Document:

Exhibit 10.12

 

EMPLOYMENT AGREEMENT

 

AGREEMENT dated as of ________, 2015 between
Thomas Panza, residing at ___________ (“Employee”), and Long Island Brand Beverages LLC, a New York limited liability
company having its principal office at 116 Charlotte Avenue, Hicksville, NY 11801 (“Company”);

 

WHEREAS, the Company has entered into an
Agreement and Plan of Reorganization (the “Merger Agreement”), dated as of December 31, 2014 and amended
as of April 23, 2015, by and among the Company,
Cullen Agricultural Holding Corp. (“Cullen Ag”), Long Island Iced Tea Corp. (“Holdco”), Cullen Merger Sub,
Inc., LIBB Acquisition Sub, LLC and the founders of LIBB;

 

WHEREAS, the Company desires to enter into
a new employment agreement with Employee to take effect upon consummation of the transactions contemplated by the Merger Agreement
(the “Commencement Date”); and

 

WHEREAS, Employee is willing to enter into
such employment agreement on the terms, conditions and provisions hereinafter set forth.

 

NOW, THEREFORE, in consideration of the
mutual promises, terms, covenants and conditions set forth herein and the performance of each, the parties hereby agree as follows:

 

IT IS AGREED:

 

1.          Employment,
Duties and Acceptance.

 

1.1           General.
During the Term (as defined in Section 2), the Company shall employ Employee in the position of Purchasing Manager of the Company
and such other positions as shall be given to Employee by the Chief Executive Officer (CEO). All of Employee’s powers and
authority in any capacity shall at all times be subject to the direction and control of the Company’s Chief Executive Officer.
The CEO may assign to Employee such management and supervisory responsibilities and duties for the Company or any subsidiary of
the Company, as are consistent with Employee’s status as Purchasing Manager. The Company and Employee acknowledge that Employee’s
primary functions and duties as Purchasing Manager shall be to assist the Company in managing all hands-on operational aspects
of the company with a primary focus on management of the Company’s inventory control and oversight
of supply chain management and procurement.
Purchasing manager will be responsible for buying the best quality equipment, goods
and services for the Company or organization at the most competitive prices.

 

    	 

    	 

    

 

1.2           Full-Time
Position. Employee accepts such employment and agrees to devote substantially all of his business time, energies and attention
to the performance of his duties hereunder. Nothing herein shall be construed as preventing Employee from making and supervising
personal investments, provided they will not interfere with the performance of Employee’s duties hereunder or violate the
provisions of Section 5.4 hereof.

 

1.3           Location.
Employee will perform his duties in or around Hicksville, New York. Employee shall undertake such occasional travel, within or
outside the United States, as is reasonably necessary in the interests of the Company.

 

2.          Term.
The term of Employee’s employment hereunder shall commence on the Commencement Date and shall continue until the second anniversary
of the Commencement Date (“Term”) unless terminated earlier as hereinafter provided in this Agreement, or unless extended
by mutual written agreement of the Company and Employee. This Agreement shall become null and void in the event of the termination
of the Merger Agreement prior to the consummation of the transactions contemplated thereby. Notwithstanding any provision in this
Agreement to the contrary, this Agreement shall become effective only upon consummation of the transactions contemplated by the
Merger Agreement. Unless the Company and Employee have otherwise agreed in writing, if Employee continues to work for the Company
after the expiration of the Term, his employment thereafter shall be under the same terms and conditions provided for in this Agreement,
except that his employment will be on an “at will” basis and the provisions of Sections 4.4 and 4.6(c) shall no longer
be in effect.

 

3.          Compensation
and Benefits.

 

3.1           Salary.
The Company shall pay to Employee a salary (“Base Salary”) at the annual rate of $80,000. Employee’s compensation
shall be paid in equal, periodic installments in accordance with the Company’s normal payroll procedures.

 

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3.2           Incentives.
For the period from the Commencement Date until December 31st, 2015, the Employee shall be paid a bonus (“Bonus”)
of up to 50% of the Base Salary. The incentive paid (if any) will be determined by the Chief Executive Officer and the Board at
their discretion. The Bonus will be paid in cash or stock as per the recommendation of the Board.

 

3.3           Benefits.
Employee shall be entitled to such medical, life, disability and other benefits as are generally afforded to other Employees of
the Company, subject to applicable waiting periods and other conditions, as well as participation in all other company-wide employee
benefits, including a defined contribution pension plan and 401(k) plan, as may be made available generally to employees from time
to time. If the benefits in this Section 3.3 are not implemented by the date being six (6) months from the Commencement Date the
Employee will accept by way of substitution the sum of $500.00 per month for the period until the benefits are made available to
the Employee.

 

3.4           Vacation
and Sick Days. Employee shall be entitled to twenty (20) days of paid vacation and five (5) days of paid sick days in each
year during the Term and to a reasonable number of other days off for religious and personal reasons in accordance with customary
Company policy.

 

3.5           Expenses.
The Company shall pay or reimburse Employee for all transportation, hotel and other expenses reasonably incurred by Employee on
business trips and for all other ordinary and reasonable out-of-pocket expenses actually incurred by him in the conduct of the
business of the Company against itemized vouchers submitted with respect to any such expenses and approved in accordance with customary
procedures.

 

3.6           Stock
Options. Subject to approval by the Board of Directors of Holdco, Holdco shall grant Employee an option (“Option”)
to purchase 40,000 shares of Holdco’s Common Stock under Holdco’s 2015 Long-Term Incentive Equity Plan, such Option
to vest quarterly in equal portions over the Term and have an exercise price of $3.75. The duration of the Option is for a five
year period ending on the fifth anniversary of the Commencement Date.

 

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4.          Termination.

 

4.1           Death.
If Employee dies during the Term, Employee’s employment hereunder shall terminate and the Company shall pay to Employee’s
estate the amount set forth in Section 4.6(a).

 

4.2           Disability.
The Company, by written notice to Employee, may terminate Employee’s employment hereunder if Employee shall fail because
of illness or incapacity to render services of the character contemplated by this Agreement for six (6) consecutive months. Upon
such termination, the Company shall pay to Employee the amount set forth in Section 4.6(a).

 

4.3           By
Company for “Cause”. The Company, by written notice to Employee, may terminate Employee’s employment hereunder
for “Cause”. As used herein, “Cause” shall mean: (a) the refusal or failure by Employee to carry out specific
directions of the Chief Employee Officer or Board which are of a material nature and consistent with his status as Purchasing Manager
(or whichever positions Employee holds at such time), or the refusal or failure by Employee to perform a material part of Employee’s
duties hereunder; (b) the commission by Employee of a material breach of any of the provisions of this Agreement; (c) fraud or
dishonest action by Employee in his relations with the Company or any of its subsidiaries or affiliates (“dishonest”
for these purposes shall mean Employee’s knowingly or recklessly making of a material misstatement or omission for his personal
benefit); or (d) the conviction of Employee of a felony under federal or state law. Notwithstanding the foregoing, no “Cause”
for termination shall be deemed to exist with respect to Employee’s acts described in clauses (a) or (b) above, unless the
Company shall have given written notice to Employee within a period not to exceed ten (10) calendar days of the initial existence
of the occurrence, specifying the “Cause” with reasonable particularity and, within thirty (30) calendar days after
such notice, Employee shall not have cured or eliminated the problem or thing giving rise to such “Cause;” provided,
however, no more than two cure periods need be provided during any twelve-month period. Upon such termination, the Company shall
pay to Employee the amount set forth in Section 4.6(b).

 

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4.4           By
Employee for “Good Reason”. The Employee, by written notice to the Company, may terminate Employee’s employment
hereunder if a “Good Reason” exists. For purposes of this Agreement, “Good Reason” shall mean the occurrence
of any of the following circumstances without the Employee’s prior written consent: (a) a substantial and material adverse
change in the nature of Employee’s title, duties and/or responsibilities with the Company that represents a demotion from
his title, duties or responsibilities as in effect immediately prior to such change (such change, a “Demotion”); (b)
material breach of this Agreement by the Company; (c) a failure by the Company to make any payment to Employee when due, unless
the payment is not material and is being contested by the Company, in good faith; or (d) a liquidation, bankruptcy or receivership
of the Company. Notwithstanding the foregoing, no “Good Reason” shall be deemed to exist with respect to the Company’s
acts described in clauses (a), (b) or (c) above, unless Employee shall have given written notice to the Company within a period
not to exceed ten (10) calendar days of the Employee’s knowledge of the initial existence of the occurrence, specifying the
“Good Reason” with reasonable particularity and, within thirty (30) calendar days after such notice, the Company shall
not have cured or eliminated the problem or thing giving rise to such “Good Reason”; provided, however, that no more
than two cure periods shall be provided during any twelve-month period of a breach of clauses (a), (b) or (c) above. Upon such
termination, the Company shall pay to Employee the amount set forth in Section 4.6(c).

 

4.5           Without
“Cause”. Either the Company or the Employee may terminate Employee’s employment hereunder without “Cause”
by giving at least six (6) months written notice to the other party. Upon such termination, the Company shall pay to Employee the
amount set forth in Section 4.6(c).

 

4.6           Compensation
Upon Termination. In the event that Employee’s employment hereunder is terminated, the Company shall pay to Employee
the following compensation:

 

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(a)          Payment
Upon Death or Disability. In the event that Employee’s employment is terminated pursuant to Sections 4.1 or 4.2, the
Company shall no longer be under any obligation to Employee or his legal representatives pursuant to this Agreement except for:
(i) the Base Salary due Employee pursuant to Section 3.1 hereof through the date of termination; (ii) all valid expense reimbursements;
(iii) all accrued but unused vacation pay; and (iv) all earned and previously approved but unpaid Bonuses for any year prior to
the year of termination.

 

(b)          Payment
Upon Termination by the Company For “Cause”. In the event that the Company terminates Employee’s employment
hereunder pursuant to Section 4.3, the Company shall have no further obligations to the Employee hereunder, except for: (i) the
Base Salary due Employee pursuant to Section 3.1 hereof through the date of termination; (ii) all valid expense reimbursements;
and (iii) all unused vacation pay through the date of termination required by law to be paid.

 

(c)          Payment
Upon Termination Without Cause or by Employee for Good Reason. In the event that Employee’s employment is terminated
pursuant to Sections 4.4 or 4.5, the Company shall have no further obligations to Employee hereunder except for: (i) six (6) months
of Base Salary due Employee pursuant to Section 3.1, which shall be paid in accordance with the Company’s normal payroll
procedures unless otherwise mutually agreed to by the Employee and the Company; (ii) all valid expense reimbursements; and (iii)
all accrued but unused vacation pay (pro rata for the period to the date of termination).

 

(d)          Employee
shall have no duty to mitigate awards paid or payable to him pursuant to this Agreement, and any compensation paid or payable to
Employee from sources other than the Company will not offset or terminate the Company’s obligation to pay to Employee the
full amounts pursuant to this Agreement.

 

5.          Protection
of Confidential Information; Non-Competition.

 

5.1           Acknowledgment.
Employee acknowledges that:

 

(a)          As
a result of his employment with the Company, Employee has obtained and will obtain secret and confidential information concerning
the business of the Company and its subsidiaries (referred to collectively in this Section 5 as the “Company”), including,
without limitation, financial information, proprietary rights, trade secrets and “know-how,” customers and sources
(“Confidential Information”).

 

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(b)          The
Company will suffer substantial damage which will be difficult to compute if, during the period of his employment with the Company
or thereafter, Employee should enter a business competitive with the Company or divulge Confidential Information.

 

(c)          The
provisions of this Agreement are reasonable and necessary for the protection of the business of the Company.

 

5.2           Confidentiality.
Employee agrees that he will not at any time, during the Term or thereafter, divulge to any person or entity any Confidential Information
obtained or learned by him as a result of his employment with the Company, except (i) in the course of performing his duties hereunder,
(ii) with the Company’s prior written consent; (iii) to the extent that any such information is in the public domain other
than as a result of Employee’s breach of any of his obligations hereunder; or (iv) where required to be disclosed by court
order, subpoena or other government process. If Employee shall be required to make disclosure pursuant to the provisions of clause
(iv) of the preceding sentence, Employee promptly, but in no event more than 48 hours after learning of such subpoena, court order,
or other government process, shall notify, confirmed by mail, the Company and, at the Company’s expense, Employee shall:
(a) take all reasonably necessary and lawful steps required by the Company to defend against the enforcement of such subpoena,
court order or other government process, and (b) permit the Company to intervene and participate with counsel of its choice in
any proceeding relating to the enforcement thereof.

 

5.3           Documents.
Upon termination of his employment with the Company, Employee will promptly deliver to the Company all memoranda, notes, records,
reports, manuals, drawings, blueprints and other documents (and all copies thereof) relating to the business of the Company and
all property associated therewith, which he may then possess or have under his control; provided, however, that Employee shall
be entitled to retain copies of such documents reasonably necessary to document his financial relationship with the Company.

 

5.4           Non-Competition.
For and in consideration of the transactions contemplated by the Merger Agreement and the consideration the Employee will receive
as a result thereby, Employee hereby agrees as follows:

 

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(a)          Employee
shall not during the period of his employment by or with the Company and for the Applicable Period (defined below), for himself
or on behalf of, or in conjunction with, any other person, persons, company, partnership, limited liability company, corporation
or business of whatever nature:

 

(i)          engage,
as an officer, director, manager, member, shareholder, owner, partner, joint venturer, trustee, or in a managerial capacity, whether
as an employee, independent contractor, agent, consultant or advisor, or as a sales representative, in an entity that designs,
researches, develops, markets, sells or licenses products or services that are substantially similar to or competitive with the
business of the Company that is located within seventy-five (75) miles of any market in which Company currently operates or has
plans to do business in at the time of termination;

 

(ii)         call
upon any person who is at that time, or within the preceding twenty-four (24) months has been, an employee of the Company, for
the purpose, or with the intent, of enticing such employee away from, or out of, the employ of the Company or for the purpose of
hiring such person for Employee or any other person or entity, unless any such person was terminated by the Company more than six
(6) months prior thereto;

 

(iii)        call
upon any person who, or entity that is then or that has been within one year prior to that time, a customer of the Company, for
the purpose of soliciting or selling products or services in competition with the Company; or

 

(iv)        call
upon any prospective acquisition or investment candidate, on the Employee’s own behalf or on behalf of any other person or
entity, which candidate was known by Employee to have, within the previous twenty-four (24) months, been called upon by the Company
or for which the Company made an acquisition or investment analysis or contemplated a joint marketing or joint venture arrangement
with, for the purpose of acquiring or investing or enticing such entity into a joint marketing or joint venture arrangement.

 

For purposes of this Section 5:

 

		·	the term “Company” shall be deemed to include the Holdco, Company and any of its respective subsidiaries; and

 

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		·	the term “Applicable Period” shall mean two (2) years from the consummation of the Merger Agreement.

 

5.5           Injunctive
Relief. If Employee commits a breach, or threatens to commit a breach, of any of the provisions of Section 5.2 or 5.4, the
Company shall have the right and remedy to seek to have the provisions of this Agreement specifically enforced by any court having
equity jurisdiction, it being acknowledged and agreed by Employee that the services being rendered hereunder to the Company are
of a special, unique and extraordinary character and that any such breach or threatened breach will cause irreparable injury to
the Company and that money damages will not provide an adequate remedy to the Company. The rights and remedies enumerated in this
Section 5.5 shall be in addition to, and not in lieu of, any other rights and remedies available to the Company under law or equity.
In connection with any legal action or proceeding arising out of or relating to this Agreement, the prevailing party in such action
or proceeding shall be entitled to be reimbursed by the other party for the reasonable attorneys’ fees and costs incurred
by the prevailing party.

 

5.6           Modification.
If any provision of Section 5.2 or 5.4 is held to be unenforceable because of the scope, duration or area of its applicability,
the tribunal making such determination shall have the power to modify such scope, duration, or area, or all of them, and such provision
or provisions shall then be applicable in such modified form.

 

5.7           Survival.
The provisions of this Section 5 shall survive the termination of this Agreement for any reason.

 

6.          Miscellaneous
Provisions.

 

6.1           Notices.
All notices provided for in this Agreement shall be in writing, and shall be deemed to have been duly given when (i) delivered
personally to the party to receive the same, or (ii) when mailed first class postage prepaid, by certified mail, return receipt
requested, addressed to the party to receive the same at his or its address set forth below, or such other address as the party
to receive the same shall have specified by written notice given in the manner provided for in this Section 6.1. All notices shall
be deemed to have been given as of the date of personal delivery or mailing thereof.

 

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If to Employee:

 

  Thomas Panza

 

If to the Company:

 

  Long Island Brand Beverages LLC

  116 Charlotte Avenue

  Hicksville, New York 11801

 

6.2           Entire
Agreement; Waiver. This Agreement sets forth the entire agreement of the parties relating to the employment of Employee and
is intended to supersede all prior negotiations, understandings and agreements. No provisions of this Agreement may be waived or
changed except by a writing by the party against whom such waiver or change is sought to be enforced. The failure of any party
to require performance of any provision hereof or thereof shall in no manner affect the right at a later time to enforce such provision.

 

6.3           Governing
Law. All questions with respect to the construction of this Agreement, and the rights and obligations of the parties hereunder,
shall be determined in accordance with the law of the State of New York applicable to agreements made and to be performed entirely
in New York.

 

6.4           Binding
Effect; Nonassignability. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the
Company. This Agreement shall not be assignable by Employee, but shall inure to the benefit of and be binding upon Employee’s
heirs and legal representatives.

 

6.5           Severability.
Should any provision of this Agreement become legally unenforceable, no other provision of this Agreement shall be affected, and
this Agreement shall continue as if the Agreement had been executed absent the unenforceable provision.

 

6.6           Section
409A. This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code (“Section
409A”). To the extent that any payments and/or benefits provided hereunder are not considered compliant with Section 409A,
the parties agree that the Company shall take all actions necessary to make such payments and/or benefits become compliant.

 

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IN WITNESS WHEREOF, the parties have executed
this Agreement on the date first above written.

 

	 	LONG ISLAND BRAND BEVERAGES LLC
	 	 
	 	By:	 	 
	 	Name:
	 	Title:
	 	 
	 	 	 
	 	THOMAS PANZAForm of Medium-Term Notes, Series K, Principal at Risk Securities

 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. 94986RWN7

REGISTERED NO.     
		FACE AMOUNT: $                        

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Principal at Risk Securities Linked to the S&P 500® Index 

due April 26, 2021 

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 April 26, 2021. If the Calculation Day (as defined below) is not postponed, the Initial Stated Maturity Date will be the “Stated Maturity Date.” If the Calculation Day is postponed, the “Stated
Maturity Date” shall be the later of (i) the Initial Stated Maturity Date and (ii) the third Business Day (as defined below) after the Calculation Day as postponed. 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 or equal to the Starting Level: the Face Amount plus the greater of: 

 

	 	(i)	 The Contingent Minimum Return; and 

  

																	
	 (ii) 
		 		 Face Amount x  
		 		Ending Level – Starting Level  		 		 x Participation Rate  
		 		 ;

		 			 		Starting Level		 			 	

  

	 	•	 	 if the Ending Level is less than 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 minus: 

 

											
			 		 Face Amount x
		Starting Level – Ending Level  		 		
			 			Starting Level		 		

 All calculations with respect to the Redemption Amount will be rounded to the nearest one
hundred-thousandth, with five one-millionths rounded upward (e.g., 0.000005 would be rounded to 0.00001); and the Redemption Amount will be rounded to the nearest cent, with one-half cent rounded upward. 

“Index” shall mean the S&P 500® Index. 

The “Pricing Date” shall mean April 17, 2015. 

The “Starting Level” is 2081.18, 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 reported by
the Index Sponsor on such Trading Day, as obtained by the Calculation Agent on such Trading Day from the licensed third-party market data vendor contracted by the Calculation Agent at such time; in particular, taking into account the decimal
precision and/or rounding convention employed by such licensed third-party market data vendor on such date, subject to the provisions set forth below under “Discontinuance of The Index; Alteration of Method of Calculation” and “Market
Disruption Events.” 
 The “Ending Level” will be the Closing Level of the Index on the Calculation
Day. 
 The “Threshold Level” is 1456.826, which is equal to 70% of the Starting Level. 

The “Participation Rate” is 100%. 

The “Contingent Minimum Return” is 40% of the Face Amount of this Security. 

  
 2 

 “Index Sponsor” shall mean S&P Dow Jones Indices LLC. 

“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. 
 A
“Trading Day” with respect to the Index means a day, as determined by the Calculation Agent, on which (i) the Relevant Stock Exchanges with respect to each security underlying the Index are scheduled to be open for trading for
their respective regular trading sessions and (ii) each Related Futures or Options Exchange is scheduled to be open for trading for its regular trading session. 

The “Related Futures or Options Exchange” for the Index means an exchange or quotation system where trading
has a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to the Index. 

The “Relevant Stock Exchange” for any security underlying the Index means the primary exchange or quotation
system on which such security is traded, as determined by the Calculation Agent. 
 The “Calculation Day”
shall be April 19, 2021. If such day is not a Trading Day, the Calculation Day will be postponed to the next succeeding Trading Day. The Calculation Day is also subject to postponement due to the occurrence of a Market Disruption Event (as
defined below). 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 Trading Day after the originally scheduled Calculation Day, that eighth Trading Day shall be deemed the Calculation Day. If the Calculation Day has been
postponed eight Trading Days after the originally scheduled Calculation Day and a Market Disruption Event occurs or is continuing with respect to the Index on such eighth Trading Day, the Calculation Agent will determine the Closing Level of the
Index on such eighth 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
relevant security, if a Market Disruption Event has occurred with respect to such security, its good faith estimate of the value of such security at the Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the
actual closing time of the regular trading session of such Relevant Stock Exchange) on such date of each security included in the Index. As used herein, “closing price” means, with respect to any security on any date, the Relevant
Stock Exchange traded or quoted price of such security as of the Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the regular trading session of such Relevant Stock Exchange. 

“Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of March 18, 2015
between the Company and the Calculation Agent, as amended from time to time. 

  
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 “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. 
 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 prior to, and the discontinuance is continuing on,
the Calculation Day and the Calculation Agent determines that no Successor Equity Index is available at such time, the Calculation Agent will calculate a substitute Closing Level for the Index in accordance with the formula for and method of
calculating the Index last in effect prior to the discontinuance, but using only those securities that comprised the Index immediately prior to that 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 on the Calculation Day the Index Sponsor of the Index fails to calculate and announce the level of the Index, the
Calculation Agent will calculate a substitute Closing Level of the Index in accordance with the formula for and method of calculating the Index last in effect prior to the failure, but using only those securities that comprised the Index immediately
prior to that failure; provided that, if a Market Disruption Event occurs or is continuing on such day, then the provisions set forth above under the definition of “Calculation Day” shall apply in lieu of the foregoing. 

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 (other than a modification prescribed in that formula or method to maintain the Index in the event of changes in constituent stock and capitalization and other routine events), then, from and after that time,
the Calculation Agent will, at the close of business in New York, New York, on each date that the Closing Level of the Index is to be calculated, calculate a substitute Closing Level of the Index in accordance with the formula for and method of
calculating the Index last in effect prior to the change, but using only those securities that comprised the Index immediately prior to that change. Accordingly, if the method of calculating the Index is modified so that the level of the

  
 4 

 
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)	 The occurrence or existence of a material suspension of or limitation imposed on trading by the Relevant Stock Exchanges or otherwise relating to
securities which 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, whether by reason of movements in price exceeding limits
permitted by those Relevant Stock Exchanges or otherwise. 

  

	 	(B)	 The occurrence or existence of a material suspension of or limitation imposed on trading by any Related Futures or Options Exchange or otherwise in
futures or options contracts relating to the Index or any Successor Equity Index on any Related Futures or Options Exchange at any time during the one-hour period that ends at the Close of Trading on that day, whether by reason of movements in price
exceeding limits permitted by the Related Futures or Options Exchange or otherwise. 

  

	 	(C)	 The occurrence or existence of 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, securities that then comprise 20% or more of the level of the Index or any Successor Equity Index on their Relevant Stock Exchanges at any time during the one-hour period that ends at
the Close of Trading on that day. 

  

	 	(D)	 The occurrence or existence of 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, futures or options contracts relating to the Index or any Successor Equity Index on any Related Futures or Options Exchange at any time during the one-hour period that ends at the Close
of Trading on that day. 

  

	 	(E)	 The closure on any Exchange Business Day of the Relevant Stock Exchanges on which securities that then comprise 20% or more of the level of the
Index or any Successor Equity Index are traded or any Related Futures or Options Exchange prior to its Scheduled Closing Time unless the earlier closing time is announced by the Relevant Stock Exchange or Related Futures or Options Exchange, as
applicable, at least one hour prior to the earlier of (1) the actual closing time for the regular trading session on such Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, and (2) the submission deadline for
orders to be entered into the Relevant Stock Exchange or Related Futures or Options 

  
 5 

	 	 
Exchange, as applicable, system for execution at such actual closing time on that day. 

  

	 	(F)	 The Relevant Stock Exchange for any security underlying the Index or Successor Equity Index or any Related Futures or Options Exchange fails to
open for trading during its regular trading session. 

 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)	 the “Close of Trading” on any Trading Day for the Index or any Successor Equity Index means the Scheduled Closing Time of the
Relevant Stock Exchanges with respect to the securities underlying the Index or Successor Equity Index on such Trading Day; provided that, if the actual closing time of the regular trading session of any such Relevant Stock Exchange is
earlier than its Scheduled Closing Time on such Trading Day, then (x) for purposes of clauses (A) and (C) of the definition of “Market Disruption Event” above, with respect to any security underlying the Index or Successor
Equity Index for which such Relevant Stock Exchange is its Relevant Stock Exchange, the “Close of Trading” means such actual closing time and (y) for purposes of clauses (B) and (D) of the definition of “Market
Disruption Event” above, with respect to any futures or options contract relating to the Index or Successor Equity Index, the “close of trading” means the latest actual closing time of the regular trading session of any of the
Relevant Stock Exchanges, but in no event later than the Scheduled Closing Time of the Relevant Stock Exchanges; 

  

	 	(3)	 the “Scheduled Closing Time” of any Relevant Stock Exchange or Related Futures or Options Exchange on any Trading Day for the
Index or any Successor Equity Index means the scheduled weekday closing time of such Relevant Stock Exchange or Related Futures or Options Exchange on such Trading Day, without regard to after hours or any other trading outside the regular trading
session hours; and 

  

	 	(4)	 an “Exchange Business Day” means any Trading Day for the Index or any Successor Equity Index on which each Relevant Stock Exchange
for the securities underlying the Index or any Successor Equity Index and each Related Futures or Options Exchange are open for trading during their respective regular trading sessions, notwithstanding any such Relevant Stock Exchange or Related
Futures or Options Exchange closing prior to its Scheduled Closing Time. 

  
 6 

 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 or non-Trading Day 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. 

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 that is an “open transaction.” 
 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 April 26, 2021. 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. 
  

 

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 

  
 7 

 
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] 

  
 8 

 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

  
 9 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Principal at Risk Securities Linked to the S&P 500® Index 

due April 26, 2021 

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 

  
 10 

 
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 

  
 11 

 
form, 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 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. 

  
 12 

 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)

  
 13 

 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. 

  
 14

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