Document:

EX-10.3

 Exhibit 10.3 

 
 

 
 2009 EQUITY INCENTIVE PLAN 

NONQUALIFIED STOCK OPTION AGREEMENT 
 THIS OPTION AGREEMENT (this “Agreement”), dated as of May 2, 2013, (the “Date of Grant”), is made by and between National Bank Holdings Corporation, a Delaware corporation
(“NBHC”), and [                    ] (“Participant”). 
 WHEREAS, NBHC has adopted the National Bank Holdings Corporation 2009 Equity Incentive Plan (the “Plan”), pursuant to which nonqualified stock options may be granted to purchase shares of
NBHC’s common stock, par value $0.01 per share (“Common Stock”); and 
 WHEREAS, the Compensation Committee of the Board of
Directors of NBHC (the “Committee”) has determined that it would be in the best interests of NBHC and its shareholders to grant Participant nonqualified stock options on the terms and subject to the conditions set forth in this Agreement
and the Plan. 
 NOW, THEREFORE, for and in consideration of the premises and the covenants of the parties contained in this Agreement, and for
other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, for themselves, their successors and assigns, hereby agree as follows: 
 1. Grant of Option: 
 a. Grant. NBHC hereby grants to Participant a nonqualified
stock option (the “Option” and any portion thereof, the “Options”) to purchase [                ] shares of Common Stock (such shares of Common
Stock, the “Shares”), on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan. The Option is not intended to qualify as an incentive stock option within the meaning of Section 422 of the Internal
Revenue Code (the “Code”). 
 b. Incorporation by Reference, Etc. The provisions of the Plan are hereby incorporated
herein by reference. Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any capitalized terms not otherwise defined in this Agreement shall have the definitions set
forth in the Plan. 
 2. Option; Option Price: 
 a. Option Price. The option price, being the price at which Participant shall be entitled to purchase the Shares upon the exercise of all or any of the Options, shall be
$[        ] per Share (the “Option Price”). 
 b. Payment of the Option Price.
The Option may be exercised only by written notice, substantially in the form provided by NBHC, delivered in person or by mail in accordance with Section 11(c) hereof and accompanied by payment of the Option Price. The Option Price shall be
payable in cash, or, to the extent permitted by the Committee, by any of the other methods permitted under Section 7(b) of the Plan. 
 Single – May 2013 

 

 
  

 3. Vesting: Except as may otherwise be provided herein, the Option shall become non forfeitable (any
Options that shall have become non-forfeitable pursuant to this Section 3, the “Vested Options”) and shall become exercisable according to the following provisions, subject to Participant’s continued employment with NBHC as of
any such date: 
 a. General Vesting. (i) One-half of the Options (rounded down to the nearest whole share if applicable)
shall become Vested Options and shall become exercisable on the third anniversary of the Date of Grant, subject to Participant not having incurred a Termination of Service prior to such date and (ii) the remaining Options shall become Vested
Options and shall become exercisable on the fourth anniversary of the Date of Grant, subject to Participant not having incurred a Termination of Service prior to such date. 
 b. Vesting Upon Retirement. In the event that Participant incurs a Termination of Service upon Retirement (as defined below), the Options shall vest and be exercisable according to the terms of this
Agreement as though no Termination of Service had occurred. For the purposes of this Agreement, “Retirement” shall mean Participant’s voluntary resignation when (i) Participant is at least 60 years of age and
(ii) participant has been employed by NBHC for no less than 10 years. For the purposes of determining Participant’s eligibility for Retirement under this Agreement, if Participant was employed by a company that NBHC acquired or that merged
with NBHC, Participant’s employment with NBHC shall be deemed to have begun on the closing date of the transaction in which NBHC acquired or merged with such company. 
 c. Vesting Upon Death or Disability. In the event that Participant incurs a Termination of Service due to death or Disability, all Options that have not theretofore become Vested Options shall become
Vested Options and be exercisable. 
 d. Termination of Service. In the event that Participant incurs a Termination of Service
for any reason other than Retirement, death or Disability, any Options that have not theretofore become Vested Options shall be forfeited by Participant without consideration. 
 4. Termination: 
 a. The Option shall automatically terminate and shall become null
and void, be unexercisable and be of no further force and effect upon the earliest of: 
 (i) the tenth anniversary of the Date
of Grant; 
 (ii) the first anniversary of Participant’s Termination of Service in the case of a Termination of Service due
to death or Disability; 
 (iii) the 90th day following Participant’s Termination of Service in the case of a Termination
of Service by NBHC without Cause or a Termination of Service due to Participant’s resignation; and 
 (iv) the day of
Participant’s Termination of Service in the case of a Termination of Service for Cause. 
 b. Notwithstanding the
provisions of Section 4(a) to the contrary, in the event of Participant’s Termination of Service for any reason (other than due to a Termination of Service 

  
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for Cause) during the two-year period following a Change in Control, the Option shall remain outstanding and exercisable until the earlier of (i) the tenth anniversary of the Date of Grant
and (ii) the fifth anniversary of such Termination of Service. 
 5. Compliance with Legal Requirements: The grant and exercise of
the Option and any other obligations of NBHC under this Agreement shall be subject to all applicable federal and state laws, rules and regulations and to such approvals by any regulatory or governmental agency as may be required. The Committee, in
its sole discretion, may postpone the issuance or delivery of Shares as the Committee may consider appropriate and may require Participant to make such representations and furnish such information as it may consider appropriate in connection with
the issuance or delivery of the Shares in compliance with applicable laws, rules and regulations. 
 6. Transferability: The Option may
not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by Participant other than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer
or encumbrance shall be void and unenforceable against NBHC, its Subsidiaries or Affiliates; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. The Option
and any Shares received upon exercise thereof shall be subject to the restrictions set forth in the Plan and this Agreement. 
 7.
Adjustment: In the event of any event described in Section 13 of the Plan occurring after the Date of Grant, the adjustment provisions as provided for under Section 13 of the Plan shall apply to the Option. 

8. Change in Control: In the event of a Change in Control of NBHC occurring after the Date of Grant, the provisions set forth in Section 14
of the Plan shall apply to the Option. 
 9. Tax Withholding: As a condition to exercising the Option, in whole or in part, Participant will pay
to NBHC, or, pursuant to Section 12(d) of the Plan, make provisions satisfactory to NBHC for payment of, any federal, state or local tax laws in respect of the exercise or the transfer of the Shares. Participant may elect to have any
withholding obligation satisfied by surrendering to NBHC a portion of the Shares that are issued or transferred to Participant upon the exercise of any Options (but only to the extent of the minimum withholding required by law) and the Shares so
surrendered by Participant shall be credited against any such withholding obligation at the Fair Market Value of such Shares on the date of such surrender (and the amount equal to the Fair Market Value of such Shares shall be remitted to the
appropriate tax authorities). 
 10. Forfeiture: Participant agrees that, notwithstanding any other provision of any agreement to which
he or she is subject with NBHC or NBH Bank, N.A., (collectively, the “Company”), and in addition to and not in contravention of any clawback provision applicable to Participant: 

(i) If the Company is required to prepare an accounting restatement due to material noncompliance of the Company as a result of
Participant’s misconduct in connection with any financial reporting requirement under the federal securities laws, Participant shall reimburse the Company for all amounts received under this Agreement from the Company during the 12 month period
following the first public issuance or filing with the Securities and Exchange Commission (whichever first occurs) of the financial document embodying such financial reporting requirement and profits realized from the exercise of Options or the sale
of securities of the Company during that 12 month period; 

  
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 (ii) If the Committee shall determine that Participant has engaged in a serious breach
of conduct, the Committee may terminate this Agreement, cancel all Options and/or require Participant repay gain realized on the exercise of Options; and 
 (iii) If Participant is found guilty of misconduct by any judicial or administrative authority in connection with any (A) formal investigation by the Securities and Exchange Commission or
(B) other federal or state regulatory investigation, the Committee may terminate this Agreement, require Participant to forfeit Options and/or may require the repayment of any gain realized on the exercise of any Options without regard to the
timing of the determination of misconduct in relation to the timing of the exercise of the Option. 
 11. Miscellaneous: 

a. Confidentiality of this Agreement. Participant agrees to keep confidential the terms of this Agreement, unless and until such terms
have been disclosed publicly other than through a breach by Participant of this covenant. This provision does not prohibit Participant from providing this information on a confidential and privileged basis to Participant’s attorneys or
accountants for purposes of obtaining legal or tax advice or as otherwise required by law. 
 b. Waiver and Amendment. The
Committee may waive any conditions or rights under, or amend any terms of, this Agreement and the Option granted thereunder; provided that any such waiver or amendment that would impair the rights of any Participant or any holder or beneficiary of
any Option theretofore granted shall not to that extent be effective without the consent of Participant. No waiver of any right hereunder by any party shall operate as a waiver of any other right, or as a waiver of the same right with respect to any
subsequent occasion for its exercise, or as a waiver of any right to damages. No waiver by any party of any breach of this Agreement shall be held to constitute a waiver of any other breach or a waiver of the continuation of the same breach.

 c. Notices. All notices, demands and other communications provided for or permitted hereunder shall be made in writing and
shall be by registered or certified first-class mail, return receipt requested, facsimile, courier service or personal delivery: 

if to NBHC to: 

National Bank Holdings Corporation 
 7800 East Orchard Road, Suite 300 
 Greenwood Village, CO 80111 

Facsimile: (617) 303-1809 
 Attention: Mark W. Yonkman 
 if to Participant: at the address last on the records
of NBHC. 
 All such notices, demands and other communications shall be deemed to have been duly given when delivered by hand, if personally
delivered; when delivered by courier, if delivered by commercial courier service; five business days after being deposited in the mail, postage prepaid, if mailed; and when receipt is mechanically acknowledged, if by facsimile. 

  
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 d. Severability. The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 

e. No Rights to Service. Nothing contained in this Agreement shall be construed as giving Participant any right to be retained, in any
position, as an employee, consultant or director of NBHC or its Affiliates or shall interfere with or restrict in any way the right of NBHC or its Affiliates, which is hereby expressly reserved, to remove, terminate or discharge Participant at any
time for any reason whatsoever. 
 f. Beneficiary. Participant may file with NBHC a written designation of a beneficiary on such
form as may be prescribed by the Committee and may, from time to time, change or revoke such designation by filing a new designation with NBHC. The last such designation received by NBHC shall be controlling; provided, however, that no designation,
or change or revocation thereof, shall be effective unless received by NBHC prior to Participant’s death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by Participant, the
beneficiary shall be deemed to be his spouse or, if Participant is unmarried at the time of death, his estate. 
 g. Successors.
The terms of this Agreement shall be binding upon and inure to the benefit of NBHC, its successors and assigns, and of Participant and the beneficiaries, executors, administrators, heirs and successors of Participant. 

h. Entire Agreement. This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the
subject matter contained herein and supersede all prior communications, representations and negotiations with respect thereto. 

i. Bound by the Plan. By signing this Agreement, Participant acknowledges that he has received a copy of the Plan and has had an
opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan. 
 j. Governing Law. This
Agreement shall be construed and interpreted in accordance with the internal laws of the State of Delaware without regard to principles of conflicts of law thereof, or principles of conflicts of laws of any other jurisdiction that could cause the
application of the laws of any jurisdiction other than the State of Delaware. 
 k. Headings. The headings of the Sections
hereof are provided for convenience only and are not to serve as a basis for interpretation or construction and shall not constitute a part of this Agreement. 
 l. Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

  
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 12. Definitions and Administration 

a. Termination for Cause. 
 In
order to invoke a termination for Cause, NBHC must provide written notice to Participant of the existence of such grounds within 30 days following NBHC’s knowledge of the existence of such grounds, specifying in reasonable detail the grounds
constituting Cause, and, with respect to the grounds enumerated in the definition of Cause in the Plan, Participant shall have 30 days following receipt of such written notice during which he may remedy the ground if such ground is reasonably
subject to cure. 
 For purposes of this provision, no act or failure to act, on the part of Participant, shall be considered
“willful” unless it is done, or omitted to be done, by Participant in bad faith or without reasonable belief that Participant’s action or omission was in the best interests of NBHC. Any act, or failure to act, based upon authority
given pursuant to a resolution duly adopted by the Board or upon the advice of counsel for NBHC shall be conclusively presumed to be done, or omitted to be done, by Participant in good faith and in the best interests of NBHC. The cessation of
employment of Participant shall not be deemed to be for Cause unless and until there shall have been delivered to Participant a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the
Board at a meeting of the Board called and held for such purpose (after reasonable notice is provided to Participant and Participant is given an opportunity, together with counsel, to be heard before the Board), finding that, in the good faith
opinion of the Board, Participant is guilty of the conduct that constitutes Cause and specifying the particulars thereof in detail. 
 IN
WITNESS WHEREOF, the parties hereto have executed this Agreement. 
  

									
	 National Bank Holdings Corporation
	 		 	National Bank Holdings Corporation
			
	  
	 		 	  

	By:	 	Lisa R. Monteleone	 		 	By:	 	Mark W. Yonkman
	Title:	 	Chief Human Resources Officer	 		 	Title:	 	General Counsel and Secretary
				
	 Participant:
	 		 		 	
				
	  
	 		 		 	

  
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Single – May 2013Form 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. 94986RPR6	  	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 May 14, 2018 
 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 May 14, 2018 (the “Stated Maturity Date”) and to pay interest thereon from May 14, 2013 or from the most recent Interest Payment
Date to which interest has been paid or duly provided for quarterly on each February 14, May 14, August 14 and November 14, commencing August 14, 2013 and ending 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 May 14, 2013 and end on and include August 13, 2013. 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 the first four Interest Periods (up to and including the Interest Period ending
May 13, 2014) will be equal to 1.50% per annum. For all Interest Periods commencing on or after May 14, 2014, the interest rate on this Security 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%, subject to the Maximum Interest Rate. 
 The “Determination Date” for an Interest Period commencing on or after May 14, 2014 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. 

  
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 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. 
 The
“Maximum Interest Rate” is 3.50% 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 repayment at the option of the Holder hereof prior to May 14, 2018. 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 May 14, 2018 
 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. 
 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

  
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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 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. 

  
 8 

 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)

  
 9 

 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. 

  
 10

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