Document:

Form of Medium-Term Notes, Series K, Notes Linked to the Russell

 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. 94986REV9
	  	FACE AMOUNT:  $                    

	 REGISTERED NO.     
	  	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 
 Due Nine Months or More From Date of Issue 
 Notes
Linked to the Russell 2000® Index 
 due January 30, 2013 
 WELLS FARGO & COMPANY, a corporation
duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises
to pay to CEDE & Co., or registered assigns, an amount equal to the Redemption Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts, on the Stated Maturity Date. The “Initial Stated Maturity Date” shall be January 30, 2013. If no Market Disruption Event (as defined below) occurs or is continuing with respect to the Index (as defined below) on the
scheduled Calculation Day (as defined below), the Initial Stated Maturity Date will be the “Stated Maturity Date.” If a Market Disruption Event occurs or is continuing with respect to the Index on the scheduled Calculation Day, the
“Stated Maturity Date” shall be the later of (i) three Business Days (as defined below) after the postponed Calculation Day and (ii) the Initial Stated Maturity Date. This Security shall not bear any interest. 

Any payments on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company
maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. 
 “Face Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this Security as its “Face Amount.” 

 Determination of Redemption Amount 

The “Redemption Amount” of this Security will equal: 

 

	 	•	 	 If the Ending Level is greater than the Starting Level, the lesser of: 

 

	 	(i)	the Face Amount plus: 

  

																	
		 	[	 	Face Amount   
x  	 	[	 	Ending Level – Starting Level	 	]	 	x   Participation 
Rate	 	]	 	; and
	 	 	 	 	Starting Level	 	 	 	 

  

	 	(ii)	the Capped Value; 

  

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

  

	 	•	 	 If the Ending Level is less than the Threshold Level: 

 

													
		 	[	 	Face Amount   x  	 	Ending Level	 	x   Multiplier 	 	]	 	
	 	 	 	Starting Level	 	 	 

 “Index” shall mean the Russell 2000® Index. 
 The “Pricing Date” shall mean July 21, 2011. 
 The
“Starting Level” is 841.26, the Closing Level of the Index on the Pricing Date. 
 The “Closing
Level” of the Index on any Trading Day means the official closing level of the Index as reported by the Index Sponsor on such Trading Day. 
 The “Ending Level” will be the Closing Level of the Index on the Calculation Day. 
 The “Capped Value” is 117.625% of the Face Amount of this Security. 
 The “Threshold Level” is 673.01, which is equal to 80% of the Starting Level. 
 The “Participation Rate” is 150%. 
 The
“Multiplier” is 1.25. 
 “Index Sponsor” shall mean Frank Russell Company, doing business as
Russell Investment Group. 

  
 2 

 “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 or Minneapolis, Minnesota. 
 A “Trading Day” with respect to the Index means a day, as determined by the Calculation Agent, on which (i) the Relevant Exchanges (as defined below) with respect to the securities
underlying the Index are open for trading for their regular trading sessions and (ii) the exchanges on which futures or options contracts related to the Index or successor thereto, if applicable, are traded, are open for trading for their
respective regular trading sessions. 
 The “Calculation Day” shall be January 23, 2013 or, if such day is
not a Trading Day, the next succeeding Trading Day. The Calculation Day is subject to postponement due to the occurrence of a Market Disruption Event. If a Market Disruption Event occurs or is continuing with respect to the Index on the Calculation
Day, such Calculation Day will be postponed to the first succeeding Trading Day on which a Market Disruption Event has not occurred and is not continuing. If such first succeeding Trading Day has not occurred as of the eighth scheduled Trading Day
after the scheduled Calculation Day, that eighth scheduled Trading Day shall be deemed the Calculation Day. If the Calculation Day has been postponed eight scheduled Trading Days after the scheduled Calculation Day and such eighth scheduled Trading
Day is not a Trading Day, or if a Market Disruption Event occurs or is continuing with respect to the Index on such eighth scheduled Trading Day, the Calculation Agent will determine the Closing Level of the Index on such eighth scheduled Trading
Day in accordance with the formula for and method of calculating the Closing Level of the Index last in effect prior to commencement of the Market Disruption Event, using the closing price (or, with respect to any of the relevant securities, if such
date is not a Trading Day or a Market Disruption Event has occurred, its good faith estimate of the closing price that would have prevailed for such securities) on such date of each security most recently included in the Index. See
“—Market Disruption Events.” As used herein, “closing price” means, with respect to any security on any date, the last reported sales price regular way on such date or, in case no such reported sale takes place on
such date, the average of the reported closing bid and asked prices regular way on such date, in either case on the primary organized exchange or trading system on which such security is then listed or admitted to trading. 

“Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of July 28, 2011 between the
Company and the Calculation Agent, as amended from time to time. 
 “Calculation Agent” shall mean the Person
that has entered into the Calculation Agent Agreement with the Company providing for, among other things, the determination of the Ending Level and the Redemption Amount, which term shall, unless the context otherwise requires, include its
successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time to time after the
initial issuance of this Security without the consent of the Holder of this Security and without notifying the Holder of this Security. 

  
 3 

 Discontinuance Of The Index; Alteration Of Method Of Calculation 

If the Index Sponsor discontinues publication of the Index, and the Index Sponsor or another entity publishes a successor or substitute
equity index that the Calculation Agent determines, in its sole discretion, to be comparable to the Index (a “Successor Equity Index”), then, upon the Calculation Agent’s notification of that determination to the Trustee and
the Company, the Calculation Agent will substitute the Successor Equity Index as calculated by the relevant Index Sponsor or any other entity and calculate the Ending Level as described above. Upon any selection by the Calculation Agent of a
Successor Equity Index, the Company will cause notice to be given to the Holder of this Security. 
 In the event that the Index
Sponsor discontinues publication of the Index and the Calculation Agent does not select a Successor Equity Index, the Calculation Agent will compute a substitute level for the Index in accordance with the procedures last used to calculate the Index
before any discontinuance. If a Successor Equity Index is selected or the Calculation Agent calculates a level as a substitute for the Index, the Successor Equity Index or level will be used as a substitute for the Index for all purposes, including
the purpose of determining whether a Market Disruption Event exists. 
 If at any time the Index Sponsor makes a material change
in the formula for or the method of calculating the Index, or in any other way materially modifies the Index so that the Index does not, in the opinion of the Calculation Agent, fairly represent the level of the Index had those changes or
modifications not been made, then, from and after that time, the Calculation Agent will, at the close of business in New York, New York, on the date that the Closing Level of the Index is to be calculated, make any adjustments as, in the good faith
judgment of the Calculation Agent, may be necessary in order to arrive at a value of an equity index comparable to the Index as if those changes or modifications had not been made, and calculate the level of the Index with reference to such equity
index, as so adjusted. Accordingly, if the method of calculating the Index is modified so that the level of the Index is a fraction or a multiple of what it would have been if it had not been modified, then the Calculation Agent will adjust the
Index in order to arrive at a level of the Index as if it had not been modified. 
 Market Disruption Events 

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

	 	(A)	A material suspension or material limitation of trading in the securities which then comprise 20% or more of the level of the Index or any Successor Equity Index has
been imposed by the Relevant Exchanges on which those securities are traded, at any time during the one-hour period preceding the Close of Trading on such day, whether by reason of movements in price exceeding limits permitted by those Relevant
Exchanges or otherwise. 

  

	 	(B)	 A material suspension or material limitation of trading has occurred on that day, in each case during the one-hour period preceding the Close of
Trading in options or futures contracts related to the Index or any Successor Equity Index, on the 

  
 4 

	 	
primary exchange or quotation system on which those options or futures contracts are traded, whether by reason of movements in price exceeding levels permitted by the exchange, the quotation
system or otherwise. 

  

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

 

	 	(D)	Any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market
values for, the futures or options contracts relating to the Index or any Successor Equity Index on the primary exchange or quotation system on which those futures or options contracts are traded, at any time during the one-hour period that ends at
the Close of Trading on that day. 

  

	 	(E)	The closure of the Relevant Exchanges on which the securities that then comprise 20% or more of the level of the Index or any Successor Equity Index are traded or the
primary exchange or quotation system on which futures or options contracts relating to the Index or any Successor Equity Index are traded prior to its scheduled Close of Trading unless the earlier closing time is announced by the Relevant Exchanges,
the primary exchange or the quotation system, as applicable, at least one hour prior to the earlier of (1) the actual closing time for the regular trading session on the Relevant Exchanges, the primary exchange or the quotation system, as
applicable, and (2) the submission deadline for orders to be entered into the relevant exchanges, the primary exchange or the quotation system, as applicable, for execution at the Close of Trading on that day. 

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

 

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

 

	 	(2)	“Close of Trading” means in respect of any Relevant Exchange, primary exchange or quotation system, the scheduled weekday closing time on a day on
which such Relevant Exchange, primary exchange or quotation system is scheduled to be open for trading for its respective regular trading session, without regard to after hours or any other trading outside the regular trading session hours; and

  

	 	(3)	“Relevant Exchange” for any security (or any combination thereof then underlying the Index or any Successor Equity Index) means the primary exchange or
quotation system on which such security is traded, as determined by the Calculation Agent. 

  
 5 

 Calculation Agent 
 The Calculation Agent will determine the Redemption Amount and the Ending Level. In addition, the Calculation Agent will (i) determine if adjustments are required to the Closing Level of the Index
under the circumstances described in this Security, (ii) if publication of the Index is discontinued, select a Successor Equity Index or, if no Successor Equity Index is available, determine the Closing Level of the Index under the
circumstances described in this Security, and (iii) determine whether a Market Disruption Event has occurred. 
 The
Company covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which shall be a broker-dealer, bank or other financial institution) with respect to this Security. 

All determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the Calculation Agent
and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security. All percentages and other amounts resulting from any calculation with respect to this Security will be rounded at
the Calculation Agent’s discretion. 
 Tax Considerations 

The Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be deemed to
have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States federal income tax purposes to characterize and treat this Security as a pre-paid derivative contract in respect of the
Index. 
 Redemption and Repayment 
 This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to January 30, 2013. This Security is not entitled to any sinking fund.

 Acceleration 
 If an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Redemption Amount (calculated as set forth in the next sentence) of this Security may
be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Redemption Amount hereof calculated as provided
herein as though the date of acceleration was the Calculation Day; provided, however, if such date is not a Trading Day or if a Market Disruption Event has occurred or is continuing on that day, the Calculation Day will be postponed as provided
herein. 
  
  

  
 6 

 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] 

  
 7 

 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

  
 8 

 [Reverse of Note] 
 WELLS FARGO & COMPANY 
 MEDIUM-TERM NOTE, SERIES K

 Due Nine Months or More From Date of Issue 

Notes Linked to the Russell 2000® Index 
 due January 30, 2013

 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 

  
 9 

 
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. Solely for the purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in
the requisite aggregate principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Security. 
 Defeasance 
 Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating to defeasance at any time of (a) the entire
indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions of
Section 401 of the Indenture shall apply to this Security. 
 Authorized Denominations 

This Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which is an
integral multiple of $1,000. 
 Registration of Transfer 
 Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new Security or Securities of this series, with the same
terms as this Security, in authorized denominations for an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the limitations
described below, without charge except for any tax or other governmental charge imposed in connection therewith. 
 This
Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a
clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in
its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and
is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date of issuance, Stated Maturity Date and other terms and of authorized
denominations aggregating a like amount. 

  
 10 

 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 Redemption
Amount at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 
 No
Personal Recourse 
 No recourse shall be had for the payment of the Redemption Amount, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation,
whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly
waived and released. 
 Defined Terms 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined in this Security. 

Governing Law 

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

  
 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. 

  
 13Form of Convertible Subordinated Promissory Note

 EXHIBIT 4.4 

THIS NOTE WAS ORIGINALLY ISSUED ON JULY 21, 2011. NEITHER THIS NOTE NOR THE SHARES OBTAINABLE UPON CONVERSION HEREOF HAVE
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS, AND THIS NOTE MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT AN EFFECTIVE REGISTRATION UNDER SUCH ACT AND
LAWS OR AN EXEMPTION THEREFROM. 
 THE OBLIGATIONS DUE UNDER THIS NOTE MAY BE SUBORDINATED TO THE EXTENT AND IN
THE MANNER REFERRED TO IN SECTION 17 HEREOF. 
 UBIQUITI NETWORKS, INC. 

CONVERTIBLE SUBORDINATED PROMISSORY NOTE 
  

			
	 July 21, 2011
	 	$[            ]

 FOR VALUE RECEIVED, Ubiquiti Networks, Inc., a Delaware corporation (the
“Company”), hereby promises to pay to the order of [            ], or its registered assigns, the principal amount of
$[                    ], or such lesser principal amount as may be outstanding from time to time hereunder as a result of payments of principal after
the date hereof, together with interest thereon calculated from the date hereof in accordance with the provisions of this Note. This Note was issued pursuant to that certain letter agreement, dated as of July 21, 2011 (the “Purchase
Agreement”), by and among the Company and certain of its stockholders, and this Note is one of the “Notes” referred to in the Purchase Agreement. Except as defined in Section 8 hereof or unless otherwise indicated herein,
capitalized terms used in this Note have the meanings set forth in the Purchase Agreement. 
 1. Scheduled
Payments of Interest. Except as otherwise expressly provided in Section 5(b) hereof, interest shall accrue at the rate of (a) five percent (5.0%) per annum on the unpaid principal amount of this Note outstanding from time to time
from and including the date of issuance of this Note until October 21, 2011, (b) seven percent (7.0%) per annum on the unpaid principal amount of this Note outstanding from time to time from and including October 21, 2011, until
January 21, 2012, and (c) nine percent (9.0%) per annum on the unpaid principal amount of this Note outstanding from time to time from and including January 21, 2012, and thereafter, or in each case (if less) at the highest rate
then permitted under applicable law. The Company shall pay to the holder of this Note all accrued and unpaid interest on the last day of each fiscal quarter, beginning September 30, 2011. Unless prohibited under applicable law, any accrued
interest which is not paid on the date on which it is due and payable shall bear interest at the same rate at which interest is then accruing on the principal amount of this Note until such interest is paid. Interest shall accrue on any principal
payment due under this Note and, to the extent permitted by applicable law, on any interest which has not been paid on the date on which it is due and payable until such time as payment therefor is actually delivered to the holder of this Note. All
interest shall be computed on the basis of the actual number of days elapsed and a year of 365/366 days. 
 2.
Scheduled Payment of Principal. The entire principal amount of this Note then outstanding, together with all accrued and unpaid interest thereon, shall become due and payable in full on July 21, 2021 (the “Maturity
Date”). 

 3. Periodic Payments of Interest and Principal on Note. 

(a) Prepayments. The Company may, at any time and from time to time prior to April 21, 2012, without premium
or penalty, and shall use commercially reasonable efforts at the earliest possible times to, pay all or any portion of the outstanding principal amount of, and accrued interest on, this Note. All prepayments of principal shall be in an aggregate
amount not less than $500,000 with respect to all Notes (or, if less, in an aggregate amount equal to the outstanding principal of all Notes). 
 (b) Mandatory Payment Events. At all times prior to April 21, 2012, promptly upon the Company’s receipt of any net cash proceeds from (i) an Initial Public Offering or (ii) any
indebtedness for borrowed money incurred by the Company (excluding, for the avoidance of doubt, indebtedness in connection with capital leases or operating leases used solely for the purchase, finance or acquisition of equipment or facilities and
where such indebtedness is secured solely by such equipment or facilities), the Company shall prepay this Note, together with accrued and unpaid interest thereon, in an aggregate amount equal to such net cash proceeds received by the Company (or, if
less, in an aggregate amount equal to all of the outstanding principal of, and accrued and unpaid interest on, this Note). 
 (c) Initial Public Offering. The entire outstanding principal amount of, and accrued interest on, this Note shall become due and payable in full upon consummation of an Initial Public Offering
prior to April 21, 2012. 
 (d) Restrictions on Certain Prepayments. For the avoidance of doubt, no
portion of the outstanding principal amount of this Note may be prepaid from April 21, 2012 until the Maturity Date. 
 4. Conversion. 
 (a) Conversion. 

(i) Upon written notice delivered to the Company by the holder of this Note at any time pursuant to
Section 5(b)(iii) or at any time from and after July 21, 2012, the entire principal amount of this Note then outstanding shall convert automatically and without any further action by the Company, the holder of this Note or any other
Person, into a number of shares of the Conversion Stock determined by dividing the aggregate principal amount of this Note then outstanding, by the Conversion Price then in effect. All accrued and unpaid interest shall be immediately due and payable
in connection with such conversion. At such time, the rights of the holder of this Note as such holder shall cease, and the holder hereof shall be deemed to have become the holder of record of the shares of Conversion Stock represented thereby.

 (ii) As soon as possible after a conversion has been effected (but in any event within five business days),
the Company shall deliver to the converting holder a certificate or certificates representing the number of shares of Conversion Stock issuable by reason of such conversion in the name of such holder. The issuance of certificates for shares of
Conversion Stock upon conversion of this Note shall be made without charge to the holder hereof for any issuance tax in respect thereof or other cost incurred by the Company in connection with such conversion and the related issuance of shares of
Conversion Stock. Upon conversion of this Note, the Company shall take all such actions as are necessary in order to insure that the Conversion Stock issuable with respect to such conversion shall be validly issued, fully paid and nonassessable. The
Company shall not close its books against the transfer of Conversion Stock issued or issuable upon conversion of this Note in any manner which interferes with the timely conversion of this Note. The Company shall assist and cooperate with any holder
of this Note required to make any governmental filings or obtain any governmental approval prior to or in connection 

  
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with the conversion of this Note (including, without limitation, making any filings required to be made by the Company); provided, however, that any fees associated with such governmental
filings, including but not limited to filing fees and reasonable legal expenses of the Company (collectively, “Governmental Charges”), shall be paid 50% by the Company and 50% by the holder of this Note. 

(iii) The Company shall at all times reserve and keep available out of its authorized but unissued shares of Conversion
Stock, solely for the purpose of issuance upon the conversion of the Note, such number of shares of Conversion Stock issuable upon the conversion of all outstanding Notes. All shares of Conversion Stock which are so issuable shall, when issued, be
duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges. The Company shall take all such actions as may be necessary to assure that all such shares of Conversion Stock may be so issued without violation of
any applicable law or governmental regulation or any requirements of any domestic securities exchange upon which shares of Conversion Stock may be listed (except for official notice of issuance which shall be immediately delivered by the Company
upon each such issuance). 
 (b) Conversion Price. The initial Conversion Price shall be $22.422. In
order to prevent dilution of the conversion rights granted under this Note, the Company hereby acknowledges and agrees that the registered holder of this Note shall receive the benefit of the provisions set forth in Section 6 of Part B of
Article IV of the Certificate through the acquisition upon conversion of this Note of shares of Conversion Stock with its own “Conversion Price” (as defined in the Certificate) that has been adjusted from time to time in accordance with
Section 6 of Part B of Article IV of the Certificate. If the Company at any time subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of the outstanding shares of Conversion Stock into a greater
number of shares, the Conversion Price in effect immediately prior to such subdivision shall be proportionately reduced and the number of shares of Conversion Stock obtainable upon conversion of this Note shall be proportionately increased. If the
Company at any time combines (by reverse stock split or otherwise) one or more classes of the outstanding shares of Conversion Stock into a smaller number of shares, the Conversion Price in effect immediately prior to such combination shall be
proportionately increased and the number of shares of Conversion Stock obtainable upon exercise of this Note shall be proportionately decreased. Promptly upon any adjustment of the Conversion Price, the Company shall give written notice thereof to
the registered holder of this Note, setting forth in reasonable detail and certifying the calculation of such adjustment. 
 5. Events of Default. 
 (a) Definition. For purposes
of this Note, an Event of Default shall be deemed to have occurred if: 
 (i) the Company fails to pay when due
and payable under this Note (including, without limitation, Sections 1 and 2) the amount of interest on any Note then due and payable or the amount of any principal of any Note then due and payable, and such failure to pay
interest is not cured within 10 days after the occurrence thereof; 
 (ii) the Company fails to perform or
observe any other provision contained in this Note, and such failure is not cured within 30 days after the Company obtains actual knowledge thereof; or 
 (iii) the Company or any Subsidiary makes an assignment for the benefit of creditors or admits in writing its inability to pay its debts generally as they become due; or an order, judgment or decree is
entered adjudicating the Company or any Subsidiary bankrupt or insolvent; or any order for relief with respect to the Company or any Subsidiary is entered under the Federal Bankruptcy 

  
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Code; or the Company or any Subsidiary petitions or applies to any tribunal for the appointment of a custodian, trustee, receiver or liquidator of the Company or any Subsidiary, or of any
substantial part of the assets of the Company or any Subsidiary, or commences any proceeding (other than a proceeding for the voluntary liquidation and dissolution of any Subsidiary) relating to the Company or any Subsidiary under any bankruptcy
reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction; or any such petition or application is filed, or any such proceeding is commenced, against the Company or any Subsidiary and either
(A) the Company or any such Subsidiary by any act indicates its approval thereof, consent thereto or acquiescence therein or (B) such petition, application or proceeding is not dismissed within 60 days. 

The foregoing shall constitute Events of Default whatever the reason or cause for any such Event of Default and whether it is voluntary
or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body and regardless of the effects of any subordination provisions.

 (b) Consequences of Events of Default. 

(i) If any Event of Default of the type described in Section 5(a)(i) or Section 5(a)(ii) has
occurred and is continuing, the interest rate on this Note shall increase immediately by an increment of four percentage point(s) to the extent permitted by law. Thereafter, until such time as no Events of Default exist, the interest rate shall
increase automatically at the end of each succeeding 20-day period by an additional increment of two percentage point(s) to the extent permitted by law (but in no event shall the interest rate exceed 15% per annum). Any increase of the interest
rate resulting from the operation of this subparagraph shall terminate as of the close of business on the date on which no Events of Default exist (subject to subsequent increases pursuant to this subparagraph). 

(ii) If an Event of Default of the type described in Section 5(a)(iii) has occurred, the aggregate
outstanding principal amount of the Notes (together with all accrued interest thereon and all other outstanding amounts due and payable with respect thereto) shall become immediately due and payable without any action on the part of the holders of
the Notes, and the Company shall immediately pay to the holders of the Notes all outstanding amounts due and payable with respect to the Notes. 
 (iii) If any Event of Default shall have occurred and be continuing (and, in the case of an Event of Default of the type described in Section 5(a)(ii), continued for at least 30 days beyond
any applicable cure period), then the holder of this Note, at its election, may (but, for the avoidance of doubt shall not be required to) (x) declare the entire outstanding principal amount of, and accrued interest on, this Note shall become
due and payable in full or (y) elect to convert the entire outstanding principal amount of this Note into Conversion Stock in accordance with Section 4. 

(iv) The holder of this Note shall also have any other rights which such holder may have been afforded under any
contract or agreement at any time and any other rights which such holder may have pursuant to applicable law. 

6. Certain Covenants. At all times that any principal of or interest on this Note remains outstanding, the Company
shall (and shall cause each of its Subsidiaries and their respective officers, directors and employees to) use commercially reasonable efforts (i) to prepare for and consummate an Initial Public Offering, the proceeds of which are sufficient to
repay all amounts (principal and interest) outstanding under this Note, as soon as practicable after the date of issuance of this Note, and not to take any action that would reasonably be expected to impede, hinder or delay such Initial Public
Offering (including, without limitation, by not maintaining its existing senior management team and its other 

  
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relationships with lessors, licensors, suppliers, original equipment manufacturers, customers, distributors and employees, and by failing to comply in all material respects with all of its
obligations), and (ii) to obtain, within 60 days of the date of issuance of this Note, Senior Indebtedness to, inter alia, refinance the amounts (principal and interest) outstanding under this Note. 

7. Amendment and Waiver. Except as otherwise provided herein, the provisions of this Note may be amended and the
Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the holder hereof. 

8. Definitions. For purposes of the Notes, the following capitalized terms have the following meaning: 

“Certificate” means the Second Amended and Restated Certificate of Incorporation of Ubiquiti Networks,
Inc., as amended and in effect from time to time. 
 “Conversion Stock” means shares of the
Company’s authorized but unissued Series A Convertible Preferred Stock; provided that if there is a change such that the securities issuable upon conversion of the Notes are issued by an entity other than the Company or there is a change in the
class of securities so issuable, then the term “Conversion Stock” shall mean one share of the security issuable upon conversion of this Note if such security is issuable in shares, or shall mean the smallest unit in which such security is
issuable if such security is not issuable in shares. 
 “Eligible Assignee” means Summit
Partners, L.P. or any Person which controls, is controlled by or under common control with Summit Partners, L.P., including, without limitation, each of its affiliated investment funds and management entities. 

“Excluded Charges” means, collectively, (i) all income and franchise taxes imposed on any holder of
this Note, (ii) 50% of all Governmental Charges, and (iii) in the case of a non-US holder of this Note, any United States withholding tax that is required to be imposed on amounts payable to such non-US holder under or in respect of this
Note or securities into which this Note may be converted. 
 “Initial Public Offering” means an
initial public offering of the Company’s or any of its Subsidiary’s common stock pursuant to a registration statement declared effective by the Securities and Exchange Commission. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association,
a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 

“Senior Indebtedness” shall mean, unless expressly subordinated to or made on a parity with the amounts
due under this Note, the principal of (and premium, if any), unpaid interest on and amounts reimbursable, fees, expenses, costs of enforcement and other amounts due in connection with, (i) indebtedness for borrowed money of the Company, to
banks, commercial finance lenders or other lending institutions regularly engaged in the business of lending money (excluding (A) any indebtedness convertible into equity securities of the Company and (B) indebtedness in connection with
capital leases or operating leases used solely for the purchase, finance or acquisition of equipment and where such indebtedness is secured solely by such equipment), and (ii) any extension, refinance, renewal, replacement, defeasance or
refunding of any indebtedness described in clause (i). 

  
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 “Subsidiary” means, with respect to any Person, any
corporation, limited liability company, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited
liability company, partnership, association or other business entity, a majority of the partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of
that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons shall be
allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control any managing director or general partner of such limited liability company, partnership, association or other
business entity. 
 9. Successors and Assigns; Transfers. 

(a) Subject to the restrictions on transfer described in this Section 9, the rights and obligations of the
Company and holder of this Note shall be binding upon and inure to the benefit of each of their respective successors, assigns, heirs, administrators and transferees. 

(b) With respect to any offer, sale or other disposition of this Note occurring prior to April 21, 2012, the holder
of this Note will give written notice to the Company prior thereto, describing briefly the manner thereof, together with a written opinion of counsel to holder of this Note reasonably satisfactory to the Company or other evidence, in each case if
reasonably requested by the Company, to the effect that such offer, sale or other distribution may be effected without registration or qualification (under any federal or state law then in effect). Within five business days after receiving such
written notice and such reasonably satisfactory opinion or other evidence, if reasonably requested, the Company shall notify the holder of this Note that such holder may sell or otherwise dispose of this Note in whole (but not in part) to an
Eligible Assignee, all in accordance with the terms of the notice delivered to the Company. If a determination has been made pursuant to this Section 9(b) that the opinion of counsel for the holder of this Note is not reasonably
satisfactory to the Company, the Company shall so notify the holder of this Note promptly (and in event within two business days) after such determination has been made. Each Note thus transferred shall bear a legend as to the applicable
restrictions on transferability in order to ensure compliance with the Securities Act, unless in the opinion of counsel for the Company such legend is not required in order to ensure compliance with the Securities Act. The Company may issue stop
transfer instructions to its transfer agent in connection with such restrictions. 
 (c) Any assignment or other
transfer hereof made in violation of this Section 9 shall be deemed null and void. 
 (d) The
Company shall maintain a register for recording the ownership and the transfer of the Notes. Upon surrender of this Note for registration of transfer or for exchange to the Company at its principal office, the Company at its sole expense shall
execute and deliver in exchange therefor a new Note or Notes, as the case may be, as requested by the holder or transferee, which aggregate the unpaid principal amount of such Note, registered as such holder or transferee may request, dated so that
there will be no loss of interest on such surrendered Note and otherwise of like tenor. The issuance of new Note(s) shall be made without charge to the holder(s) of the surrendered Note for any issuance tax in respect thereof or other cost incurred
by the Company in connection with such issuance; provided that the holder of this Note shall pay any transfer taxes associated therewith; provided, further, that the Company shall not pay any Excluded Charges. 

  
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 10. Replacement. Upon receipt of evidence reasonably satisfactory to
the Company of the loss, theft, destruction or mutilation of this Note and, in the case of any such loss, theft or destruction of this Note, upon receipt of an indemnity reasonably satisfactory to the Company (provided that, if the holder of this
Note is a financial institution, its own unsecured agreement shall be satisfactory) or, in the case of any such mutilation, upon the surrender and cancellation of this Note, the Company, at its expense, shall execute and deliver, in lieu thereof, a
new Note of like tenor and dated the date of such lost, stolen, destroyed or mutilated Note. Any Note in lieu of which any such new Note has been so executed and delivered by the Company shall not be deemed to be an outstanding Note. 

11. Cancellation. After all principal and accrued interest at any time owed on this Note has been paid in full or
upon the automatic conversion hereof, this Note shall be surrendered to the Company for cancellation and shall not be reissued. 
 12. Waivers. The Company hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note and expressly agrees that this Note, or any
payment hereunder, may be extended from time to time and that the holder hereof may accept security for this Note or release security for this Note, all without in any way affecting the liability of the Company hereunder. 

13. Allocation of Payments; Form and Place of Payments. Except as otherwise expressly provided herein, each
payment with respect to this Note shall first be applied to payment of accrued and unpaid interest and, after payment of all such interest, then to payment of outstanding principal. All payments to be made to the holders of the Notes shall be made
in the lawful money of the United States of America in immediately available funds, with no offsets against or withholding from any payments due hereunder, and ratably across all Notes; provided, however, that the Company may withhold for any United
States withholding tax that is required to be imposed on amounts payable to a non-US holder under or in respect to this Note or securities into which this Note may be converted. Payments of principal and interest shall be delivered to the holder of
this Note at such holder’s address as it appears in the records of the Company (unless otherwise indicated by any such holder). 
 14. Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Note shall be in writing and shall be deemed to have been given only
(i) when delivered personally to the recipient, (ii) one (1) business day after being sent to the recipient by reputable overnight courier service (charges prepaid) provided that confirmation of delivery is received, (iii) upon
machine-generated acknowledgment of receipt after transmittal by facsimile (provided that a confirmation copy is sent via reputable overnight courier service for delivery within two (2) business days thereafter), or (iv) five (5) days
after being mailed to the recipient by certified or registered mail (return receipt requested and postage prepaid), addressed, in the case of clause (ii) or clause (iv) of this Section 14 as follows: (A) if to the Company,
at its principal executive offices, and (B) if to the registered holder of this Note, at such holder’s address as it appears in the records of the Company (unless otherwise indicated by any such holder). 

15. Business Days. If any payment is due, or any time period for giving notice or taking action expires, on a day
which is a Saturday, Sunday or legal holiday in the State of California, the payment shall be due and payable on, and the time period shall automatically be extended to, the next business day immediately following such Saturday, Sunday or legal
holiday, and interest shall continue to accrue at the required rate hereunder until any such payment is made. 

16. Descriptive Headings; Governing Law. The headings and captions used in this Note are for reference purposes
only and shall not affect in any way the meaning or interpretation of this Note. The corporate laws of the State of Delaware shall govern all issues concerning the relative rights of the 

  
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Company and its stockholders. All other issues and questions concerning the construction, validity, enforcement and interpretation of this Note shall be governed by, and construed in accordance
with, the laws of the State of California, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of California or any other jurisdictions) that would cause the application of the laws of any
jurisdiction other than the State of California. 
 17. Subordination. By acceptance of this Note, the
holder of this Note agrees to negotiate in good faith and execute and deliver a subordination agreement, on terms reasonably satisfactory to the holders of Notes evidencing a majority of the principal amount then outstanding under all Notes, with
the lenders of any Senior Indebtedness from time to time outstanding. 
 [Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the Company has executed and delivered this Convertible
Subordinated Promissory Note on July 21, 2011. 
  

			
	 UBIQUITI NETWORKS, INC.

		
	 By:
	 	  

	 Name: Robert J. Pera (RJP)
 Its: Chief Executive Officer

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