the Termination Date pursuant to the terms of the Company’s business expense policy provided that you submit a completed expense reimbursement form and supporting documentation no later
      than thirty (30) days following the Termination Date.

   

    

  (e)          You acknowledge and agree that the payment(s)
      and other benefits provided pursuant to this paragraph 1 are in full discharge of
      any and all liabilities and obligations of the Company or any other member of the Company Group to you, monetarily or with respect to employee benefits or
      otherwise, including but not limited to any and all obligations arising under any alleged written or oral employment agreement, policy, plan or procedure of the Company or
        any other member of the Company Group and/or any alleged understanding or arrangement between you and the Company or any other member of the Company Group (other than claims for accrued and vested benefits under an employee benefit, insurance, or pension plan of the Company or any other member of the Company Group (excluding any
        employee benefit plan providing severance or similar benefits), subject to the terms and conditions of such plan(s)).

  
    
      

  

  
  2.           Release and Waiver of Claims.

   

    

  (a)          As used in this Agreement, the term “claims”
      will include all claims, covenants, warranties, promises, undertakings, actions, suits, causes of action, obligations, debts, accounts, attorneys’ fees, judgments, losses and liabilities, of whatsoever kind or nature, in law, equity or otherwise.

   

    

  (b)          For and in consideration of the payments and
      benefits described in paragraph 1 above, and other good and valuable consideration, you, for and on behalf of yourself and your heirs, administrators, executors and assigns, effective the date hereof, do fully and forever release, remise
      and discharge the Company, and any other member of the Company Group, together with their respective current and former officers, directors, partners, members, shareholders, fiduciaries, counsel, employees and agents (collectively, and with the
      Company, the “Company Parties”) from any and all claims whatsoever up to the date hereof which you had, may have had, or now have against the Company Parties, for or by reason of any matter, cause or thing whatsoever, including any claim arising out of or attributable to your employment
      or the termination of your employment with the Company, whether for tort, breach of express or implied employment contract, intentional infliction of emotional distress, wrongful

      termination, unjust dismissal, defamation, libel or slander, or under any federal, state or local law dealing with discrimination based on age, race, sex, national origin, handicap, religion, disability or sexual orientation.  This release of claims
      includes, but is not limited to, all claims arising under the Age Discrimination in Employment Act (“ADEA”), Title VII of the
      Civil Rights Act, the Americans with Disabilities Act, the Civil Rights Act of 1991, the Family Medical Leave Act and the Equal Pay Act, each as may be amended from time to time, and all other federal, state and local laws, the common law and any
      other purported restriction on an employer’s right to terminate the employment of employees. The parties intend the release contained herein to be a general release of any and all claims to the fullest extent permissible by law.

   

    

  (c)          You acknowledge and agree that as of the date
      you execute this Agreement, you have no knowledge of any facts or circumstances that give rise or could give rise to any claims under any of the laws listed in the preceding paragraph.

   

    

  (d)          By executing this Agreement, you specifically
      release all claims relating to your employment and its termination under ADEA, a United States federal statute that, among other things, prohibits discrimination on the basis of age in employment and employee benefit plans.

   

    

  (e)          Notwithstanding the foregoing, nothing in this
      Agreement shall be a waiver of: (i) your rights with respect to payment of amounts under this Agreement, (ii) your right to benefits due to terminated employees under any
        employee benefit plan of the Company or any other member of the Company Group in which you participated (excluding any severance or similar plan or policy), in accordance with the terms thereof (including you rights to elect COBRA coverage), (iii)

      any claims that cannot be waived by law including, without limitation any claims filed with the Equal Employment Opportunity Commission, the U.S. Department of Labor, or claims under the ADEA that arise after the date of this Agreement or (iv) your
      right of indemnification as provided by, and in accordance with the terms of, the Company’s by-laws or a Company insurance policy providing such coverage, as any of such may be amended from time to time.

  
    - 2 -

    
      

  

  (f)          You acknowledge and agree that by virtue of the
      foregoing, you have waived any relief available to you (including without limitation, monetary damages, equitable relief and reinstatement) under any of the claims and/or causes of action waived in this paragraph 2. Therefore you agree that you will
      not accept any award or settlement from any source or proceeding (including but not limited to any proceeding brought by any other person or by any government agency) with respect to any claim or right waived in this Agreement.

   

    

  3.           Knowing and Voluntary Waiver.  You expressly acknowledge and agree that you:

   

    

  (a)          Are able to read the language, and understand
      the meaning and effect, of this Agreement;

   

    

  (b)          Have no physical or mental impairment of any
      kind that has interfered with your ability to read and understand the meaning of this Agreement or its terms, and that you are not acting under the influence of any medication, drug or chemical of any type in entering into this Agreement;

   

    

  (c)          Are specifically agreeing to the terms of the
      release contained in this Agreement because the Company has agreed to provide you the Severance Payment and the Benefit Continuation (each as set forth on Schedule I
      attached hereto), the Equity Treatment and such other benefits set forth on Schedule I (collectively, the “Consideration”), which the Company has agreed to provide because of your agreement to accept it in full settlement of all possible claims you might have or ever had, and
      because of your execution of this Agreement;

   

    

  (d)          Acknowledge that but for your execution of this
      Agreement, you would not be entitled to the Consideration;

   

    

  (e)          Understand that, by entering into this
      Agreement, you do not waive rights or claims under ADEA that may arise after the date you execute this Agreement;

   

    

  (f)          Had or could have the entire Review Period in
      which to review and consider this Agreement, and that if you execute this Agreement prior to the expiration of the Review Period, you have voluntarily and knowingly waived the remainder of the Release Period;

   

    

  (g)          Were advised to consult with your attorney
      regarding the terms and effect of this Agreement; and

   

    

  (h)          Have signed this Agreement knowingly and
      voluntarily.

   

    

  4.           No Suit.  You represent and warrant that you have not previously filed, and to the maximum extent permitted by law agree that you will not file, a complaint, charge or lawsuit against any of the
      Company Parties regarding any of the claims released herein.  If, notwithstanding this representation and warranty, you have filed or file such a complaint, charge or lawsuit, you agree that you shall cause such complaint, charge or lawsuit to be
      dismissed with prejudice and shall pay any and all costs required in obtaining dismissal of such complaint, charge or lawsuit, including without limitation the attorneys’ fees of any of the Company Parties against whom you have filed such a
      complaint, charge, or lawsuit.

  
    - 3 -

    
      

  

  5.           No Re-Employment.  You hereby agree to waive any and all claims to re-employment with the Company or any other member of the Company Group.  You affirmatively agree not to seek further employment with
      the Company or any other member of the Company Group (for clarity, Company Group does not include Kohlberg Kravis and Roberts & Co. L.P.).

   

    

  6.           Successors and Assigns.  The provisions hereof shall inure to the benefit of your heirs, executors, administrators, legal personal representatives and assigns and shall be binding upon your heirs,
      executors, administrators, legal personal representatives and assigns.

   

    

  7.           Severability.  If any provision of this Agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect.  The
      illegality or unenforceability of such provision, however, shall have no effect upon and shall not impair the enforceability of any other provision of this Agreement.

   

    

  8.           Non-Disparagement.

   

    

  (a)          You agree that you will make no disparaging or
      defamatory comments regarding any member of the Company Group, Kohlberg Kravis & Roberts & Co. L.P. and its affiliates, or their respective current or former directors, officers or employees in any respect.

   

    

  (b)          The Company agrees to promptly instruct each
      officer and director of the Company to refrain from making any disparaging or defamatory comments regarding you in any respect.

   

    

  (c)          Notwithstanding this paragraph 8, you and the
      Company will be entitled to describe in general terms your responsibilities and roles while employed by the Company and that you and the Company mutually agreed to your retirement from the Company.  Your obligations and those of the Company under
      this paragraph 8 shall not apply to disclosures required by applicable law, regulation or order of a court or governmental agency.

   

    

  9.           Cooperation.

   

    

  (a)          You agree that you will provide reasonable
      cooperation to the Company and/or any other member of the Company Group and its or their respective counsel in connection with any investigation, administrative proceeding or litigation relating to any matter that occurred during your employment in
      which you were involved or of which you have knowledge.  The Company agrees to reimburse you for reasonable out-of-pocket expenses incurred at the request of the Company with respect to your compliance with this paragraph.

   

    

  (b)          You agree that, in the event you are subpoenaed
      by any person or entity (including, but not limited to, any government agency) to give testimony or provide documents (in a deposition, court proceeding or otherwise) which in any way relates to your employment by the Company and/or any other member
      of the Company Group, you will give prompt notice of such request to the Company’s General Counsel, Andy Schiesl (or his/her successor or designee) and will make no
      disclosure until the Company and/or the other member of the Company Group have had a reasonable opportunity to contest the right of the requesting person or entity to such disclosure.

  
    - 4 -

    
      

  

  10.         Continuing Obligations.  You acknowledge, that in accordance with the terms of the MEP Grant Documents, the Omnibus Plan and LTI Grant Agreements, you are subject to certain transfer restrictions
      relating to Stock and Options and other restrictive covenants provided therein, and agree to comply at all time with the terms and conditions contained therein.

   

    

  11.         Confidentiality.  The terms and conditions of this Agreement are and shall be deemed to be confidential, and shall not be disclosed by you or the Company to any person or entity without the prior
      written consent of the other party, except if required by law, and to your or the Company’s, as applicable, accountants, attorneys and/or immediate family, provided that, to the maximum extent permitted by applicable law, rule, code or regulation,
      they agree to maintain the confidentiality of the Agreement.

   

    

  12.         Return of Property.  You agree that you will promptly return to the Company all property belonging to the Company and/or any other member of the Company Group, including but not limited to all
      proprietary and/or confidential information and documents (including any copies thereof) in any form belonging to the Company, Blackberry, computer, keys, card access to the building and office floors, Employee Handbook, phone card, computer user
      name and password, disks and/or voicemail code; provided, that you shall be entitled to retain your cell phone once all proprietary and/or confidential information and documents belonging to the Company have been removed from such devices. Your cell
      phone account will be transferred to you promptly following the Termination Date. You further acknowledge and agree that the Company shall have no obligation to provide the Consideration referred to in paragraph 1 above unless and until you have
      returned all items requested by the Company to be returned within ten (10) days of such request.

   

    

  13.         Company Remedies.  In addition to any other rights or remedies the Company may have under law or equity, if you violate any of Paragraphs 8-12 hereof, the Company has the right at its sole discretion
      to terminate its obligation to provide the payments and benefits set forth on Schedule I and/or comply with the Equity Treatment.

   

    

  14.         Non-Admission.  Nothing contained in this Agreement will be deemed or construed as an admission of wrongdoing or liability on the part of you or any member of the Company Group.

   

    

  15.         Entire Agreement.  This Agreement constitutes the entire understanding and agreement of the parties hereto regarding the termination of your employment.  Except as provided in this Agreement, this
      Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings and agreements between the parties relating to the subject matter of this Agreement.

   

    

  16.         Taxes.  The Company may withhold from any payments made under this Agreement all applicable taxes, including but not limited to income, employment, and social insurance taxes, as shall be required by
      law.  You acknowledge and represent that the Company has not provided any tax advice to you in connection with this Agreement and have been advised by the Company to seek tax advice from your own tax advisors regarding this Agreement and payments and
      benefits that may be made to you pursuant to this Agreement.

  
    - 5 -

    
      

  

  17.         Governing Law; Jurisdiction.  EXCEPT WHERE PREEMPTED BY FEDERAL LAW, THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH FEDERAL LAW AND THE LAWS OF THE STATE OF DELAWARE, APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THAT STATE.  EACH PARTY TO
        THIS AGREEMENT HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING UNDER OR IN CONNECTION WITH THIS AGREEMENT.

   

    

  18.         Opportunity for Review and Acceptance. You have through the twenty-first (21st) day following the date hereof (the “Review Period”) to review and consider this Agreement. To accept this Agreement, and the terms and conditions contained herein,
      prior to the expiration of the Review Period, you must execute and date this Agreement where indicated below and return the executed copy of the Agreement to the Company, to the attention of the Company’s General Counsel, Andy Schiesl. Notwithstanding anything contained herein to the contrary, this Agreement will not become effective or enforceable for a period of seven (7) calendar days
      following the date of its execution (the “Revocation Period”), during which time you may revoke your acceptance of this
      Agreement by notifying the General Counsel, in writing. To be effective, such revocation must be received by the Company no later than 5:00 p.m. on the seventh (7th)
      calendar day following its execution. Provided that the Agreement is executed and you do not revoke it, the eighth (8th) day following the date on which this Agreement
      is executed shall be its effective date (the “Effective Date”). In the event of your failure to execute and deliver this
      Agreement prior to the expiration of the Review Period, or otherwise revoke this Agreement during the Revocation Period, this Agreement will be null and void and of no effect, and the Company will have no obligation hereunder.

   

    

  *          *          *

   

    

  
    - 6 -

    
      

  

  IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth below.

  

  

  	 	
          GARDNER DENVER HOLDINGS, INC.

        
	 	 
	 	
          By:

        	/s/ Andrew Schiesl

        
	 	 	
          Name: Andrew Schiesl

        
	 	 	
          Title: Vice President, General Counsel, Chief Compliance Officer and Secretary

            

        

   

  

  	 	/s/  Philip T. Herndon 
	 	 Philip T. Herndon

        
	 	 	 
	

        	
          Dated: February 27, 2019

        

  
    
      

  

  Schedule I

   

    

  Severance Payments and Benefits

  

  

  Severance Payment Calculation:

   

        

  Severance Payment payable to you will be equal to $639,830.

   

    

  Timing of Severance Payment:

   

        

  The Severance Payment will be paid in (i) ten (10) equal monthly installments of $34,083 commencing on the first regularly scheduled payroll date
      following the Termination Date (the “Severance Period”) (provided, however, that any installment that would otherwise be paid
      prior to the Effective Date shall be deferred until the first regularly scheduled payroll date following the Effective Date); and (ii) a lump sum of $ 299,000, which will be payable to you on or before the first regularly scheduled payroll date
      following April 1, 2019.

   

    

  Benefit Continuation:

  

  

  Subject to a timely election of COBRA continuation coverage and your continued payment of the COBRA premiums, during the ten month period
      following the Termination Date (or such earlier time that you commence employment with another employer and are eligible for health insurance coverage at such employer), reimbursement of the COBRA premiums paid by you, less the amount of the premiums
      that you would have paid under the Company’s health insurance plan had you remained actively employed with the Company.

  

  

  Company Provided Property:

  

  

  The Company will release ownership of your company provided cell phone and cell number to you.

  

  

  MIP Bonus 2018 and 2019

  

  

  Your participation in any GDI bonus plan, including but not limited
        to the MIP, will cease as of the Termination Date.  In consideration of the pay and benefits provided to you under this Agreement, you agree you will not be eligible for any incentive earned under MIP or otherwise in 2018 or 2019.

  

  

  Taxes:

  

  

  All severance payments and benefits are subject to applicable withholdings per paragraph 16 of the Separation and Release Agreement to which this
      Schedule is attached.

  

  

  Treatment of Equity:

  

  

  Long Term Incentive Plan:  All equity awards granted to
      you under the Company’s 2017 Omnibus Incentive Plan for Key Employees (the “Omnibus Plan”) will vest in accordance with the
      terms thereof and the grant agreements issued thereunder (“LTI Grant Agreements”).  Notwithstanding anything to the contrary in
      the Omnibus Plan and LTI Grant Agreements, you may elect to exercise your vested Options for up to 90 days following the Termination Date. You acknowledge and agree that you remain subject to the terms set forth in the Omnibus Plan and LTI Grant
      Agreements including without limitation the restrictive covenants set forth therein.

  

  

  Management Equity Plan:

  

  

  1.          Vesting.  You currently have Options granted to you under the Company’s 2013 Stock Incentive Plan for Key Employees of Gardner Denver Holdings, Inc. (f/k/a Renaissance Parent Corp.) and its Subsidiaries, the
      Stock Option Agreement dated as of May 10, 2016 (the “May Stock Option Agreement”) and Stock Option Agreement dated as of
      December 9, 2016 (the “December Stock Option Agreement”), and the Management Stockholder’s Agreement dated as of May 10, 2014
      (collectively, the “MEP Grant Documents”) that are unvested as of the Termination Date (the “MEP
        Unvested Options”).   Notwithstanding anything to the contrary in the MEP Grant Documents, but provided you continue to comply with the terms of this Agreement (including without limitation paragraph 8-12), the MEP Unvested Options will not be forfeited on the Termination Date and instead will continue to vest in accordance with the terms of the MEP Grant Documents as if you
      remained an employee of the Company.

   

  

  2.          Exercise Period. Notwithstanding anything to the contrary in the MEP Grant Documents, provided you continue to comply with the terms of this Agreement (including without limitation paragraph 8-12): (a) you
      may elect to exercise your vested Options granted under the MEP Grant Documents for up to 180 days following the Termination Date and (b) you may elect to exercise your MEP Unvested Options for up to 180 days following the date such options vest
      pursuant to the terms of the MEP Grant Documents.

  

  

  3.          Net Exercise.  If you elect to exercise your Options, the Company hereby agrees that provided you continue to comply with the terms of this Agreement (including without limitation paragraphs 8-12), prior to
      the forfeiture of any such Options you may satisfy payment of the exercise price and your minimum tax withholding obligation through the withholding of shares of Common Stock in accordance with Section 4.3 of the May Stock Option Agreement and
      December Stock Option Agreement, as applicable.

  

  

  4.          Continuing Obligations.  You acknowledge and agree that you remain subject to the terms set forth in the MEP Grant Documents, issued thereunder, including without limitation the transfer restrictions related
      to Stock and Options and all restrictive covenants set forth therein.

  

  

  5.          Ability to Transfer Stock.  From time to time, the Company may, but is in no way obligated to, fully or partially waive the transfer restrictions set forth in the MEP Grant Documents relating to the Stock
      for all, or almost all, MEP participants.  The Company agrees that it will treat you the same as it treats all other MEP participants generally with respect to any such waiver.WELLS FARGO & COMPANY 8-K

 

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. 95001D3T5	PRINCIPAL AMOUNT: $__________
	REGISTERED NO. __	 

  

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES T

 

Due
Nine Months or More From Date of Issue

 

Notes
due February 27, 2026

 

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 _________________ DOLLARS ($_______)
on February 27, 2026 (the “Stated Maturity Date”) and to pay interest
thereon from February 27, 2019 or from the most recent Interest Payment Date to which interest has been paid or duly provided for
semi-annually on each February 27 and August 27, commencing August 27, 2019, and at
Maturity (each, an “Interest Payment Date”), at the rate per annum specified below until the principal hereof
is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities)
is registered at the close of business on the Regular Record Date for such interest next preceding such Interest Payment Date.
The Regular Record Date for an Interest Payment Date shall be one Business Day prior to such Interest Payment Date. If an Interest
Payment Date is not a Business Day, interest on this Security shall be payable on the next day that is a Business Day, with the
same force and effect as if made on such Interest Payment Date, and without any interest or other payment with respect to the delay.
“Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day
on which banking institutions are authorized or required by law or regulation to close in New York, New York.

 

Except as described
below for the first Interest Period, on each Interest Payment Date, interest will be paid for the period commencing on and including
the immediately preceding Interest Payment Date and ending on and including the day immediately preceding that Interest Payment
Date. This period is referred to as an “Interest Period.” The first Interest Period will

 

     

     

    

 

commence on and include
February 27, 2019 and end on and include August 26, 2019. Interest on this Security will be computed on the basis of a 360-day
year of twelve 30-day months.

 

The interest rate on
this Security that will apply during an Interest Period will be as follows:

 

	
        Commencing
February 27, 2019 and ending February 26, 2022 
	 	
        3.50% per annum

	
        Commencing
February 27, 2022 and ending February 26, 2025 
	 	
        4.50% per annum

	
        Commencing
February 27, 2025 and ending February 26, 2026 
	 	
        5.00% per annum

 

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

 

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

 

This
Security is redeemable at the option of the Company, in whole but not in part, on any Optional Redemption Date at a Redemption
Price equal to 100% of the principal amount of this Security to be redeemed, plus any accrued but unpaid interest to, but excluding,
the Redemption Date. The “Optional Redemption Dates” are quarterly on the 27th day of each February,
May, August and November, commencing February 27, 2020 and ending November 27, 2025. Notice of any redemption will be mailed at
least 5 but not more than 30 days before the applicable Redemption Date to the Holder hereof. Unless the Company defaults in the
payment of the Redemption Price, on or after the Redemption Date, interest will cease to accrue on this Security or the portion
hereof called for redemption.

 

This
Security is not subject to repayment at the option of the Holder hereof prior to February 27, 2026. This Security is not entitled
to any sinking fund.

 

    2

     

    

 

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

 

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

 

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

 

    3

     

    

 

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

 

DATED:

 

	 	WELLS FARGO & COMPANY
	 	 	 
	 	By:	 
	 	 	 
	 	 	Its:

 

	 	Attest:	 
	 	 	 
	 	 	Its:

 

	TRUSTEE’S
    CERTIFICATE OF AUTHENTICATION 

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

 

    4

     

    

 

[Reverse
of Note]

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES T

 

Due
Nine Months or More From Date of Issue

 

Notes
due February 27, 2026

 

This Security is one
of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued
in one or more series under an indenture dated as of February 21, 2017, as amended or supplemented from time to time (herein
called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the “Trustee,”
which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series of the Securities designated as Medium-Term
Notes, Series T, of the Company. The Securities of this series will bear interest at a fixed rate or a floating rate.
The Securities of this series may mature at different times, be redeemable at different times
or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies.

 

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

 

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

 

Modification
and Waivers 

 

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

 

    5

     

    

 

upon such Holder and
upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

Defeasance

 

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

 

Authorized
Denominations

 

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

 

Registration
of Transfer

 

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

 

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

 

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

 

    6

     

    

 

Security is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

Obligation
of the Company Absolute

 

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

 

No
Personal Recourse

 

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

 

Defined
Terms

 

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

 

Governing
Law

 

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

 

    7

     

    

 

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)

 

    8

     

    

 

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.

 

    9

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