Document:

tnib_ex1029.htm

Exhibit 10.29

CONSULTING AGREEMENT

 

This Consulting Agreement (“Agreement”) is made and entered into BY AND AMONG:

 

The Sevin Group LLC, a New York Limited Liability Company, existing and organized under the laws of New York State, having its registered head office at 66 West 38th Street, Suite 16D, New York, NY 10018, (hereinafter referred to as “SeVin”),

 

AND

 

Immune Therapeutics, Inc., a Corporation, existing and organized under the laws of the State of Florida, having its registered head office at 37 North Orange Ave, Suite 607 Orlando, Florida 32801, (hereinafter referred to as “IMUN” or the “Company”).

 

W I T N E S S E T H:

 

WHEREAS, IMUN is engaged in the development, production and marketing of pharmaceutical Product(s) (as defined hereafter) for human use and is desirous of having certain Product(s) marketed in the areas of anti-aging, oncology and immune therapeutics, and seeks assistance in the development of the various markets in which IMUN is implementing its sales strategy and processes and potentially additional markets;

 

WHEREAS, SeVin wishes to enter into this Agreement with IMUN to advise concerning the marketing of such Product(s) and to expand IMUN’s sales and sales territories;

WHEREAS, the parties deem it appropriate to conclude this Agreement in order for IMUN to appoint SeVin to handle such activities and make certain appointments to the IMUN Board of Directors (“Board”); and

NOW, THEREFORE, in consideration of the foregoing premises and of the mutual covenants of the parties’ hereinafter contained, the parties hereto hereby agree as follows:

 

	
1  

	
DEFINITIONS

 

	
1.1  

	
For the purposes of this Agreement, the following terms shall have the meanings assigned to them:

 

	
(a)  

	
“Affiliate” means (i) any corporation or business entity of which securities or other ownership interests representing fifty percent or more of the equity or fifty percent or more of the ordinary voting power or fifty percent or more of the general partnership interests are, at the time such determination is being made, owned, Controlled (as hereinafter defined) or held, directly or indirectly, by such corporation or business entity, or (ii) any other corporation or business entity which, at the time such determination is being made, is Controlling, Controlled by or under common Control, with such corporation or business entity;

	
(b)  

	
“Agreement” means this Agreement;

 

Page 1 of 9

  

  

 

	
(c)  

	
“Confidential Information” means any trade secrets, data or other information, whether oral or written, relating to the other party’s past, present and future efforts in research, development, manufacturing, and business activities that is disclosed to or obtained by the receiving party in connection with, and during the term of this Agreement;

	
(d)  

	
“Control” and words derived therefrom mean, whether used as a noun or verb, the possession, direct or indirect, of the power to direct, or cause the direction of, the management or policies of any corporation or business entity, whether through the ownership of voting securities, by contract or otherwise;

	
(e)  

	
“Effective Date” means the date on which the last party signs this Agreement;

	
(f)  

	
“Intellectual Property Rights” means (i) patents, copyright, database rights and rights in trademarks and designs (whether registered or unregistered) and Confidential Information; (ii) applications for registration, and the right to apply for registration, for any of these rights; and

(iii) all other intellectual property rights and equivalent or similar forms of protection existing anywhere in the world;

	
(g)  

	
“Product(s)” means the Product(s) currently manufactured or slated for sale by IMUN or to be produced, manufactured, sold or licensed by IMUN; and

 

	
(h)  

	
“Specifications” means, in respect of each of the Product(s), the specifications, tests, procedures, process description, and other information relating to such Product(s) provided to SeVin by IMUN under separate cover, which may be amended from time-to-time by IMUN in writing.

 

	
2  

	
APPOINTMENTS

 

	
2.1  

	
IMUN hereby appoints SeVin, upon the terms and subject to the conditions herein set forth, as its consultant to advise IMUN about the marketing of the Product(s) as set forth herein.

	
2.2  

	
SeVin hereby accepts such appointment as consultant to advise IMUN about the marketing of the Product(s), strategy and operations.

	
2.3  

	
Seth Elliott, Managing Member of SeVin, will be appointed President of IMUN and charged with the operational direction of the Company.

	
2.4  

	
Vincent Butta, Managing Member of SeVin, will be appointed to the Board.

	
2.5  

	
SeVin will provide IMUN with consulting support to market the Product(s) on behalf of IMUN.

 

	
2.6  

	
During the Term (as defined hereinafter) of this Agreement and for one year thereafter, neither SeVin nor any of its Affiliates shall actively manufacture, market, promote, sell, re-sell, represent or distribute any other product, whether from third parties or from itself or from any of its Affiliates, which directly competes with the Product(s).

	
2.7  

	
SeVin acknowledges that IMUN may grant consulting engagements and marketing rights to other persons or organizations for the Product(s), or may retain exclusive marketing rights for itself or its Affiliates for the same purpose.

 

  

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3  

	
SUPPORT TO MARKETING ACTIVITIES

 

Market Research

 

SeVin shall conduct Market Research as necessary to properly market the Product(s). Sevin will report the results of such Market Research to the Board and will present market opportunities for IMUN in a documented and structured manner.

Marketing Plans

 

SeVin will support IMUN in the following ways:

 

	
●   

	
Elaborating marketing plans for IMUN Product(s)

 

	
o  

	
SeVin may consider the use of strategic scenarios and risks/opportunities analyses to present its recommendations.

 

	
●   

	
Developing commercialization plans for IMUN with the objective of optimizing sales revenue for IMUN including sales through one or more compounders and/or distributors.

 

	
●   

	
Converting commercialization plans into short-term (one-year) and long-term (three-year) financial plans for IMUN.

SeVin may make several suggestions to IMUN, including but not limited to:

 

	
●   

	
Introduction to possible partner organizations that might support the marketing, promotion, medical detailing, distribution or sales representation of the Product(s) on behalf of IMUN.

 

	
●   

	
Introduction to possible partner organizations that might support the clinical development of the Product(s) for certain indications and certain claims in specific regions or territories, in partnership with IMUN.

 

	
o  

	
If such partner organization(s) approve an alliance with IMUN, the corresponding agreement(s) would be made directly between such third party organization(s) and IMUN. SeVin may act as a consultant to the alliance, but without direct legal responsibility and without any liability regarding the nature of the relationship(s) or outcomes.

 

	
o  

	
In the case of an agreement regarding clinical developments, the financial amounts at stake may be very substantial and involve the transfer of Intellectual Property rights. SeVin will support IMUN in its evaluation of any contemplated alliance.

 

Marketing Support

 

SeVin shall use reasonable endeavors to support the marketing of the Product(s). IMUN shall reasonably assist SeVin in developing suitable promotional literature and materials.

SeVin shall make its best efforts to provide quarterly forecasts of commercial opportunities to IMUN on a one-year horizon to facilitate the planning by IMUN of its resources for marketing, manufacturing and distribution.

 

  

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SeVin shall conduct the relationship with potential customers to the point that they may place a purchase order with IMUN (“Customer Order(s)”). The management of such Customer Order(s), including but not limited to insuring and shipping the Product(s), invoicing the customer, collecting customer payments, etc. will be entirely the responsibility of IMUN.

IMUN will provide its standard price list and terms to SeVin in order to communicate the same to customers where relevant and authorized. SeVin will strictly communicate with potential customers the exact terms and conditions set forth in these IMUN documents. IMUN will inform SeVin in writing at least thirty days in advance of any and all changes in its terms and conditions with customers or as soon as practicable if IMUN becomes aware of such changes.

 

Quality Control

 

With respect to the Product(s), SeVin shall immediately notify IMUN of any customer complaints and reported defects relating to the Product(s).

 

Pharmacovigilance, Adverse Events

 

The parties shall keep each other informed on all reports of adverse drug events coming to either party’s knowledge with regard to the Product(s).

If and when applicable, should complaints with regard to the Product(s) be brought to the attention of SeVin, SeVin will report the same to IMUN in a timely and professional manner.

 

	
4  

	
INTELLECTUAL  PROPERTY  RIGHTS

 

	
4.1  

	
SeVin shall not (a) register in its own name nor use any trademarks or trade names that are similar or might be confused with the Trademarks; or (b) use in connection with the activities contemplated by this Agreement or apply to any Product(s) any trademark or trade name of its own.

	
4.2  

	
IMUN is the owner of Trademarks. During the term of this Agreement, IMUN shall be responsible, at its own cost and expense, to register, maintain and renew the registration of the Trademarks.

 

	
4.3  

	
If the support provided by SeVin to IMUN for the marketing of the Product(s) results in any claim of intellectual property rights infringement against SeVin, SeVin shall promptly notify IMUN in writing setting forth the facts of such claims in reasonable detail. IMUN shall have full responsibility for and control of the defense to any such claims, and shall be liable for the entire expense of defending such claims or actions, including the amount of any money judgment rendered against SeVin.

 

	
4.4  

	
Each Party to this Agreement shall promptly notify the other Party to this Agreement, in writing, whenever it acquires knowledge that there exists an actual or alleged infringement of IMUN’s Intellectual Property Rights in connection with the Product(s). IMUN shall have the right, but not the obligation, using counsel of its choice and at its own expense, to institute, prosecute and control any action or proceeding with respect to such actual or alleged infringement, including any declaratory judgment action arising from such actual or alleged infringement. If required by law in order for IMUN to take such actions or prosecute such suit, SeVin shall join with IMUN as a party, and IMUN shall reimburse SeVin for reasonable costs incurred by SeVin with respect to such joinder. In the event of a recovery of assessed damages and/or penalties by IMUN, the amount of such recoveries shall belong solely to IMUN.

 

  

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4.5  

	
SeVin agrees immediately to discontinue the use of any trademark for any Product(s) upon notice from IMUN of a third party claim or act of infringement. Upon discontinuation by SeVin of any such trademark at IMUN’s request, IMUN will use its reasonable efforts to arrange for a suitable alternate trademark under which SeVin may continue to support IMUN in marketing the relevant Product(s) without unreasonable interruption.

 

5           COMPENSATION;  TERM

 

For the duration of this Agreement, IMUN shall pay SeVin Consulting Fees defined as follows:

For the equivalent of fifteen man-days of work per month on average from each of Mr. Elliott and Mr. Butta:

	
a.  

	
Cash payment of USD 20,000 each month for the first six months of this Agreement.

	
b.  

	
Should the Agreement continue beyond the first six months to the end of the Term (as defined hereinafter), a cash payment of USD 25,000 each month for the subsequent six months of this Agreement.

	
c.  

	
The Term of this Agreement is one year. However, either party may cancel this Agreement by giving sixty-days notice prior the six-month anniversary of this Agreement. Should this Agreement be cancelled, Mr. Elliott and Mr. Butta shall provide IMUN with transition services prior to the cancelation date without further compensation, and they shall resign from all their respective positions effective as of the cancellation date.

 

	
d.  

	
IMUN shall issue 2,500,000 restricted shares of Common Stock of the Company (the “Shares”). The Shares shall be issued and vested as follows:

	
i.  

	
625,000 of the Shares issued to Seth Elliott within fifteen-days from the Effective Date of this Agreement, such shares to vest immediately upon issuance.

	
ii.  

	
625,000 of the Shares issued to VBC Group LLC within fifteen-days from the Effective Date of this Agreement, such shares to vest immediately upon issuance.

 

	
iii.  

	
375,000 of the Shares issued to Seth Elliott, such Shares to vest 120 days from the Effective Date.

	
iv.  

	
375,000 of the Shares issued to VBC Group LLC, such Shares to vest 120 days from the Effective Date.

	
v.  

	
250,000 of the Shares issued to Seth Elliott, such shares to vest upon the six-month anniversary of this Agreement so long as the Agreement has not been previously canceled.

	
vi.  

	
250,000 of the Shares issued to VBC Group LLC, such shares to vest upon the six-month anniversary of this Agreement so long as the Agreement has not been previously canceled.

	
e.  

	
Notwithstanding the above, prior to the six-month anniversary of this Agreement, so long as the Agreement has not been previously canceled, all of the Shares shall immediately vest in the event of a Sale of the Company or Change of Control Transaction.

 

  

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f.  

	
Notwithstanding the Effective Date, the first cash payment shall be made on or before January 5, 2015. However, this Agreement will commence as of the Effective Date.

 

	
g.  

	
Each of SeVin, Mr. Elliott and Mr. Butta understand and acknowledge that IMUN may make public announcements and may be required to make securities filings with respect to this Agreement.

 

	
h.  

	
Travel expenses and business related expenses should be billed separately, at cost, based on receipts. All expenses greater than USD 500 shall be pre-approved by IMUN in writing. IMUN acknowledges that in order to perform its duties, SeVin and Mr. Elliott and Mr. Butta will need to incur business related expenses and failure to pre-approve such expenses may materially adversely affect SeVin’s ability to perform this Agreement.

 

Success Fees for Supporting Commercial Activities Including New Markets (e.g., India)

 

	
a)  

	
Success Fees for the introduction of a customer that leads to a sale by IMUN without further involvement by SeVin: two percent of the annual amount of the sales agreement, payable annually for the first two years of the sales agreement.

	
b)  

	
Additional Success Fees for SeVin participating in the conclusion of a sale: an additional three percent of the annual amount of the sales agreement, payable annually for the first three years of the sales agreement.

 

Success Fees for Introducing Strategic Relationships Including New Markets (e.g., India)

 

	
  

	
a) Success Fees for the introduction of Strategic Relationship(s) that conduct business with IMUN: five percent of the annual amount of any strategic relationship agreement, payable annually for the first two years of any such agreement(s).

 

Success Fess for Potential Distribution Opportunities Including New Markets (e.g., India)

 

	
  

	
a)  Success Fees in the amount of five percent of the realized value of any distribution agreement on a paid-when-paid basis [i.e., when IMUN receives any payments under such agreement(s)].

	
6  

	
LIABILITY

 

	
6.1  

	
Neither party will be liable to the other party for any indirect or consequential loss or damage including, without limitation, any loss of business or profits in each case whether arising from negligence, breach of contract or otherwise.

	
6.2  

	
Subject to the article above, IMUN shall defend and indemnify SeVin, Mr. Elliott and Mr. Butta and hold each of them harmless against all damages suffered. Neither IMUN nor any IMUN Affiliate shall be responsible for any damages suffered by SeVin, Mr. Elliott or Mr. Butta arising out of SeVin’s, Mr. Elliott’s or Mr. Butta’s own negligence or willful acts or failure to act in connection with the performance of duties.

	
6.3  

	
In the event of any claim being made against a party (the “Indemnified Party”) for which the other party  (the  “Indemnifying  Party”)  has  agreed  to  indemnify  the  Indemnified  Party  under  this

 

  

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Agreement, the Indemnifying Party shall be promptly notified thereof and may, at its own expenses, conduct all negotiations for the settlement of the same and any litigation that may arise there from. The Indemnified Party shall not at any time make any admission or take any steps which might be prejudice the settlement or successful defense by the Indemnifying Party of any claim or demand until the Indemnifying Party has been notified of the claim and has stated its intention not to negotiate or defend the claim.

 

	
7  

	
GOOD ETHICAL BUSINESS PRACTICES

 

SeVin and IMUN acknowledge that their respective corporate policy require that the business covered by this Agreement be conducted within the letter and spirit of any and all applicable laws. By signing this Agreement, SeVin and IMUN agree to conduct the business contemplated herein in a manner that is consistent with both applicable law and good business ethics.

 

This includes, but is not limited to:

 

The Foreign Corrupt Practices Act of 1977 (FCPA) (15 U.S.C. § 78dd-1, et seq.), a United States federal law whose main provisions are addressing, but not limited to, accounting transparency requirements under the Securities Exchange Act of 1934 and bribery of foreign officials.

 

Nothing in this Agreement shall be construed so as to require the violation of law, and wherever there is any conflict between any provision of this Agreement and any rule of mandatory law in a relevant jurisdiction, the latter shall prevail.

 

	
8  

	
CONFIDENTIALITY

 

	
8.1  

	
The parties agree to exercise all reasonable precautions to maintain in strict confidence all Confidential Information received from the other, and will only use Confidential Information for the purpose of this Agreement.

 

	
8.2  

	
Each party agrees not to use the Confidential Information commercially and not to publish or disclose such information to third parties, either orally or in electronic form or in tangible form or in writing, except with the express prior written consent of the party from whom the Confidential Information was received. Consent shall not be required, however, to the extent that the receiving Party can provide evidence that such information:

	
(a)  

	
Is known to the receiving party prior to its disclosure by the disclosing party; or

	
(b)  

	
Is obtained by the receiving party from a source other than the disclosing party, which source

(i) did not require the receiving party to hold such information in confidence; or (ii) did not limit or restrict the receiving party’s use thereof; or

	
(c)  

	
Has become public knowledge otherwise than through the fault of the receiving party; or

 

	
(d)  

	
Has been developed by the receiving party independently of the information received from the disclosing party as shown by the receiving party’s written records.

	
8.3  

	
Upon expiration or termination of this Agreement or at any earlier date if the disclosing party so requests, the parties shall return or destroy (if requested by the disclosing party) all Confidential

 

  

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Information as well as all copies made thereof and shall immediately cease to use such Confidential Information.

	
8.4  

	
To the extent legally permitted, the parties hereto shall cause, instruct, direct and oblige any officers, employees or other persons who have rightful access to any of the Confidential Information to keep the same confidential in accordance with the terms of this Agreement.

	
8.5  

	
Any obligations of confidentiality or restriction of use with respect to Confidential Information transmitted under this Agreement shall survive for a period of three years from the date of termination or expiration of this Agreement.

 

	
8.6  

	
The parties agree that neither this Agreement nor any information transmitted in accordance herewith shall (a) give any rights under any patent which either party may now have or hereafter obtain, or

(b) imply any readiness for granting any license.

 

	
9  

	
APPLICABLE LAW AND DISPUTE RESOLUTION

 

	
9.1  

	
This Agreement shall be governed by and construed exclusively in accordance with the laws of New York State.

	
9.2  

	
All disputes or differences which may arise between the parties out of or in relation to or in connection with this Agreement or the breach thereof, with the exception of matters involving the grant of injunctive relief, which the parties, using good faith efforts, shall have been unable to amicably resolve, shall be finally settled under the Rules of Conciliation and Arbitration of the International Chamber of Commerce by one arbitrator appointed in accordance with such Rules. The arbitration proceedings shall be held in New York, New York.

 

	
10  

	
MISCELLANEOUS

 

	
10.1  

	
Counterparts. This Agreement may be executed in two or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same Agreement.

	
10.2  

	
Successors and assignments. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

 

	
10.3  

	
Entire Agreement. This Agreement constitutes the entire Agreement between the Parties in respect of  the subject matter hereof. This Agreement cancels and supersedes any and all pre-existing agreements, either oral or in writing between the Parties. There are not and shall not be any oral statements, representations, warranties, undertakings or agreements between the Parties other than as provided by this Agreement and any mutually accepted written amendments hereto.

	
10.4  

	
Notices. Any notice or request required or permitted to be given in connection with this Agreement shall be in English and shall be deemed to have been sufficiently given if sent by pre-paid registered or certified mail, by courier or by facsimile to the address set forth above.

	
10.5  

	
No waiver. The failure on the part of either Party hereto to exercise or enforce any right conferred upon it by this Agreement shall not be a waiver of any such right nor shall any single or partial exercise of the Party’s right or power hereunder or further exercise thereof operate so as to bar the

 

  

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later exercise or enforcement thereof. Any waiver must be in writing and signed by the Party granting the waiver.

	
10.6  

	
Headings. The headings of the sections of this Agreement have been inserted for convenience of reference only and do not constitute a part of this Agreement.

	
10.7  

	
Costs. Each party shall pay the costs and expenses incurred by it in connection with the entering into of this Agreement.

	
10.8  

	
Severability. The invalidity or unenforceability of any terms or provisions of this Agreement shall not affect the validity or enforceability of any other terms or provisions thereof.

	
10.9  

	
Survival. The following Sections shall survive the expiration or termination of this Agreement: Confidentiality, Publicity.

 

IN WITNESS WHEREOF, the parties hereto, having independently consulted with their respective attorneys and advisors, through their authorized representatives, have executed this Agreement as of the date of the last party to sign, whereby they evidence their intent to be legally bound.

 

	 	THE SEVIN GROUP LLC	 	 	IMMUNE THERAPEUTICS, INC.	 
	 	 	 	 	 	 
	By:	
/s/ Seth Elliott

	 	By:	
/s/ Noreen Griffin

	 
	Title:	
Managing Member 

	 	Title:	
CEO

	 
	Date:	
December 17, 2014

	 	Date:	
December 17, 2014

	 

 

	 	 	 	 	 	 
	By:	
/s/Vincent Butta

	 	 	
 

	 
	Title:	
Managing Member

	 	 	
 

	 
	Date:	
December 17, 2014

	 	 	
 

	 

 

Page 9 of 9Form of Medium-Term Notes, Series K, Notes Linked

 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. 94986RWJ6 
	
PRINCIPAL AMOUNT: $                   
  

 REGISTERED NO.      

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes Linked to the 10-Year Constant Maturity Swap Rate due March 31, 2025 

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 March 31, 2025 (the “Stated Maturity
Date”) and to pay interest thereon from March 31, 2015 or from the most recent Interest Payment Date to which interest has been paid or duly provided for quarterly on each March 31, June 30, September 30 and
December 31, commencing June 30, 2015, and at Maturity (each, an “Interest Payment Date”), at the rate per annum specified below until the principal hereof is paid or made available for payment. The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest next preceding such Interest Payment Date. The Regular Record Date for an Interest Payment Date shall be one Business Day prior to such Interest Payment Date. If an Interest Payment Date is not a Business Day,
interest on this Security shall be payable on the next day that is a Business Day, with the same force and effect as if made on such Interest Payment Date, and without any interest or other payment with respect to the delay. “Business
Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York. 

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

 commence on and include March 31, 2015 and end on and include June 29, 2015. 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 (A) during the first twelve Interest Periods (up to and including the
Interest Period ending March 30, 2018) will be equal to 3.50% per annum and (B) for all Interest Periods commencing on or after March 31, 2018 will be determined by the calculation agent for this Security (the
“Calculation Agent”) and will be equal to (i) the 10-Year Constant Maturity Swap Rate on the Determination Date for such Interest Period multiplied by (ii) the Multiplier. 

The “Determination Date” for an Interest Period commencing on or after March 31, 2018 will be two U.S.
Government Securities Business Days prior to the first day of such Interest Period. A “U.S. Government Securities Business Day” means any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial
Markets Association recommends that the fixed income department of its members be closed for the entire day for purposes of trading in U.S. government securities. 

“10-Year Constant Maturity Swap Rate,” or “10-Year CMS Rate,” means, for any Determination
Date, the “USD-ISDA-Swap Rate,” which will be the rate for U.S. Dollar swaps with a designated maturity of 10 years, expressed as a percentage, that appears on the Reuters Screen ISDAFIX1 Page (or any successor page thereto) as
of 11:00 a.m., New York City time, on such Determination Date. 
 If such rate does not appear on the Reuters Screen
ISDAFIX1 Page (or any successor page thereto) at such time, the Calculation Agent shall determine the 10-Year CMS Rate for the relevant Determination Date on the basis of the Mid-market Semi-annual Swap Rate quotations provided by the Reference
Banks at approximately 11:00 a.m., New York City time, on such Determination Date. The Calculation Agent will request the principal New York City office of each of the Reference Banks to provide a quotation of its rate, and 

 

	 	(i)	 if at least three quotations are provided, the rate for that Determination Date will be the arithmetic mean of the quotations, eliminating the
highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest); and 

  

	 	(ii)	 if fewer than three quotations are provided, the Calculation Agent will determine the rate in its sole discretion. 

“Reference Banks” means five leading swap dealers selected by the Calculation Agent in its sole discretion in
the New York City interbank market. 
 “Mid-market Semi-annual Swap Rate” means, on any Determination Date,
the mean of the bid and offered rates for the semi-annual fixed leg, calculated on a 30/360 day count basis, of a fixed-for-floating U.S. Dollar interest rate swap transaction with a term equal to the applicable 10-year maturity commencing on
such Determination Date and in a Representative Amount with an acknowledged dealer of good credit in the swap market, where the floating leg, calculated on 

  
 2 

 
an actual/360 day count basis, is equivalent to U.S. Dollar LIBOR with a designated maturity of three months. 

“Representative Amount” means an amount that is representative for a single transaction in the relevant
market at the relevant time as determined by the Calculation Agent in its sole discretion. 
 The
“Multiplier” is 0.83. 
 The Calculation Agent shall, upon the request of a Holder of this Security,
provide the interest rate then in effect and, if determined, the interest rate that will become effective for the next Interest Period. All calculations of the Calculation Agent, in the absence of manifest error, shall be conclusive for all purposes
and binding on the Company and the Holder hereof. The Calculation Agent shall notify the Paying Agent of each determination of the interest applicable to this Security promptly after the determination is made. Wells Fargo Securities, LLC will
initially act as Calculation Agent. The Company may appoint a successor Calculation Agent with the written consent of the Trustee. 

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

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

This Security is not subject to redemption at the option of the Company or, except as provided in the next sentence, repayment
at the option of the Holder hereof prior to March 31, 2025. This Security may be subject to repayment if requested by an authorized representative of a beneficial owner of this Security as described on the reverse hereof. This Security is not
entitled to any sinking fund. 
  
  

  
 3 

 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. 

  
 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 the 10-Year Constant Maturity Swap Rate due March 31, 2025 

This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and
Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more
foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities,
currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series may
mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies. 

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

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

Modification and Waivers 

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

  
 6 

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

 Defeasance 

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

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

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

  
 7 

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

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

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

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

  
 8 

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

 

	 	•	 	 appropriate evidence satisfactory to the Paying Agent that: 

 

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

  

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

 

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

 

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

 

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

 

	 	•	 	 if applicable, a properly executed assignment or endorsement; 

 

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

  

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

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

  
 9 

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

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

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

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

This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of beneficial interests in this Global
Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 Obligation of the Company Absolute 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the 

  
 10 

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

No Personal Recourse 

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

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

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

  
 11 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they
were written out in full according to applicable laws or regulations: 
  

					
	 TEN COM
		  -- 
		 as tenants in common

			
	 TEN ENT
		  -- 
		 as tenants by the entireties

			
	 JT TEN
		  -- 
		 as joint tenants with right

of survivorship and not
 as
tenants in common

  

									
	 UNIF GIFT MIN ACT
		  -- 
		 		 Custodian
		 
					(Cust)				(Minor)

  

	
	Under Uniform Gifts to Minors Act
	
	   

	(State)

 Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 

 

	
	 Please Insert Social Security or
 Other
Identifying Number of Assignee

	
	   

  
  

 
  
  

 
 (PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

  
 12 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and
appoint                                      attorney
to transfer the said Security on the books of the Company, with full power of substitution in the premises. 
 Dated:
                                         
    
  

	
	   

  

	
	   

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the
within instrument in every particular, without alteration or enlargement or any change whatever. 

  
 13

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