Document:

EX-10.1

 Exhibit 10.1 

The NASDAQ OMX Group, Inc. 

Change in Control Severance Plan 

For Executive Vice Presidents and Senior Vice Presidents 

Effective November 26, 2013 
  

	1.	Purpose. The NASDAQ OMX Group, Inc. Change in Control Severance Pay Plan (the “Plan”) has been established by The NASDAQ OMX Group, Inc. (“NASDAQ OMX” or “the Company”), effective as
of November 26, 2013 (“Effective Date”) to promote the long-term financial interests of the Company and its shareholders by (i) providing key employees of the Company and its subsidiaries with assurances of fair and equitable
treatment as well as severance benefits consistent with competitive practices in the event of a Change in Control of the Company and (ii) reducing the risk of departures and distractions of such employees in a Change in Control situation which
would be detrimental to the Company and its shareholders. 

  

	2.	Definitions. As used in this Plan, the following terms shall have the meanings set forth below: 

  

	 	(a)	“Board” means the Board of Directors of NASDAQ OMX. 

  

	 	(b)	“Cause” means, for Executives employed in the United States, (i) the Executive’s conviction of, or pleading nolo contendere to, any crime, whether a felony or misdemeanor, involving the
purchase or sale of any security, mail or wire fraud, theft, embezzlement, moral turpitude, or NASDAQ OMX or its affiliates’ property (with the exception of minor traffic violations or similar misdemeanors); (ii) the Executive’s
repeated neglect of his duties; or (iii) the Executive’s willful misconduct in connection with the performance of his duties. For Executives employed outside of the United States, “Cause” shall be defined consistent with the
requirements of local law in the jurisdiction where the Executive is regularly assigned to work. 

  

	 	(c)	“Change in Control” means the first to occur of any one of the following events: 

  

	 	(i)	any “Person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) is or becomes the beneficial owner, directly or indirectly, of
more than 50% of the Voting Securities (not including any securities acquired directly (or through an underwriter) from NASDAQ OMX), except a Person shall not include: 

 

	 	(A)	NASDAQ OMX, 

  

	 	(B)	any Person who becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of NASDAQ OMX’s then outstanding securities eligible to vote in the election of the Board
(“Voting Securities”) as a result of a reduction in the number of Voting Securities outstanding due to the repurchase of Voting Securities by NASDAQ OMX unless and until such Person, after becoming aware that such Person has become
the beneficial owner of more than 50% of the then outstanding Voting Securities, acquires beneficial ownership of additional Voting Securities representing 1% or more of the Voting Securities then outstanding, 

 

	 	(C)	any trustee or other fiduciary holding securities under an employee benefit plan of NASDAQ OMX, or 

  

	 	(D)	any entity owned, directly or indirectly, by the stockholders of NASDAQ OMX in substantially the same proportions as their ownership of Voting Securities is or becomes the beneficial owner, directly or indirectly, of
more than 50% of the Voting Securities (not including any securities acquired directly (or through an underwriter) from NASDAQ OMX or the Companies; 

  

	 	(ii)	the date on which, within any twelve (12) month period (beginning on or after the Effective Date), a majority of the directors then serving on the Board are replaced by directors not endorsed by at least two-thirds
( 2/3) of the members of the Board before the date of appointment or election; 

	 	(iii)	there is consummated a merger or consolidation of NASDAQ OMX with any other corporation or entity or NASDAQ OMX issues Voting Securities in connection with a merger or consolidation of any direct or indirect subsidiary
of NASDAQ OMX with any other corporation, other than: 

  

	 	(A)	a merger or consolidation that would result in the Voting Securities outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the
surviving or parent entity) more than 50% of NASDAQ OMX’s then outstanding Voting Securities or more than 50% of the combined voting power of such surviving or parent entity outstanding immediately after such merger or consolidation or

  

	 	(B)	a merger or consolidation effected to implement a recapitalization of NASDAQ OMX (or similar transaction) in which no Person, directly or indirectly, acquired more than 50% of NASDAQ OMX’s then outstanding Voting
Securities (not including any securities acquired directly (or through an underwriter) from NASDAQ OMX or the Companies); or 

  

	 	(iv)	the consummation of an agreement for the sale or disposition by NASDAQ OMX of all or substantially all of NASDAQ OMX’s assets (or any transaction having a similar effect), provided that such agreement or
transaction of similar effect shall in all events require the disposition, within any twelve (12) month period, of at least 40% of the gross fair market value of all of NASDAQ OMX’s then assets; other than a sale or disposition by NASDAQ
OMX of all or substantially all of NASDAQ OMX’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned directly or indirectly by stockholders of NASDAQ OMX in substantially the same
proportions as their ownership of NASDAQ OMX immediately prior to such sale. 

 Notwithstanding anything in this Plan to the
contrary, to the extent any provision of this Plan would cause a payment or benefit not exempt from the requirements of Code Section 409A to be made because of the occurrence of a Change in Control, then such payment or benefit shall not be
made unless such Change in Control also constitutes a “change in ownership”, “change in effective control” or “change in ownership of a substantial portion of the Company’s assets” within the meaning of Code
section 409A. Any payment that would have been made except for the application of the preceding sentence shall be made in accordance with the payment schedule that would have applied in the absence of a Change in Control (and other Executive rights
that are tied to a Change in Control shall not be affected by this paragraph). 
  

	 	(d)	“Companies” shall mean NASDAQ OMX or any of its affiliates. 

  

	 	(e)	“Disability” shall mean either (i) the inability of the Executive to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a continuous period of not less than 12 months or (ii) the Executive is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or
can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Companies. The Executive shall
be deemed disabled if he is determined to be (i) totally disabled by the Social Security Administration (or a similar governmental agency in the country where the Executive is regularly assigned to work) or (ii) disabled in accordance with
a disability insurance program, provided such definition of disabled under the program complies with the definition of Disability hereunder. Otherwise, such Disability shall be certified by a physician chosen by NASDAQ OMX and reasonably acceptable
to the Executive (unless he is then legally incapacitated, in which case such physician shall be reasonably acceptable to the Executive’s authorized legal representative). 

 

	 	(f)	“Employing Entity” shall mean NASDAQ OMX or the affiliate that employs the Executive. 

  

	 	(g)	“Executive” shall mean an individual who is either an Executive Vice President or Senior Vice President of the Companies; provided, however that in no event shall an individual be eligible to
participate in the Plan if the individual is covered under an active individual severance agreement entered into with the Companies. 

  
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	 	(h)	“Good Reason shall mean the Employing Entity (i) reducing the Executive’s position, duties, or authority; (ii) failing to secure the agreement of any successor entity to the Company that the
Executive shall continue in his position without reduction in position, duties or authority; or (iii) relocating the Executive’s principal work location beyond a 50 mile radius of his work location as of the date immediately preceding the
date of a Change in Control; provided that no event or condition shall constitute Good Reason unless (A) the Executive gives the Employing Entity written notice specifying his objection to such event or condition within 90 days following the
occurrence of such event or condition, (B) such event or condition is not corrected, in all material respects, by the Employing Entity in a manner that is reasonably satisfactory to the Executive within 30 days following the Employing
Entity’s receipt of such notice and (C) the Executive resigns from his employment with the Employing Entity not more than 30 days following the expiration of the 30-day period described in the foregoing clause (B). 

 

	 	(i)	“Qualifying Termination” means a termination of Executive’s employment (i) by the Employing Entity other than for Cause or (ii) by Executive for Good Reason. Termination of
Executive’s employment on account of death, Disability or voluntary termination other than for Good Reason shall not be treated as a Qualifying Termination. 

  

	3.	Payments Upon Termination of Employment following a Change in Control. If, within the period beginning on a Change in Control and ending two (2) years following such Change in Control, Executive’s
employment with the Employing Entity terminates by the Employing Entity for a reason other than for Cause, or within the period beginning on a Change in Control and ending one (1) year following such Change in Control, Executive’s
employment with the Employing Entity terminates by the Executive for Good Reason, Executive shall be entitled to the following payments and benefits subject to Section 3(e). 

 

	 	(a)	Severance. On the sixtieth (60th) day following the date of Executive’s Qualifying Termination, NASDAQ OMX shall pay Executive a lump sum cash
payment in accordance with the following schedule: 

  

	 	(i)	if Executive is an Executive Vice President (“EVP”) as of the Executive’s Qualifying Termination, then Executive’s lump sum cash payment shall be equal to the sum of (x) 200% of Executive’s
annual salary at the rate in effect on the date of Executive’s Qualifying Termination and (y) 100% of Executive’s “Individual Target Award” (as that term is defined in the NASDAQ OMX Group, Inc. Executive Corporate Incentive
Plan (the “Executive Incentive Plan”)) for the Plan Year (as that term is defined in the Incentive Plan) in which Executive’s Qualifying Termination occurs, or if such Individual Target Award has not yet been established for such Plan
Year, 100% of Executive’s Individual Target Award for the Plan Year prior to the year in which the Qualifying Termination occurs. 

  

	 	(ii)	if Executive is a Senior Vice President (“SVP”) as of the Executive’s Qualifying Termination, then the Executive’s lump sum cash payment shall be equal to the sum of (x) 150% of Executive’s
annual salary at the rate in effect on the date of Executive’s Qualifying Termination and (y) 100% of Executive’s “Individual Target Award” (as that term is defined in The NASDAQ OMX Group, Inc. Corporate Incentive Plan (the
“Corporate Incentive Plan”)) for the Plan Year (as that term is defined in the Corporate Incentive Plan) in which Executive’s Qualifying Termination occurs, or if such Individual Target Award has not yet been established for such Plan
Year, 100% of Executive’s Individual Target Award for the Plan Year prior to the year in which the Qualifying Termination occurs. 

  

	 	(b)	 Incentive Compensation. Notwithstanding any provision of the Incentive Plan to the contrary, NASDAQ OMX shall pay Executive on the sixtieth (60th) day following the date of Executive’s Qualifying Termination a lump sum cash payment equal to the sum of (i) any unpaid “Award” (as that term is defined in the Executive
Incentive Plan or Corporate Incentive Plan, as applicable) which had been earned by Executive for a completed Plan Year and (ii) Executive’s “Pro-Rata Individual Target Award.” The term Pro-Rata Individual Target Award means in
respect to the Plan Year during which Executive’s Qualifying Termination occurs an amount equal to the product of (i) Executive’s Individual Target Award for the Plan Year in which Executive’s Qualifying Termination occurs, or if
such Individual Target Award has not yet been established for such Plan Year, 100% of Executive’s Individual Target Award for the Plan Year prior to the year in which the Qualifying Termination occurs

  
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and (ii) a fraction, the numerator of which equals the number of days from and including the first day of the Plan Year during which the Qualifying Termination occurred through and including
the date of Executive’s Qualifying Termination. 

  

	 	(c)	United States Health and Welfare Benefits. NASDAQ OMX shall pay to Executive on a monthly basis during the CIC Coverage Period a taxable monthly cash payment equal to the COBRA premium for the highest level of
coverage available under the Employing Entity’s group health plans, but reduced by the monthly amount that Executive would pay for such coverage if the Executive was an active employee. “CIC Coverage Period” shall mean the period
(I) commencing on the first day of the month following the Release and Covenants Effective Date (provided that if the 60 day period described in Section 3(e) below begins in one calendar year and ends in another, the CIC Coverage Period
shall commence not earlier than January 1 of the calendar year following an Executive’s Qualifying Termination) and (II) ending on the earlier of (x) the expiration of 24 months from the first day of the CIC Coverage Period in the
case of an Executive who is an EVP as of the Executive’s Qualifying Termination (the expiration of 18 months in the case of an Executive who is a SVP as of the Executive’s Qualifying Termination), and (y) the date that the Executive
is eligible for coverage under the health care plans of a subsequent employer. The payments provided by this subparagraph (c) shall be conditioned upon the Executive being covered by the Company’s health care plans immediately prior to the
Executive’s Qualifying Termination. The foregoing payments are not intended to limit or otherwise reduce any entitlements that Executive may have under COBRA. 

 

	 	(d)	Non-United States Health and Welfare Benefits. Executives employed outside the United States shall receive a taxable monthly cash payment equivalent to the Employing Entity’s share of the cost of the highest
level of coverage available under the Employing Entity’s group health plans during the CIC Coverage Period unless otherwise required by applicable local law.  

 

	 	(e)	Outplacement Services. NASDAQ OMX shall provide Executive with outplacement services suitable to Executive’s position during the “Outplacement Coverage Period”; provided that if such outplacement
services are provided by a third party, NASDAQ OMX shall pay the cost of such outplacement services to the third party, up to a maximum amount of $50,000, no later than the last day of the third calendar year following the calendar year in which
such Qualifying Termination occurs. The “Outplacement Coverage Period” shall mean the period (I) commencing on the first day of the month following the Release and Covenants Effective Date (provided that if the 60 day period described
in Section 3(e) below begins in one calendar year and ends in another, the CIC Coverage Period shall commence not earlier than January 1 of the calendar year following an Executive’s Qualifying Termination) and (II) ending on the
earlier of (x) the expiration of 12 months from the first day of the Outplacement Coverage Period or, if earlier, (y) the date the Executive first accepts an offer of employment. 

 

	 	(f)	Release and Restrictive Covenants. Notwithstanding anything to the contrary in this Agreement, receipt of benefits under Section 3 shall be contingent upon (i) Executive executing and delivering to
NASDAQ OMX a general release of claims following the date of the Executive’s Qualifying Termination, in substantially the form attached as Exhibit A (“Release”) that, within 60 days of the Executive’s Qualifying Termination, has
become irrevocable by the Executive and (ii) Executive executing and delivering to NASDAQ OMX a restrictive covenants and cooperation agreement, in substantially the form attached as Exhibit B (“Covenants”) that, within 60 days of the
Executive’s Qualifying Termination, has become irrevocable by the Executive. The date on which the Release and Covenants become irrevocable under this subparagraph (i) shall be referred to as the Release and Covenants Effective Date. If
Executive fails to timely execute and deliver to NASDAQ OMX the Release and Covenants, NASDAQ OMX shall have no obligation to pay or provide the benefits provided under this Section 3 to the Executive. Executives employed outside of the United
States will be required to execute comparable agreements consistent with the requirements of local law. 

  

	4.	Special Provisions for Executives Employed Outside of the United States: The severance payment under this Plan includes all contractual and statutory payments that the Executive is entitled to upon termination or
during or in respect of his/her notice period, including but not limited to: 

  

	 	i.	salary, pension, bonus, etc., payable in a notice period or in lieu of notice, 

  

	 	ii.	all severance payments payable under statute or collective or other agreements, and 

  

	 	iii.	compensation for untaken holiday. 

  
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 Any part of the severance payment payable under this Plan which - pursuant to law or collective
or other agreement - is to be paid into a public holiday fund, or pension scheme, etc., will be withheld by the Employing Entity and paid towards the relevant holiday fund or pension scheme, etc. The severance payment will be treated as advance
payment for any compensation or awards which may be made to the employee by any court or tribunal (although no admission of liability in relation to any such compensation or award is made). 

If the gross value of the Executive’s contractual and statutory rights pertaining to termination of employment exceeds the severance
payment under this Plan, the Executive will be entitled to receive his contractual and statutory rights (less any applicable deductions for income tax withholding and Executive’s social taxes) instead of the severance payment under this Plan.
In no event will the Executive be entitled to receive severance payments under this Plan in addition to other statutory or contractual entitlements payable in connection with the termination of employment. 

 

	5.	Withholding Taxes. NASDAQ OMX may withhold from all payments or benefits due to Executive hereunder or under any other plan or arrangement of the Companies all taxes which, by applicable federal, state, local or
other law, NASDAQ OMX determines it is required to withhold therefrom. 

  

	6.	Best Net. In connection with the excise tax imposed by Section 4999 of the Internal Revenue Code (“Code”), as amended, the NASDAQ OMX will provide for the “Best Net” so that
Executive’s aggregate severance payments and benefits would be reduced to $1.00 less than that amount which would trigger the Code Section 4999 excise tax if such reduction would result in such Executive receiving a greater after-tax
benefit than Executive would receive if the full severance benefits were paid (i.e., the aggregate severance payments and benefits that Executive receives will be either the full amount of severance payments and benefits or an amount of severance
payments and benefits reduced to the extent necessary so that Executive incurs no excise tax, whichever results in Executive receiving the greater amount, taking into account applicable federal, state and local income, employment and other
applicable taxes, as well as the excise tax). 

  

	7.	Code Section 409A. To the extent applicable, it is intended that the Plan comply with the provisions of Code Section 409A. The Plan will be administered and interpreted in a manner consistent with this
intent, and any provision that would cause the Plan to fail to satisfy Code Section 409A will have no force and effect until amended to comply therewith (which amendment may be retroactive to the extent permitted by Code Section 409A).
Notwithstanding anything contained herein to the contrary, for all purposes of this Plan, Executive shall not be deemed to have had a termination of employment until Executive has incurred a separation from service as defined in Treasury Regulation
§1.409A-1(h) and, to the extent required to avoid accelerated taxation and/or tax penalties under Code Section 409A, payment of the amounts payable under the Plan that would otherwise be payable during the six-month period after the date
of termination shall instead be paid on the first business day after the expiration of such six-month period, plus interest thereon, at a rate equal to the applicable “Federal short-term rate” (as defined in Code Section 1274(d)) for
the month in which such date of termination occurs, from the respective dates on which such amounts would otherwise have been paid until the actual date of payment. In addition, for purposes of the Plan, each amount to be paid and each installment
payment shall be construed as a separate, identified payment for purposes of Code Section 409A. With respect to expenses eligible for reimbursement under the terms of this Plan, (i) the amount of such expenses eligible for reimbursement in
any taxable year shall not affect the expenses eligible for reimbursement in another taxable year and (ii) any reimbursements of such expenses shall be made no later than the end of the calendar year following the calendar year in which the
related expenses were incurred, except, in each case, to the extent that the right to reimbursement does not provide for a “deferral of compensation” within the meaning of Code Section 409A. 

 

	8.	Waiver of Breach. No waiver by any party hereto of a breach of any provision of the Plan by any other party, or of compliance with any condition or provision of the Plan to be performed by such other party, will
operate or be construed as a waiver of any subsequent breach by such other party of any similar or dissimilar provisions and conditions at the same or any prior or subsequent time. The failure of any party hereto to take any action by reason of such
breach will not deprive such parry of the right to take action at any time while such breach continues 

  
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	9.	Amendment and Termination. The Board may amend or terminate the Plan at any time; provided, however that no amendment of the Plan which is adopted on or after a Change in Control or during the 180-day period
immediately preceding a Change in Control shall directly or indirectly adversely affect any Executive’s rights and benefits under the Plan without the written consent of that Executive and further provided, that the upon and after a Change in
Control, the Plan may not be terminated prior to the second anniversary of the occurrence of such Change in Control. 

  

	10.	Administration. The Committee shall be responsible for administering this Plan. The Committee may employ attorneys, consultants, accountants, agents and other individuals, any of whom may be an employee of NASDAQ
OMX, and the Committee, NASDAQ OMX, and its officers and directors shall be entitled to rely upon the advice, opinions or valuations of any such individuals. All actions taken and all interpretations and determinations made by the Committee shall be
final and binding upon Executives, the Companies, and all other interested individuals. 

  

	11.	Binding Agreement; Successors. In the event of any Change in Control, the provisions of this Plan shall be binding upon the surviving corporation, and such surviving corporation shall be treated as NASDAQ OMX
hereunder. This Plan shall inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If Executive dies while any amounts would
be payable to Executive hereunder had Executive continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Plan to such person or persons appointed in writing by Executive to receive
such amounts or, if no person is so appointed, to Executive’s estate. 

  

	12.	Gender and Number. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine, the plural shall include the singular, and the singular shall include the
plural. 

  

	13.	Unfunded Plan. Executives shall have no right, title or interest whatsoever in or to any investments that the Companies may make to aid it in meeting its obligations under this Plan. Nothing contained in this
Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Companies and any Executive, beneficiary, legal representative or any other individual. To the
extent that any individual acquires a right to receive payments under this Plan, such right shall be no greater than the right of an unsecured general creditor of the Companies. All payments to be made hereunder shall be paid from the general funds
of NASDAQ OMX, and no special or separate fund shall be established, and no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in this Plan. 

 

	14.	Governing Law and Miscellaneous. The law of the State of New York shall govern this Plan without giving effect to its conflict of law principles. Should a court of competent jurisdiction find that any provision
of this Plan is void, voidable, illegal, or unenforceable, no other provision shall be affected thereby and the balance shall be interpreted in a manner that gives effect to the intent of the parties. The normal rules of construction hold that all
ambiguities are construed against the drafting party will not apply to the interpretation of this Plan. 

  
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 Exhibit A 

UNITED STATES GENERAL EXECUTIVE RELEASE AND WAIVER1 

Reference is made to The NASDAQ OMX Group, Inc. Change in Control Severance Plan for Executive Vice Presidents and Senior Vice Presidents (the
“CIC Plan”) that has been established by The NASDAQ OMX Group, Inc. (“NASDAQ OMX”), effective as of November 26, 2013 and under which
                     (“Executive”) is covered. Capitalized terms not defined herein shall have the meaning ascribed to such terms in the
CIC Plan. 
 FOR GOOD AND VALUABLE CONSIDERATION, as set forth in the CIC Plan (which is incorporated herein by reference as if set
forth fully herein and made a part hereof), the receipt, sufficiency and adequacy of which is hereby acknowledged by Executive’s signature below, Executive agrees as follows: 

 

	1.	Acknowledgment and Release. Executive hereby accepts the separation package provided under the CIC Plan and hereby releases, discharges, and agrees to hold harmless the Companies, their predecessors,
successors, their boards of directors and their members, employees, officers, parent, shareholders, employee benefit plans and their Plan Administrators, trusts, trustees, heirs, successors, and assigns (hereinafter referred to in this Release
collectively as the “Releasees”), from all claims, liabilities, demands, and causes of action at law or equity, known or unknown, fixed or contingent, which Executive have, may have, will have, or claim to have against the Releasees
as a result of Executive’s employment and/or this separation and the conclusion of Executive’s employment with the Releasees at any time up to and including the date of the execution of this General Executive Release and Waiver, excluding
all claims that arise out of an asserted breach of the CIC Plan. Executive’s agreement pursuant to this General Executive Release and Waiver is hereinafter referred to as the “Release”. This includes, but is not limited to,
claims arising under federal, state, or local laws prohibiting employment discrimination, including Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act, as amended (including the Older Workers Benefit
Protection Act), the Employment Retirement Income Security Act of 1974, as amended, the Equal Pay Act, the Fair Labor Standards Act, as amended, the District of Columbia Human Rights Act, as amended, the Maryland Human Relations Act, the New York
Executive Law, as amended, the New York City Administrative Code, as amended, the New York Labor Law, as amended, the District of Columbia Wage Payment and Wage Collection Law, as amended, the Maryland Wage Payment and Collection Act, as amended,
claims growing out of any legal restrictions on an employer’s right to terminate its employees in any jurisdiction, such as claims for wrongful or constructive discharge, breach of any express or implied contract, and/or any claims on any basis
whatsoever regarding Executive’s status, pay, position, or title while employed by the Releasees. Excluded from this Release are claims which cannot be lawfully waived, including the right to file an administrative charge of discrimination with
federal or state agencies. Executive is, however, waiving all rights to monetary recovery in connection with any such charge. 

Executive specifically promise not to sue the Releasees in any forum for any of the above-mentioned claims, except that Executive may bring a
lawsuit to challenge the validity of this letter agreement under the Age Discrimination in Employment Act (“ADEA”). If Executive violates this covenant, Executive will be required to pay the Releasees’ defense costs, including its
reasonable fees; alternatively, at NASDAQ OMX’s option, NASDAQ OMX’s remaining obligations to pay severance money and/or benefits under the CIC Plan shall cease, and Executive will be required to repay to NASDAQ OMX upon demand all but
$100.00 (one hundred dollars) of the payments and other benefits Executive received under the CIC Plan. The above payment/repayment provisions do not apply in the event Executive sues the Releasees under the ADEA. 

 

	2.	Governing Law. The law of the State of New York shall govern this Release without giving effect to its conflict of law principles. Should a court of competent jurisdiction find that any provision of this
Release is void, voidable, illegal, or unenforceable, no other provision shall be affected thereby and the balance shall be interpreted in a manner that gives effect to the intent of the parties. The parties agree that the normal rule of
construction that holds that all ambiguities are construed against the drafting party will not apply to the interpretation of this Release. 

 

	1 	Executives assigned outside the United States shall be required to execute a comparable version of this agreement consistent with local law of the jurisdiction where
the Executive is assigned. 

  
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	3.	Headings. We further acknowledge that the headings in this Release are for convenience only and have no bearing on the meaning of this Release. 

 

	4.	Time to Consider. Executive acknowledges that Executive has been advised that Executive has twenty-one (21) days from the date of receipt of this Release to consider all the provisions of the Release
and do hereby knowingly and voluntarily waive said given twenty-one day period. YOU FURTHER ACKNOWLEDGE THAT YOU HAVE READ THE RELEASE CAREFULLY, HAVE BEEN ADVISED BY NASDAQ OMX TO, AND HAVE IN FACT, CONSULTED AN ATTORNEY, AND FULLY UNDERSTAND THAT
BY SIGNING BELOW YOU ARE GIVING UP CERTAIN RIGHTS WHICH YOU MAY HAVE TO SUE OR ASSERT A CLAIM AGAINST THE RELEASEES AS DESCRIBED HEREIN. YOU ACKNOWLEDGE THAT YOU HAVE NOT BEEN FORCED OR PRESSURED IN ANY MANNER WHATSOEVER TO SIGN THIS RELEASE AND
AGREE TO ALL OF ITS TERMS VOLUNTARILY. 

  

	5.	Revocation. Executive shall have seven (7) days from the date of Executive’s execution of the Release to revoke the Release, with respect to all claims referred to herein (including, without
limitation, any and all claims arising under ADEA). If Executive revokes the Release, NASDAQ OMX will not be obligated to honor its obligations under the CIC Plan. 

 

	6.	No Admission. This Release does not constitute an admission of liability or wrongdoing of any kind by Executive or the Releasees. 

 

	7.	Coordination with Executive Restrictive Covenants and Cooperation Agreement. In addition to the timely submission to NASDAQ OMX of an executed Release, Executive acknowledges and agrees that the payment of
any benefits under the CIC Plan to the Executive also is contingent upon the Executive’s timely submission to NASDAQ OMX of an executed Executive Restrictive Covenants and Cooperation Agreement in substantially the form attached as Exhibit B to
the CIC Plan. Executive acknowledges that the Executive’s failure to submit to NASDAQ OMX on a timely basis an executed Executive Restrictive Covenants and Cooperation Agreement shall Waiver shall cause the Companies’ obligation to make
the payments and/or provide the benefits referred to in the CIC Plan to immediately cease. 

 If Executive agrees to the
foregoing, please sign the enclosed copy of this Release in the space provided below and return it to me. 
  

			
	Very truly yours,
	
	The NASDAQ OMX Group, Inc.
		
	By:	 	  

 By signing below, I,
                    , certify that I have read, carefully reviewed, fully understand, and agree to all the provisions of this Release, which, along
with the CIC Plan, Restrictive Covenants Agreement and any award agreements I entered into under the Equity Plan sets forth the entire agreement and understanding between NASDAQ OMX and me. I acknowledge that I have not relied upon any
representation or statement, written or oral, not set forth in such documents. 
  

			
	Date:
	
	cc: Human Resources
	Office of General Counsel

  
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 Exhibit B 

UNITED STATES EXECUTIVE RESTRICTIVE COVENANTS AND COOPERATION AGREEMENT2 

Reference is made to The NASDAQ OMX Group, Inc. Change in Control Severance Plan for Executive Vice Presidents and Senior Vice Presidents
(the “CIC Plan”) that has been established by The NASDAQ OMX Group, Inc. (“NASDAQ OMX”), effective as of November 26, 2013 and under which
                     (“Executive”) is covered. Capitalized terms not defined herein shall have the meaning ascribed to such terms in
the CIC Plan. 
 FOR GOOD AND VALUABLE CONSIDERATION, as set forth in the CIC Plan (which is incorporated herein by reference as if
set forth fully herein and made a part hereof), the receipt, sufficiency and adequacy of which is hereby acknowledged by Executive’s signature below, Executive agrees as follows: 

 

	 	1.	Acknowledgment and Agreement. Executive hereby accepts the separation package provided under the CIC Plan and hereby agrees to the provisions set forth in this Executive Restrictive Covenants and
Cooperation Agreement (“Agreement”). Executive acknowledges that failure to submit to NASDAQ OMX and executed Agreement during the time period specified in Section 7 of this Agreement shall cause the Companies’
obligation to make the payments and/or provide the benefits referred to in the CIC Plan to immediately cease. 

  

	 	2.	Return of NASDAQ OMX Property. Executive agrees to promptly return all property of the Companies to Executive’s manager. This includes (i) all documents, data, materials, details, and copies
thereof in any form (electronic or hard copy) that are the property of the Companies or were created using the Companies resources or during any hours worked for the Companies including, without limitation, any data referred to in Section 5 of
this Agreement and (ii) all other property of the Companies including, without limitation, all computer equipment, and associated passwords, property passes, keys, hardware keys, credit cards, and identification badges. 

 

	 	3.	Non-solicitation of Employees. Executive agrees that Executive shall not directly recruit or solicit any current employee of the Companies to leave the employ of the Companies for one year following the
date of Executive’s Qualifying Termination. The term “directly” as used in this Section 3 shall mean that Executive shall not initiate such discussions with a current employee of the Companies. 

 

	 	4.	Post-termination Cooperation. Executive agrees to cooperate with the Companies and to provide all information that the Companies may hereafter reasonably request with respect to any matter involving
Executive’s present or former relationship with the Companies, the work Executive has performed, or present or former employees of the Companies so long as such requests do not unreasonably interfere with any other job or important personal
activity in which Executive is engaged. NASDAQ OMX agrees to reimburse Executive for all reasonable out-of-pocket costs Executive incurs in connection therewith. 

  

	 	5.	Non-disclosure of Proprietary Information. Executive agrees that, with regard to all confidential technical, business, tax, financial or proprietary knowledge and information Executive has obtained while
employed by any of the Companies (“Proprietary Information”), Executive will not at any time disclose any such Proprietary Information to any person, firm, corporation, association, governmental agency, employee, or entity or use
any such Proprietary Information for Executive’s own benefit or for the benefit of any other person, firm, corporation or other entity, except the Companies and except as may be required by court order or subpoena. Executive agrees to notify
the NASDAQ OMX Office of General Counsel at the address noted in the CIC Plan as soon as practicable after Executive’s receipt of such a court order or subpoena. For purposes of this letter 

 

	2 	 Executives assigned outside the United States shall be required to execute a comparable version of this agreement consistent with local law of the
jurisdiction where the Executive is assigned. 

  
 B-9 

	 	
agreement, the term “Proprietary Information” does not include information that is in the public domain. For purposes of this letter agreement, the term “Proprietary
Information” shall include, but not be limited to, non-public aspects of all information about or relating to the Companies which: 

  

	 	i.	relates to specific matters such as trade secrets, pricing and advertising techniques or strategies, research and development activities, software development, market development, exchange registration, the
Companies’ costs, expenses, human resources or other employment issues, matters relating to pending litigation, any matters pertaining to pending, past or future mergers, studies, market penetration plans, listing retention plans and
strategies, marketing plans and strategies, financial information, communication and/or public relations products, plans, programs, and strategies, financial formulas and methods relating to the Companies’ business, computer software programs,
accounting policies and practices, tax information, information from and about tax returns, tax strategies, policies and methods, and all strategic plans or other matters, strategies, and financial or operating information pertaining to clients,
lenders, customers, counsel, or transactions as they may exist from time to time which Executive may have acquired or obtained directly or indirectly by virtue of Executive’s employment with any of the Companies; and/or, 

 

	 	ii.	is known to Executive from Executive’s confidential employment relationship with the Companies. 

The information described above shall be presumed to constitute “Proprietary Information,” except to the extent that the same
information: (i) was known to Executive prior to Executive’s employment with the Companies as evidenced by written records in Executive’s possession prior to such disclosure; (ii) was lawfully disclosed to Executive following the
end of Executive’s employment with the Companies by a third party under no obligation of confidentiality; and (iii) is generally known and available to all persons in the securities industry. 

 

	 	6.	Non-disparagement. Executive agrees that Executive shall not issue, circulate, publish or utter any false or disparaging, statement, remarks, opinions or rumors about NASDAQ OMX or its shareholders or any
of the Companies unless giving truthful testimony under subpoena or court order. Notwithstanding the preceding or any other provision of this letter agreement to the contrary, Executive may provide truthful information to any governmental agency or
self-regulatory organization with or without subpoena or court order. With the exception of communications made in a private corporate communication as an employee or consultant with regard to a listing decision of Executive’s employer or
Executive’s consulting client, Executive agree that public communications regarding a preference for listing a security on a market other than NASDAQ OMX, that the quality of NASDAQ OMX as a securities market is in any way inferior to any other
securities market or exchange, and/or that the regulatory efforts and programs of NASDAQ OMX or the NASD are or have been lax in any way, are specifically defined as disparaging and will constitute a material breach of this Plan by Executive.
Notwithstanding the foregoing, nothing in this Section 5 shall prevent Executive from making good faith, factual and truthful statements related to listing on NASDAQ OMX as long as Executive’s statements are not based on Proprietary
Information. 

  

	 	7.	Non-compete. Executive agrees that for one year following the date of Executive’s Qualifying Termination, Executive will not, directly or indirectly, (i) engage in any “Competitive
Business” (as defined below) for Executive’s own account, (ii) enter the employ of, or render any services to, any person engaged in a Competitive Business, (iii) acquire a financial interest in, or otherwise become actively
involved with, any person engaged in a Competitive Business, directly or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant, or (iv) interfere with business relationships (whether
formed before or after the date of this Agreement) between NASDAQ OMX and customers or suppliers of NASDAQ OMX. For purposes of this Agreement, “Competitive Business” shall mean (x) any national securities exchange registered
with the Securities and Exchange Commission, (y) any electronic communications network or (z) any other entity that engages in substantially the same business as NASDAQ OMX, in each case in North America or in any other location in which
NASDAQ OMX operates. 

  
 B-10 

	 	8.	Breach of Agreement. If Executive materially breaches or threatens to materially breach Executive’s obligations in set forth in this Agreement and/or commence a suit or action or complaint in contravention
of the Release attached as Exhibit A to the CIC Plan, Executive acknowledges that the Companies’ obligation to make the payments and/or provide the benefits referred to in the CIC Plan shall immediately cease, and that the Companies shall have,
in addition to all other rights or remedies provided in law or in equity by reason of Executive’s material breach, the right to seek the return of all payments and benefits paid pursuant to the CIC Plan unless prohibited by applicable law or
regulation. Executive specifically agrees and acknowledges that the Companies, after affording Executive reasonable, written notice of the material breach or threatened material breach of this Agreement or the Release of the reasonable opportunity
to cure, has the right to cease performing their obligations under the CIC Plan in advance of any determination of material breach by a court of competent jurisdiction. If the Companies cease performing their obligations due to such material breach
or threatened material breach and a court of competent jurisdiction later determines that such action was without right, the Companies agree to pay Executive all monies thus withheld plus simple interest at the prime rate in effect at the time the
payments ceased and Executive’s reasonable costs and expenses incurred in such action (including attorney fees), and Executive agrees to accept this as Executive’s exclusive remedy therefore, as follows: any benefit under Sections 3(a) and
3(b) of the CIC Plan, as applicable, that are otherwise to be paid in a single lump sum payment, shall, to the extent not otherwise previously paid to Executive, be paid to Executive in full (together with applicable interest) no later than the end
of Executive’s first taxable year in which such determination is made. Any reimbursement to Executive of the reasonable costs and expenses incurred in such action shall be made no later than March 15 following the end of the calendar year
in which the final decision relating to such action is rendered. If the Companies cease performing their obligations due to such material breach or threatened material breach and a court of competent jurisdiction later determines that a breach
occurred and that such action was thus appropriate and permitted under this Plan, Executive agrees to pay, in addition to such other costs as the court may direct, all of the Companies’ reasonable costs and expenses, including attorney’s
fees, unless prohibited by applicable law or regulation. 

  

	 	9.	Time to Consider and Execute. Executive acknowledges that Executive has been advised that Executive has twenty-eight (28) days from the date of receipt of this Agreement (“Executive
Period”) to consider all the provisions of the Agreement and to execute this Agreement and return it to NASDAQ OMX. 

  

	 	10.	Coordination with General Executive Release and Waiver. In addition to the timely submission to NASDAQ OMX of an executed Agreement, Executive acknowledges and agrees that the payment of any benefits under
the CIC Plan to the Executive also is contingent upon the Executive’s timely submission to NASDAQ OMX of an executed General Executive Release and Waiver in substantially the form attached as Exhibit A to the CIC Plan. Executive acknowledges
that the Executive’s failure to submit to NASDAQ OMX on a timely basis an executed General Executive Release and Waiver shall cause the Companies’ obligation to make the payments and/or provide the benefits referred to in the CIC Plan to
immediately cease. 

 If Executive agrees to the foregoing, please sign the enclosed copy of this AGREEMENT in
the space provided below and return it to me. 
  

			
	Very truly yours,
	
	The NASDAQ OMX Group, Inc.
		
	By:	 	  

  
 B-11 

 By signing below, I,
                    , certify that I have read, carefully reviewed, fully understand, and agree to all the provisions of this AGREEMENT, which, along
with the CIC Plan, General Executive Release and Waiver, and any award agreements I entered into under the Equity Plan sets forth the entire agreement and understanding between NASDAQ OMX and me. I acknowledge that I have not relied upon any
representation or statement, written or oral, not set forth in such documents. 
  

			
	Date:
	
	cc: Human Resources
	Office of General Counsel

  
 B-12Form of Medium-Term Notes, Series K, Notes Linked to 3 Month LIBOR

 Exhibit 4.1 

[Face of Note] 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative
of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
  

			
	CUSIP NO. 94986RSB8	  	PRINCIPAL AMOUNT: $                      
	REGISTERED NO.     	  	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes Linked to 3 Month LIBOR due November 29, 2023 

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 November 29, 2023 (the “Stated Maturity Date”) and to pay interest thereon
from November 29, 2013 or from the most recent Interest Payment Date to which interest has been paid or duly provided for quarterly on each February 28, May 29, August 29 and November 29, commencing February 28, 2014
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, (i) that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York and (ii) that is also a London Banking Day (as defined below). 

Except as described below for the first Interest Period, on each Interest Payment Date, interest will be paid for the period
commencing on and including the immediately preceding 

 
Interest Payment Date and ending on and including the day immediately preceding that Interest Payment Date. This period is referred to as an “Interest Period.” The first Interest
Period will commence on and include November 29, 2013 and end on and include February 27, 2014. Interest on this Security will be computed on the basis of a 360-day year of twelve 30-day months. 
 The interest rate on this Security that will apply during the first four
Interest Periods (up to and including the Interest Period ending November 28, 2014) will be equal to 2.30% per annum. For all Interest Periods commencing on or after November 29, 2014, the interest rate on this Security will be
determined by the calculation agent for this Security (the “Calculation Agent”) and will be equal to 3 month LIBOR on the Determination Date for such Interest Period plus 1.00%, subject to the Maximum Interest Rate. 

The “Determination Date” for an Interest Period commencing on or after November 29, 2014 will be two
London Banking Days prior to the first day of such Interest Period. A “London Banking Day” is any day on which commercial banks and foreign exchange markets settle payments in London. 

“3 month LIBOR” means, for any Determination Date, the arithmetic mean of the offered rates for deposits in
U.S. dollars having a 3 month maturity, commencing on the second London Banking Day immediately following that Determination Date that appear on the Designated LIBOR Page as of 11:00 a.m., London time, on that Determination Date, if at
least two offered rates appear on the Designated LIBOR Page, provided that if the Designated LIBOR Page by its terms provides only for a single rate, that single rate will be used. The “Designated LIBOR Page” means the display on
Reuters, or any successor service, on page LIBOR01, or any other page as may replace that page on that service, for the purpose of displaying the London Interbank rates for U.S. dollars. 

If (i) fewer than two offered rates appear or (ii) no rate appears and the Designated LIBOR Page by its terms
provides only for a single rate, then the Calculation Agent will request the principal London offices of each of four major banks in the London Interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered
quotation for deposits in U.S. dollars for a 3 month period commencing on the second London Banking Day immediately following that Determination Date to prime banks in the London Interbank market at approximately 11:00 a.m., London time, on
that Determination Date and in a principal amount that is representative of a single transaction in U.S. dollars in that market at that time. If at least two quotations are provided, 3 month LIBOR determined on that Determination Date will be the
arithmetic mean of those quotations. 
 If fewer than two quotations are provided, 3 month LIBOR will be the arithmetic mean
of the rates quoted at approximately 11:00 a.m. in New York, New York on that Determination Date by three major banks in New York, New York selected by the Calculation Agent for loans in U.S. dollars to leading European banks, having a 3 month
maturity and in a principal amount that is representative of a single transaction in U.S. dollars in that market at that time. 

  
 2 

 If the banks so selected by the Calculation Agent are not quoting as set forth
above, 3 month LIBOR on such Determination Date will be determined by the Calculation Agent in a commercially reasonable manner. 

The “Maximum Interest Rate” is 6.50% per annum. 

The Calculation Agent shall, upon the request of a Holder of this Security, provide the interest rate then in effect and, if
determined, the interest rate that will become effective for the next Interest Period. All calculations of the Calculation Agent, in the absence of manifest error, shall be conclusive for all purposes and binding on the Company and the Holder
hereof. The Calculation Agent shall notify the Paying Agent of each determination of the interest applicable to this Security promptly after the determination is made. Wells Fargo Securities, LLC will initially act as Calculation Agent. The Company
may appoint a successor Calculation Agent with the written consent of the Trustee. 
 Any interest not punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in
any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

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

This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior
to November 29, 2023. This Security is not entitled to any sinking fund. 
  

 

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

  
 3 

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

  
 4 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal. 
 DATED:
                       
  

			
	WELLS FARGO & COMPANY
		
	By:	 	  

		 	  

		 	Its:                                    
                              

 [SEAL] 
  

			
	 Attest:
	 	  

		 	  

		 	
Its:                            
                                 

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
 This is one of the Securities of the 

series designated therein described 
 in the within-mentioned Indenture. 
  

			
	 CITIBANK, N.A.,
  as Trustee

		
	 By:
	 	  

		 	 Authorized Signature

		
		 	 OR

	
	 WELLS FARGO BANK, N.A.,
as Authenticating Agent for the Trustee

		
	 By:
	 	
                  
                                         
              

		 	 Authorized Signature

  
 5 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes Linked to 3 Month LIBOR due November 29, 2023 

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

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

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

Modification and Waivers 

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

  
 6 

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

 Defeasance 

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

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

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

This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee 

  
 7 

 
of such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not
be considered the Holders hereof for any purpose under the Indenture. 
 Prior to due presentment of this Security for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 Obligation of the Company Absolute 

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

No Personal Recourse 

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

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

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

  
 8 

 ABBREVIATIONS 

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

							
	 TEN COM
	  	 --
	  	as tenants in common	  	
				
	 TEN ENT
	  	 --
	  	as tenants by the entireties	  	
				
	 JT TEN
	  	 --
	  	as joint tenants with right of survivorship and not as tenants in common	  	

  

			
	 UNIF GIFT MIN ACT --
                                        
Custodian
                                         
       

	 (Cust)
	  	 (Minor)

  

			
	 Under Uniform Gifts to Minors Act
	  	
		
	  
	  	
	(State)	  	

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

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

Please Insert Social Security or 
 Other Identifying Number of
Assignee 
  

                          
                             
  

	
	
	 
	
	 
	
	 

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

  
 9 

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

                       
                                         
       
  

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

  
 10

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