Document:

EX-10.3

 Exhibit 10.3 

EMPLOYMENT AGREEMENT 
 EMPLOYMENT
AGREEMENT (“Agreement”) dated as of December 30, 2013 by and between Imperial Holdings, Inc., a Florida corporation (the “Company”), and Michael Altschuler (the “Executive”) (each a “Party” and
together, the “Parties”). 
 WHEREAS, the Executive has been the General Counsel of the Company; and 

WHEREAS, the Parties wish to establish the terms of the Executive’s employment as of January 1, 2014 and supersede and replace any
prior employment arrangement between the Executive and the Company, including, but not limited to, the Severance Agreement with the Company, dated January 31, 2012, as amended February 13, 2012. 

NOW THEREFORE, in consideration of the premises and mutual considerations herein and for other good and valuable consideration: 

1. Employment and Acceptance. The Company shall employ the Executive, and the Executive shall accept employment, subject to the terms
of this Agreement as of January 1, 2014 (the “Effective Date”). 
 2. Term. Subject to earlier termination pursuant to
Section 5 of this Agreement, this Agreement and the employment relationship hereunder shall continue from the Effective Date until the third anniversary of the Effective Date (the “Initial Term”) and shall renew for one (1) year
intervals thereafter (each, an “Extended Term”) unless either Party shall have given written notice to the other at least sixty (60) days prior to the end of the Initial Term or an Extended Term that it does not wish to extend the
Term. As used in this Agreement, the “Term” shall refer to the period beginning on the Effective Date and ending on the date of expiration of this Agreement, or, if earlier, the date the Executive’s employment terminates in accordance
with Section 5 (the “Termination Date”). In the event that the Executive’s employment with the Company terminates, the Company’s obligation to continue to pay, after the date of termination, Base Salary (as defined below),
Bonus (as defined below) and other unaccrued benefits shall terminate except as may be provided for in Section 5. 
 3. Duties,
Title and Location. 
 3.1 Title. The Company shall employ the Executive to render exclusive and full-time services to the
Company and its subsidiaries. The Executive shall serve in the capacity of General Counsel, and shall report directly to the Chief Executive Officer (“CEO”) and indirectly to the Board of Directors (“Board”). 

3.2 Duties. The Executive will have such duties, powers and authorities as are commensurate with his position as General Counsel of the
Company and as may be reasonably assigned by the CEO and the Board from time to time. The Executive will devote his full working-time and attention (other than due to physical or mental incapacity) to the performance of such duties and to the
promotion of the business and interests of the Company and its subsidiaries. The Executive shall obtain written approval in advance from the Board prior to serving on the board of directors of any outside company or organization. 

3.3 Location. The Executive shall perform his full-time services to the Company and its subsidiaries at the Company’s
headquarters, currently located in Boca Raton, Florida; provided that the Executive shall be required to travel to other locations from time to time as required by the Company’s business. 

 4. Compensation and Benefits by the Company. As compensation for all services rendered
pursuant to this Agreement, the Company shall provide the Executive the following during the Term: 
 4.1 Base Salary. The Company
will pay to the Executive an annual base salary of Two Hundred and Eighty-seven Thousand Dollars ($287,000), payable in accordance with the customary payroll practices of the Company (“Base Salary”). The Base Salary shall be reviewed by
the Board and may be increased, but not decreased, from time to time during the Term, in the sole determination of the Board, based upon its assessment of performance, leadership, Company profitability and market conditions, or based upon any other
good-faith evaluation performed by the Board. In its determination of performance, the Board may consider any individual, departmental or Company-level factor it deems relevant. 

4.2 Bonus. With respect to each fiscal year during the Term, the Executive shall be eligible to receive an annual bonus (the
“Bonus”) with a target amount equal to forty percent (40%) of the Base Salary (“Target”) and a potential of up to eighty percent (80%) of Base Salary (“Maximum”), to be paid at the sole discretion of the Board
if, in the reasonable view of the Board, the Company achieves or exceeds targeted performance goals as may be established by the Board from time to time, or based upon any other good-faith evaluation performed by the Board pursuant to any Bonus
arrangements. The Bonus for each fiscal year during the Term, if any, shall be payable to the Executive within two and one-half months following the fiscal year to which the Bonus relates. Except as otherwise set forth in Section 5, the
Executive must be employed with the Company, and not have given notice of resignation, as of the last day of the fiscal year to which the Bonus relates in order to receive a Bonus. 

4.3 Long-Term Incentive. The Executive shall participate in the Long-Term Incentive Plan (“LTIP”) of the Company, to the
extent such program exists and is offered to similarly-situated executives of the Company, subject to the terms and conditions of the LTIP, including terms regarding vesting and forfeiture set forth in the LTIP. 

4.4 Participation in Employee Benefit Plans. The Executive shall be entitled, if and to the extent eligible, to participate in all of
the applicable benefit plans and perquisite programs of the Company, which are available to other senior executives of the Company. The Company may at any time or from time to time amend, modify, suspend or terminate any employee benefit plan,
program, perquisite or arrangement for any reason without the Executive’s consent if such amendment, modification, suspension or termination is consistent with the amendment, modification, suspension or termination for other executives of the
Company. 
 4.5 Expense Reimbursement. 

(a) The Executive shall be entitled to receive reimbursement for all appropriate and reasonable business expenses incurred by him in
connection with his duties under this Agreement in accordance with the policies of the Company as in effect from time to time. 

 (b) The payment or reimbursement of any expense pursuant to this Section 4.5 in one of the
Executive’s taxable years shall not affect the amount of the payment or reimbursement of any other expense pursuant to this Section 4.5 in any other of the Executive’s taxable years. Any payment or reimbursement for expenses under
this Section 4.5 shall in any event be made on or before the last day of the Executive’s taxable year following the taxable year in which the expense was incurred. Notwithstanding the foregoing, expense reimbursement shall be made with 60
days following approval of appropriately documented expenses. 
 4.6 Claw-Back. Executive acknowledges that incentive and equity
compensation described in this Section 4 may be subject to Company claw-back policies applicable to all executive officers of the Company and adopted in good faith by the Company’s Board from time to time. 

5. Termination of Employment. 

5.1 By the Company for Cause or by the Executive Without Good Reason. If: (i) the Company terminates the Executive’s
employment with the Company for Cause (as defined below) or (ii) the Executive terminates his employment without Good Reason upon at least sixty (60) days prior written notice, the Executive shall be entitled to receive within 60 days
following employment termination the following: 
 (a) the Executive’s accrued but unpaid Base Salary to the date of termination and
any employee benefits that the Executive is entitled to receive pursuant to the employee benefit plans of the Company and its subsidiaries (other than any severance plans) in accordance with the terms of such employee benefit plans; 

(b) expenses reimbursable under Section 4.5 above incurred but not yet reimbursed to the Executive to the date of termination (together
with (a) the “Accrued Benefits”); and, 
 (c) other than upon a termination of Executive’s employment by the Company for
Cause, the unpaid portion of the Bonus, if any, relating to any year prior to the fiscal year of the Executive’s termination, payable in accordance with Section 4.2 above. 

For the purposes of this Agreement, “Cause” means as determined by a majority vote of the Board (or its designee),
(i) failed, neglected, or refused to perform the lawful employment duties related to his position or as from time to time assigned to him (other than due to Disability (as defined below)); (ii) committed any willful,
intentional, or negligent act having the effect of materially injuring the interest, business, or reputation of the Company; (iii) violated or failed to comply in any material respect with the Company’s published rules, regulations,
or policies, as in effect or amended from time to time; (iv) committed an act constituting a felony or misdemeanor involving moral turpitude, fraud, theft, or dishonesty; (v) misappropriated or embezzled any property of the
Company (whether or not an act constituting a felony or misdemeanor); or (vi) breached any material provision of this Agreement or any other applicable confidentiality, non-compete, non-solicit, general release, covenant not-to-sue, or
other agreement with the Company. For purposes of this Agreement, “Disability” shall have the meaning defined in Section 5.2, below. 

For the purposes of this Agreement, “Good Reason” means (i) a reduction in Executive’s then current Base Salary or Bonus
at Target, (ii) a requirement by the Company, 

 
without Employee’s prior written consent, that Employee relocate his primary place of employment to a location that is more than fifty (50) miles away from the primary location of
employment as of the Effective Date, or (iii) a substantial diminution of Executive’s title, duties or responsibilities as General Counsel with the Company; provided that neither the merger, sale or acquisition of business units,
subsidiaries or assets, nor any similar corporate transaction, shall, by itself, constitute a diminution of duties or responsibilities for purposes hereof. Each of the foregoing events will cease to constitute Good Reason unless Executive gives the
Company notice of Executive’s intention to resign his position with the Company within ninety (90) days after Executive’s knowledge of the occurrence of such event, and the Company shall have 30 days from its receipt of such notice to
cure any condition that constitutes Good Reason. For the avoidance of doubt, terms and conditions, including grant levels, of any long-term incentive plan adopted by the Company shall not give rise to Good Reason for purposes of this Agreement. 

5.2 Due to Death or Disability. If (x) the Executive’s employment terminates due to his death or (y) the Company
terminates the Executive’s employment with the Company due to the Executive’s Disability (as defined below), the Executive or the Executive’s estate will be entitled to the Accrued Benefits and, subject to the Executive’s or his
estate’s execution without revocation of a valid release agreement in a form acceptable to the Company within forty-five (45) days following the date of termination of the Executive’s employment, beginning on the 60th day following
such termination, the Executive or the Executive’s estate shall receive the severance payments set forth in this Section 5.2. 

(a) payment for accrued unused vacation days, payable in accordance with Company policy; and 

(b) the unpaid portion of the Bonus, if any, relating to any year prior to the fiscal year of the Executive’s termination, payable in
accordance with Section 4.2 above. 
 For the purposes of this Agreement, “Disability” means the determination by the
Company, its subsidiaries or affiliates that, as a result of a permanent physical or mental injury or illness, the Executive has been unable to perform the essential functions of his job with or without reasonable accommodation for (i) 90
consecutive days or (ii) a period of 180 days in any 12-month period. 
 5.3 By the Company Without Cause, or By the Executive for
Good Reason. If during the Term, (x) the Company terminates the Executive’s employment without Cause (which may be done at any time without prior notice) or (y) the Executive terminates his employment for Good Reason, the
Executive will be entitled to the Accrued Benefits and, subject to the Executive’s execution without revocation of a valid release agreement in a form acceptable to the Company within forty-five (45) days following the date of termination
of the Executive’s employment, beginning on the 60th day following such termination, the Executive shall receive the severance payments set forth in this Section 5.3., specifically including: 

(a) payment for accrued unused vacation days, payable in accordance with Company policy; 

(b) a severance payment equal to the Executive’s annual Base Salary, payable in equal installments pursuant to the regular payroll
practices of the Company; 

 (c) a prorated portion of the Bonus (prorated through the Termination Date) that would otherwise
be payable to the Executive at the same time payments are made to other participants as set forth in Section 4.2, for the fiscal year of the termination of employment; 

(d) the unpaid portion of the Bonus, if any, relating to any year prior to the fiscal year of the Executive’s termination, payable in
accordance with Section 4.2 above; and, 
 (e) reimbursement of the cost of continuation coverage of group health coverage as enrolled
at the time of termination of employment, pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended, for a maximum of twelve (12) months following the end of the Initial Term or any Extended Term to the extent the
Executive elects such continuation coverage and is eligible and subject to the terms of the plan and applicable law; provided that if the Executive is eligible to receive coverage from a new employer he shall not be entitled to such
reimbursement. 
 Notwithstanding the foregoing, the Company shall have no obligation to provide the payments or benefits set forth above in
the event that the Executive breaches any of the provisions of Section 6, below. 
 5.4 By the Company Without Cause, By the
Executive for Good Reason in Connection With a Change in Control. In the event that there is a Change in Control (as defined below) and Executive’s employment with the Company and its subsidiaries terminates within two (2) years
following such Change in Control (x) by the Company and any of its subsidiaries (i) without Cause or (ii) by giving written notice of non-renewal pursuant to Section 2 of this Agreement or (y) by Executive for Good Reason,
the Executive will be entitled to the Accrued Benefits and, subject to the Executive’s execution without revocation of a valid release agreement in a form acceptable to the Company within forty-five (45) days following the date of
termination of the Executive’s employment, beginning on the 60th day following such termination, the Executive shall receive the severance payments set forth in this Section 5.4., specifically including: 

(a) payment for accrued unused vacation days, payable in accordance with Company policy; 

(b) a lump sum severance payment equal to the product of two (2) and his Base Salary, payable on the sixtieth (60th) day following
the Termination Date; 
 (c) a prorated portion of the Bonus (prorated through the Termination Date) that would otherwise be payable to the
Executive at the same time payments are made to other participants as set forth in Section 4.2, for the fiscal year of the termination of employment; 

(d) the unpaid portion of the Bonus, if any, relating to any year prior to the fiscal year of the Executive’s termination, payable in
accordance with Section 4.2 above; and, 
 (e) reimbursement of the cost of continuation coverage of group health coverage pursuant to
the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended, for a maximum of twelve (12) months following the Termination Date to the extent the Executive elects such continuation coverage and is eligible and subject to the terms of
the plan and applicable law; provided that if the Executive is eligible to receive coverage from a new employer he shall not be entitled to such reimbursement. 

 Notwithstanding the foregoing, the Company shall have no obligation to provide the payments or
benefits set forth above in the event that the Executive breaches any of the provisions of Section 6, below. 
 For the avoidance of
doubt, in the event the Executive’s employment is terminated in accordance with this Section 5.4, the Executive shall not be entitled to any payments or benefits under Section 5.3. 

For purposes of this Agreement, “Change in Control” means the first to occur of any of the following events (i) any one person,
or more than one person acting as a group (as determined under Treas. Reg. section 1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the Company that, together with the stock held by such person or group, constitutes more than 50% of the total
fair market value or total voting power of the stock of the Company; provided, however, that the acquisition of stock of the Company by any subsidiary of the Company shall not be deemed to result in a Change in Control, or any
acquisition of stock of the Company that is passive as evidenced by no change in board representation shall not be deemed to result in a Change in Control; (ii) any one person, or more than one person acting as a group (as determined under
Treas. Reg. section 1.409A-3(i)(5)(v)(B)), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets of the Company that have a total gross fair market value (as
determined under Treas. Reg. Section 1.409A-3(i)(5)(vii)(A)) equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions; provided,
however, that the acquisition of assets of the Company by any subsidiary of the Company shall not be deemed to result in a Change in Control; (iii) a majority of members of the Company’s Board of Directors on the date hereof is
replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the directors of the Company’s Board of Directors before the date of the appointment or election; or (iv) the liquidation or
dissolution of the Company, or a partial liquidation of the Company where the net assets of the Company are reduced by 50% or more within a twelve month period as a result of sales (in each case other than a liquidation or dissolution occurring upon
a merger or consolidation thereof). 
 Notwithstanding the foregoing, a “Change in Control” shall not be deemed to occur if the Company files for
bankruptcy, liquidation or reorganization under the United States Bankruptcy Code. 
 5.5 Continued Employment Beyond the Expiration of
the Term. Unless the Parties otherwise agree in writing, continuation of the Executive’s employment with the Company beyond the expiration of the Initial Term or any Extended Term shall be deemed an employment at-will and shall not be
deemed to extend any of the provisions of this Agreement and the Executive’s employment may thereafter be terminated at will by either the Executive or the Company; provided that the provisions of Section 6 of this Agreement
shall survive any termination of this Agreement or the termination of the Executive’s employment hereunder; provided further that, the provisions of Section 5.4 and Section 8 shall only survive the termination of
this Agreement or the termination of Executive’s employment hereunder in the event there is a Change in Control prior to such termination of this Agreement and then, only for three (3) years following such Change in Control. 

5.6 No Mitigation. The Executive shall be under no obligation to seek other employment after his termination of employment with the
Company and the obligations of the Company to the Executive which arise upon the termination of his employment pursuant to this Section 5 shall not be subject to mitigation. 

 5.7 Removal from any Boards and Position. If the Executive’s employment is terminated
for any reason under this Agreement, he shall be deemed to resign (i) if a member, from the Board or board of directors of any subsidiary of the Company or any other board to which he has been appointed or nominated by or on behalf of the
Company and (ii) from any position with the Company or any subsidiary of the Company, including, but not limited to, as an officer of the Company and any of its subsidiaries. 

6. Restrictions and Obligations of the Executive. 

6.1 Confidentiality. (a) During the course of the Executive’s service to the Company (prior to and during the Term), the
Executive has had and will have access to certain trade secrets and confidential information relating to the Company and its subsidiaries and affiliates (the “Protected Parties”) which is not readily available from sources outside the
Company. The Executive acknowledges that such information constitutes “Confidential Information” that is valuable, highly confidential, special and unique property of the Protected Parties. The Executive shall hold in a fiduciary capacity
for the benefit of the Protected Parties all Confidential Information relating to the Protected Parties and their businesses, which shall have been obtained by the Executive during the Executive’s employment by the Company or its subsidiaries
and which shall not be or become public knowledge (other than by acts by the Executive or representatives of the Executive in violation of this Agreement). The Executive shall not, during the period the Executive is employed by the Company or its
subsidiaries or at any time thereafter, disclose any Confidential Information, directly or indirectly, to any person or entity for any reason or purpose whatsoever, nor shall the Executive use it in any way, except (i) in the course of the
Executive’s employment with, and for the benefit of, the Protected Parties, (ii) to enforce any rights or defend any claims hereunder or under any other agreement to which the Executive is a party, provided that such
disclosure is relevant to the enforcement of such rights or defense of such claims, (iii) when required to do so by a court of law or similar legal process, or in connection with any administrative proceeding, by any governmental agency or
regulatory organization or by any administrative or legislative body (including a committee thereof) with jurisdiction to order him to divulge, disclose or make accessible such information, provided that the Executive shall give prompt
written notice to the Company of such requirement (unless directed by governmental or judicial authority not to do so), disclose no more information than is so required, and cooperate with any attempts by the Company to obtain a protective order or
similar treatment, (iv) as to such Confidential Information that becomes generally known to the public or trade without his violation of this Section 6.1(a) or (v) to the Executive’s spouse, attorney and/or his personal tax and
financial advisors as reasonably necessary or appropriate to advance the Executive’s tax, financial and other personal planning (each an “Exempt Person”), provided, however, that any disclosure or use of Confidential
Information by an Exempt Person shall be deemed to be a breach of this Section 6.1(a) by the Executive. The Executive shall take all reasonable steps to safeguard the Confidential Information and to protect it against disclosure, misuse,
espionage, loss and theft. The Executive understands and agrees that the Executive shall acquire no rights to any such Confidential Information or his work product. 

(b) All files, records, documents, drawings, specifications, data, computer programs, evaluation mechanisms and analytics and similar items
relating thereto or to the 

 
Business (for the purposes of this Agreement, “Business” shall be as defined in Section 6.4 hereof), as well as all customer lists, specific customer information, compilations of
product research and marketing techniques of the Company and its subsidiaries, whether prepared by the Executive or otherwise coming into the Executive’s possession, shall remain the exclusive property of the Company and its subsidiaries. 

6.2 Cooperation. During the Term and any period thereafter, the Executive shall cooperate fully with any investigation or inquiry by
the Company, or any governmental or regulatory agency or body, concerning the Company or its subsidiaries’ or affiliates’ operations; provided that the Company shall reimburse the Executive for any reasonable expenses incurred during such
cooperation. 
 6.3 Non-Solicitation or Hire. During the Term and, following the termination of the Executive’s employment for
any reason, for a period of twelve (12) months, the Executive shall not (a) directly or indirectly solicit, attempt to solicit or induce (x) any party who is a customer of the Company or its subsidiaries, who was a customer of the
Company or its subsidiaries at any time during the twelve (12) month period immediately prior to the date the Executive’s employment terminates or who is a prospective customer that has been identified and targeted by the Company or its
subsidiaries as of the Termination Date, for the purpose of marketing, selling or providing to any such party any services or products offered by or available from the Company or its subsidiaries, or (y) any supplier to the Company or any
subsidiary to terminate, reduce or alter negatively its relationship with the Company or any subsidiary or in any manner interfere with any agreement or contract between the Company or any subsidiary and such supplier or (b) hire any employee
of the Company or any of its subsidiaries or affiliates (a “Current Employee”) or any person who was an employee of or consultant to the Company or any of its subsidiaries or affiliates during the six (6) month period immediately
prior to the date the Executive’s employment terminates (a “Former Employee”) or directly or indirectly solicit or induce a Current or Former Employee to terminate such employee’s employment relationship with the Protected
Parties in order, in either case, to enter into a similar relationship with the Executive, or any other person or any entity; provided, however, that nothing in Section 6.3(b) (i) shall be deemed to prohibit general solicitations for
employment through advertisements or other means that may be seen by employees of the Company or its subsidiaries or affiliates or (ii) preclude the Executive from employing any person whose employment with the Company or any of its
subsidiaries or affiliates was involuntarily terminated. 
 6.4 Non-Competition. Executive understands that the Company invests
significant resources in the training and development of its executives and that in his position as General Counsel, he had access to Confidential Information. During the Term and for a period of twelve (12) months following the termination of
the Executive’s employment under Sections 5.2, 5.3 or 5.4, the Executive shall not, directly or indirectly, without the prior written consent of the Board: 

(i) (A) own or control, whether as a shareholder (other than a less than five percent (5%) shareholder in a corporation or other entity
whose securities are traded on a recognized stock exchange or traded on the over the counter market), member, partner, director or otherwise, any Competing Organization, or (B) manage, operate, be employed or compensated by, or consult with
(whether or not compensated), whether as an officer, executive, consultant or otherwise, any Competing Organization, in any capacity where the Executive’s knowledge of Confidential Information or involvement with or knowledge of

 
relationships with customers of the Company would be useful or beneficial, or where the goodwill of the Company would be considered useful or beneficial to such Competing Organization or would be
affected; or, 
 (ii) undertake any action, on behalf of any Competing Organization relating to the sale or marketing of products or
services that compete with products or services researched, developed, designed, manufactured, assembled, produced, marketed, distributed, sold, repaired or provided by the Company, or, to the extent the Executive has or receives notice or knowledge
of such plans, within the active research, development, expansion or business plans of the Company, to any customers or prospective customers of the Company which the Executive had knowledge, or with respect to which the Executive obtained
Confidential Information, or with whom the Executive had personal contact or communications in his capacity as an employee of the Company, at any time during his period of employment with the Company. 

For purposes of this Section 6.4, “Competing Organization” shall mean any person (including, without limitation, the Executive as a sole
proprietor) or entity engaged in or planning or attempting to become engaged in any business that engages in life settlements within the United States of America; provided, however, that for the avoidance of doubt, Executive shall not be deemed to
be employed or compensated by a Competing Organization for purposes of clause (i)(B) of this Section 6.4, if such entity is engaged in other business[es] that are substantially unrelated to the life settlement industry and the Executive’s
involvement with such entity is solely related to such other business[es]. 
 Notwithstanding the foregoing, the Executive shall not be subject to the
provisions of this Section 6.4 to the extent that they conflict with the Florida Bar Rules of Professional Conduct. 
 6.5
Property. The Executive acknowledges that all originals and copies of materials, records and documents generated by him or coming into his possession during his employment by the Company or its subsidiaries are the sole property of the
Company and its subsidiaries (“Company Property”). During the Term, and at all times thereafter, the Executive shall not remove, or cause to be removed, from the premises of the Company or its subsidiaries, copies of any record, file,
memorandum, document, computer related information or equipment, or any other item relating to the business of the Company or its subsidiaries, except in furtherance of his duties under the Agreement. When the Executive’s employment with the
Company terminates, or upon request of the Company at any time, the Executive shall promptly deliver to the Company all copies of Company Property in his possession or control. 

6.6 Nondisparagement. The Executive agrees that he will not at any time (whether during or after the Term) publish or communicate to
any person or entity any Disparaging (as defined below) remarks, comments or statements concerning the Company, subsidiaries and affiliates, and their respective present and former directors, officers, shareholders, employees, agents, attorneys,
successors and assigns. “Disparaging” remarks, comments or statements are those that impugn the character, honesty, integrity or morality or business acumen or abilities in connection with any aspect of the operation of business of the
individual or entity being disparaged. Notwithstanding the foregoing, nothing in this Section 6.6 shall be construed to preclude truthful disclosures in response to lawful process as required by applicable law, regulation, or order or directive
of a court, administrative or legislative body, governmental agency or regulatory organization. 

 7. Remedies; Specific Performance. The Parties acknowledge and agree that the
Executive’s breach or threatened breach of any of the restrictions set forth in Section 6 will result in irreparable and continuing damage to the Protected Parties for which there may be no adequate remedy at law and that the Protected
Parties shall be entitled to seek equitable relief, including specific performance and injunctive relief as remedies for any such breach or threatened or attempted breach, without requiring the posting of a bond. The Executive hereby consents to the
grant of an injunction (temporary or otherwise) against the Executive or the entry of any other court order against the Executive prohibiting and enjoining him from violating, or directing him to comply with any provision of Section 6. The
Executive also agrees that such remedies shall be in addition to any and all remedies, including damages, available to the Protected Parties against him for such breaches or threatened or attempted breaches. In addition, without limiting the
Protected Parties’ remedies for any breach of any restriction on the Executive set forth in Section 6, except as required by law, the Executive shall not be entitled to any payments set forth in Sections 5.2, 5.3 or 5.4 hereof if the
Executive has breached the covenants applicable to the Executive contained in Section 6, the Executive will immediately return to the Protected Parties any such payments previously received under Sections 5.2, 5.3 or 5.4 upon such a breach,
and, in the event of such breach, the Protected Parties will have no obligation to pay any of the amounts that remain payable by the Company under Sections 5.2, 5.3 or 5.4. 

8. Section 280G Limitation 

8.1 Limitation on Payments. Notwithstanding any provision of this Agreement, if any portion of the severance payments or any other
payment under this Agreement, or under any other agreement with Employee or plan of the Company or its affiliates (in the aggregate, the “Total Payments”), would constitute an “excess parachute payment” and would, but for
this Section 8, result in the imposition on Employee of an excise tax under section 4999 of the Internal Revenue Code of 1986, as amended, then the Total Payments to be made to Employee shall be delivered in such amount so that no portion of
the Total Payment will be subject to the excise tax. 
 8.2 Determination of Limit. Within forty (40) days following the Date of
Termination or notice by one party to the other of its belief that there is a payment or benefit due Employee that will result in an excess parachute payment, Employee and the Company, at the Company’s expense, shall obtain the opinion (which
need not be unqualified) of a nationally recognized tax counsel (“National Tax Counsel”) selected by the Company (which may be regular outside counsel to the Company), which opinion sets forth (i) the amount of the Base
Period Income (as defined below), (ii) the amount and present value of the Total Payments, (iii) the amount and present value of any excess parachute payments determined without regard to any reduction of Total Payments
pursuant to Section 8.1. The opinion of National Tax Counsel shall be addressed to the Company and Employee and shall be binding upon the Company and Employee. If such National Tax Counsel opinion determines that the Total Payments should be
reduced pursuant to Section 8.1, then the payments under Section 5.4 or any other payment or benefit determined by such counsel to be includable in Total Payments shall be reduced or eliminated so that under the bases of calculations set
forth in such opinion there will be no excess parachute payment. In such event, payments or benefits included in the Total Payments shall be reduced or eliminated by applying the following principles: (1) the portion of the Total
Payments that does not constitute deferred compensation under section 409A of the Code shall first be reduced (if necessary, to zero), and then (2) all other Total Payments shall thereafter be reduced (if necessary, to zero) with, in
each case, cash payments being reduced before non-cash payments (and, within each category, payments to be paid last being reduced first). 

 8.3 Excess Payments; Underpayments. It is possible that, after the determinations and
selections made pursuant to Section 8, Employee will receive payments and/or benefits that are, in the aggregate, either more or less than the amount determined under Section 8 (hereafter referred to as an “Excess Payment”
or “Underpayment”, as applicable). If it is established, pursuant to a final determination by a court of competent jurisdiction or by an Internal Revenue Service proceeding that has been finally and conclusively resolved, that an
Excess Payment has been made, then Employee shall promptly repay the Excess Payment to the Company, together with interest on the Excess Payment at the applicable federal rate (as defined in section 1274(d) of the Code) from the date of
Employee’s receipt of such Excess Payment until the date of such repayment. In the event that it is determined pursuant to a final determination by a court of competent jurisdiction or by the National Tax Counsel, upon request of either party,
that an Underpayment has occurred, the Company shall promptly pay an amount equal to the Underpayment to Employee (but in any event within ten (10) days of such determination), together with interest on such amount at the applicable federal
rate from the date such amount would have been paid to Employee had the provisions of Section 5 not been applied until the date of payment. 

8.4 Definitions and Assumptions. For purposes of this Agreement: (i) the terms “excess parachute payment” and
“parachute payments” shall have the meanings assigned to them under section 280G of the Code and such “parachute payments” shall be valued as provided therein; (ii) present value shall be calculated in accordance with
section 280G(d)(4) of the Code; (iii) the term “Base Period Income” means an amount equal to Employee’s “annualized includible compensation for the base period” as defined in section 280G(d)(1) of the Code; and
(iv) for purposes of the opinion of National Tax Counsel, the value of any noncash benefits or any deferred payment or benefit shall be determined by the Company’s independent auditors in accordance with the principles of sections
280G(d)(3) and (4) of the Code, which determination shall be evidenced in a certificate of such auditors addressed to the Company and Employee. 

8.5 Reasonableness of Compensation. If such National Tax Counsel so requests in connection with the opinion required by this
Section 8, Employee and the Company shall obtain, at the Company’s expense, and the National Tax Counsel may rely on, the advice of a firm of recognized executive compensation consultants as to the reasonableness of any item of
compensation to be received by the Employee solely with respect to its status under section 280G of the Code. 
 8.6 Indemnification.
The Company agrees to bear all costs associated with, and to indemnify and hold harmless, the National Tax Counsel of and from any and all claims, damages, or expenses resulting from or relating to its determinations pursuant to this Section 8,
except for claims, damages, or expenses resulting from the gross negligence or willful misconduct of such firm. 
 8.7 Changes to Code
Section. This Section 8 shall be amended to comply with any amendment or successor provision to sections 280G or 4999 of the Code. If such provisions are repealed without successor, then this Section 8 shall be cancelled without
further effect. 

 9. Other Provisions. 

9.1 Notices. Any notice or other communication required or which may be given hereunder shall be in writing and shall be delivered
personally, sent by facsimile transmission or sent by certified, registered or express mail, postage prepaid or overnight mail and shall be deemed given when so delivered personally, or sent by facsimile transmission or, if mailed, four
(4) business days after the date of mailing or one (1) business day after overnight mail, as follows: 
 (a) If the Company, to:

 Imperial Holdings, Inc. 

Office of the Chief Executive Officer 

701 Park of Commerce Blvd., Suite 301 

Boca Raton, FL 33487 
 (b) If
the Executive, to the Executive’s home address reflected in the Company’s records. 
 9.2 Entire Agreement. This Agreement
contains the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto, including, without limitation, the Retention Agreement. 

9.3 Representations and Warranties. The Executive represents and warrants that he is not a party to or subject to any restrictive
covenants, legal restrictions or other agreements in favor of any entity or person which could arguably, in any way, preclude, inhibit, impair or limit the Executive’s ability to perform his obligations under this Agreement, including, but not
limited to, non-competition agreements, non-solicitation agreements or confidentiality agreements. 
 9.4 Waiver and Amendments. This
Agreement may be amended, modified, superseded, canceled, renewed or extended, and the terms and conditions hereof may be waived, only by a written instrument signed by the Parties or, in the case of a waiver, by the party waiving compliance. No
delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any right, power or privilege hereunder, nor any single or partial exercise of any right,
power or privilege hereunder, preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. 

9.5 Governing Law, Dispute Resolution and Venue. This Agreement shall be governed and construed in accordance with the laws of Florida,
without regard to conflicts of laws principles, unless superseded by federal law. 
 (a) Arbitration. Any and all disputes arising
under or relating to the interpretation or application of this Agreement or concerning Employee’s employment with the Company or termination thereof shall be subject to arbitration in Florida under the then existing rules of the American
Arbitration Association. Judgment upon the award rendered may be entered in any court of competent jurisdiction. The cost of such arbitration shall be borne equally by the parties. Nothing contained in this Paragraph shall limit the right of the
Company to enforce by court injunction or other equitable relief the Employee’s obligations under Paragraph 6 of this Agreement. 

 9.6 Assignability by the Company and the Executive. This Agreement, and the rights and
obligations hereunder, may not be assigned by the Company or the Executive without written consent signed by the other party; provided that the Company may assign its rights and obligations hereunder in connection with a Change in
Control. 
 9.7 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of
which shall constitute one and the same instrument. 
 9.8 Headings. The headings in this Agreement are for convenience of reference
only and shall not limit or otherwise affect the meaning of terms contained herein. 
 9.9 Severability. If any term, provision,
covenant or restriction of this Agreement, or any part thereof, is held by a court of competent jurisdiction of any foreign, federal, state, county or local government or any other governmental, regulatory or administrative agency or authority to be
invalid, void, unenforceable or against public policy for any reason, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected or impaired or
invalidated. The Executive acknowledges that the restrictive covenants contained in Section 6 are a condition of this Agreement and are reasonable and valid in temporal scope and in all other respects. 

9.10 Judicial Modification. If any court determines that any of the covenants in Section 6, or any part of any of them, is invalid
or unenforceable, the remainder of such covenants and parts thereof shall not thereby be affected and shall be given full effect, without regard to the invalid portion. If any court determines that any of such covenants, or any part thereof, is
invalid or unenforceable because of the geographic or temporal scope of such provision, such court shall reduce such scope to the minimum extent necessary to make such covenants valid and enforceable. 

9.11 Tax Withholding. The Company or other payor is authorized to withhold from any benefit provided or payment due hereunder, the
amount of withholding taxes due any federal, state or local authority in respect of such benefit or payment and to take such other action as may be necessary in the opinion of the Board to satisfy all obligations for the payment of such withholding
taxes. 
 9.12 Section 409A. Notwithstanding any other provision of this Agreement, if at the time of the termination of the
Executive’s employment the Executive is a “specified employee” (as defined in Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”)) and any payments upon such termination under Section 5
hereof will result in additional tax or interest to the Executive under Section 409A, he will not be entitled to receive such payments until the date which is six (6) months after the termination of the Executive’s employment for any
reason, other than as a result of the Executive’s death or disability (as such term is defined in Section 409A). In addition, to the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409(A),
the provision shall be read in such a manner so that all payments hereunder shall comply with Section 409(A). 
 9.13
Indemnification. The Company hereby agrees to indemnify the Executive and hold him harmless (including advancing reasonable attorney’s fees) in the manner and to the 

 
extent provided under the by-laws of the Company against and in respect to any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses, losses, and damages resulting from
the Executive’s good faith performance of his duties and obligations with the Company. The Executive shall be covered by any Director and Officer liability insurance purchased by the Company in the same amount and to the same extent as the
Company covers its other officers and directors. 
 IN WITNESS WHEREOF, the Parties hereto, intending to be legally bound hereby, have
executed this Agreement as of the day and year first above mentioned. 
  

			
	EXECUTIVE
	
	 /s/ Michael Altschuler

	Name:	 	Michael Altschuler
	Title:	 	General Counsel
	
	IMPERIAL HOLDINGS, INC.
		
	By:	 	 /s/ Phillip Goldstein

	Name:	 	Phillip Goldstein
	Title:	 	Chairman of the Board of DirectorsForm 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. 94986RSK8
	  	FACE AMOUNT: $                    
	REGISTERED NO.     	  	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 
 Principal at Risk Securities Linked to the 
 iShares® MSCI Emerging Markets ETF 

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 Cash Settlement 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 “Stated Maturity
Date” shall be March 30, 2015. If the Determination Date (as defined below) is postponed, the Stated Maturity Date will be postponed to the third Business Day (as defined below) after the Determination Date 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 Cash Settlement Amount and Certain Definitions 

The “Cash Settlement Amount” of this Security will equal: 

 

	 	Ÿ	 	 if the Final Underlier Level is greater than or equal to the Cap Level, the Maximum Settlement Amount; 

 

	 	Ÿ	 	 if the Final Underlier Level is greater than the Initial Underlier Level but less than the Cap Level, the sum of (i) the Face Amount plus
(ii) the product of (a) the Face Amount times (b) the Upside Participation Rate times (c) the Underlier Return; 

  

	 	Ÿ	 	 if the Final Underlier Level is equal to or less than the Initial Underlier Level but greater than or equal to the Buffer Level, the Face Amount; or

  

	 	Ÿ	 	 if the Final Underlier Level is less than the Buffer Level, the sum of (i) the Face Amount plus (ii) the product of (a) the Buffer
Rate times (b) the sum of the Underlier Return plus the Buffer Amount times (c) the Face Amount. 

 The “Underlier” shall mean the iShares MSCI Emerging Markets ETF. 
 The “Trade Date” shall mean December 20, 2013. 
 The “Initial Underlier Level” is $40.44, the Fund Closing Price of the Underlier on the Trade Date. 

The “Final Underlier Level” will be the Fund Closing Price of the Underlier on the Determination Date.

 The “Underlier Return” will be the quotient of (i) the Final Underlier Level minus the
Initial Underlier Level divided by (ii) the Initial Underlier Level, expressed as a percentage. 
 The
“Cap Level” is $44.69968, which is approximately 110.533% of the Initial Underlier Level. 

The “Buffer Level” is $35.385, which is equal to 87.5% of the Initial Underlier Level. 

The “Maximum Settlement Amount” is 115.80% of the Face Amount of this Security. 

The “Buffer Amount” is 12.5%. 

The “Buffer Rate” is equal to the Initial Underlier Level divided by the Buffer Level. 

The “Upside Participation Rate” is 1.5. 

The “Fund Closing Price” with respect to the Underlier on any Trading Day means the product of
(i) the Closing Price of one share of the Underlier (or one unit of any other security 

  
 2 

 
for which a Fund Closing Price must be determined) on such Trading Day and (ii) the Adjustment Factor on such Trading Day. 

The “Closing Price” with respect to a share of the Underlier (or one unit of any other security for
which a Closing Price must be determined) on any Trading Day means the price, at the scheduled weekday closing time, without regard to after hours or any other trading outside the regular trading session hours, of the share on the principal United
States securities exchange registered under the Securities Exchange Act of 1934, as amended, on which the share (or any such other security) is listed or admitted to trading. 

The “Adjustment Factor” means, with respect to a share of the Underlier (or one unit of any other
security for which a Fund Closing Price must be determined), 1.0, subject to adjustment in the event of certain events affecting the shares of the Underlier. See “—Anti-dilution Adjustments Relating to the Underlier; Alternate Calculation
—Anti-dilution Adjustments” below. 
 The “Underlying Index” shall mean the MSCI
Emerging Markets Index. 
 “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 Underlier means a day, as determined by the Calculation Agent, on which the Relevant Exchange (as defined below) and each Related Exchange (as defined
below) with respect to the Underlier, or any successor thereto, if applicable, are scheduled to be open for trading for their respective regular trading sessions. 

The “Relevant Exchange” for the Underlier means the primary exchange or quotation system on which shares
(or other applicable securities) of the Underlier are traded, as determined by the Calculation Agent. 
 The
“Related Exchange” for the Underlier means each 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
Underlier. 
 The “Determination Date” shall be March 25, 2015. If the originally
scheduled Determination Date is not a Trading Day, the Determination Date shall be postponed to the next succeeding Trading Day. The Determination Date is also subject to postponement due to the occurrence of a Market Disruption Event. If a Market
Disruption Event occurs or is continuing with respect to the Underlier on the Determination Date, such Determination Date 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 Determination Date, that eighth Trading Day shall be deemed the Determination Date. If the Determination Date has been
postponed eight Trading Days after the originally scheduled Determination Date and a Market Disruption Event occurs or is continuing with respect to the Underlier on such eighth Trading Day, the Calculation Agent will determine the Closing Price of
the Underlier on such eighth Trading Day based on its good faith estimate of the value of the shares (or other applicable securities) of the Underlier as 

  
 3 

 
of the Close of Trading (as defined below) on such eighth Trading Day. See “—Market Disruption Events.” 

“Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of May 29, 2012
between the Company and the Calculation Agent, as amended from time to time. 
 “Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among other things, the determination of the Final Underlier Level and the Cash Settlement 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. 
 Market Disruption Events 
 A “Market
Disruption Event” means, with respect to the Underlier, 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 Exchange or otherwise relating to the
shares (or other applicable securities) of the Underlier or any Successor Underlier (as defined below) on the Relevant Exchange at any time during the one-hour period that ends at the Close of Trading on such day, whether by reason of movements in
price exceeding limits permitted by such Relevant Exchange or otherwise. 

  

	 	(B)	 The occurrence or existence of a material suspension of or limitation imposed on trading by any Related Exchange or otherwise in futures or options
contracts relating to the shares (or other applicable securities) of the Underlier or any Successor Underlier on any Related 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 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, shares (or other applicable securities) of the Underlier or any Successor Underlier on the Relevant Exchange 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 shares (or other applicable securities) of the Underlier or any Successor Underlier on any Related Exchange at any time during the one-hour
period that ends at the Close of Trading on that day. 

  
 4 

	 	(E)	 The closure of the Relevant Exchange or any Related Exchange with respect to the Underlier or any Successor Underlier prior to its Scheduled Closing
Time unless the earlier closing time is announced by the Relevant Exchange or Related 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 Exchange or
Related Exchange, as applicable, and (2) the submission deadline for orders to be entered into the Relevant Exchange or Related Exchange, as applicable, system for execution at the Close of Trading on that day. 

 

	 	(F)	 The Relevant Exchange or any Related Exchange with respect to the Underlier or any Successor Underlier fails to open for trading during its regular
trading session. 

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

	 	(1)	 “Close of Trading” means the Scheduled Closing Time of the Relevant Exchange with respect to the Underlier or any Successor
Underlier; and 

  

	 	(2)	 the “Scheduled Closing Time” of the Relevant Exchange or any Related Exchange on any Trading Day for the Underlier or any Successor
Underlier means the scheduled weekday closing time of such Relevant Exchange or Related Exchange on such Trading Day, without regard to after hours or any other trading outside the regular trading session hours. 

Anti-dilution Adjustments Relating to the Underlier; Alternate Calculation 

Anti-dilution Adjustments 
 The Calculation Agent will adjust the Adjustment Factor with respect to the Underlier as specified below if any of the events specified below occurs with respect to the Underlier and the effective date or
ex-dividend date, as applicable, for such event is after the Trade Date and on or prior to the Determination Date. 
 The adjustments specified below do not cover all events that could affect the Underlier. The Calculation Agent may, in its sole discretion, make additional adjustments to any terms of this Security upon
the occurrence of other events that affect or could potentially affect the market price of, or shareholder rights in, the Underlier, with a view to offsetting, to the extent practical, any such change, and preserving the relative investment risks of
this Security. In addition, the Calculation Agent may, in its sole discretion, make adjustments or a series of adjustments that differ from those described herein if the Calculation Agent determines that such adjustments do not properly reflect the
economic consequences of the events specified herein or would not preserve the relative investment risks of this Security. All determinations made by the Calculation Agent in making any adjustments to the terms of this Security, including
adjustments that are in addition to, or that differ from, those described herein, will be made in good faith and a commercially reasonable manner, with the aim of ensuring an equitable result. In determining whether to make any adjustment to the
terms of this Security, the Calculation Agent may consider any adjustment made by the Options Clearing Corporation or any other equity derivatives clearing organization on options contracts on the Underlier. 

  
 5 

 For any event described below, the Calculation Agent will not be required to
adjust the Adjustment Factor unless the adjustment would result in a change to the Adjustment Factor then in effect of at least 0.10%. The Adjustment Factor resulting from any adjustment will be rounded up or down, as appropriate, to the nearest
one-hundred thousandth. 
  

	 	(A)	 Stock Splits and Reverse Stock Splits 

If a stock split or reverse stock split has occurred, then once such split has become effective, the Adjustment Factor
will be adjusted to equal the product of the prior Adjustment Factor and the number of securities which a holder of one share (or other applicable security) of the Underlier before the effective date of such stock split or reverse stock split would
have owned or been entitled to receive immediately following the applicable effective date. 
  

	 	(B)	 Stock Dividends 

 If a dividend or distribution of shares (or other applicable securities) to which this Security is linked has been made by the Underlier ratably to all holders of record of such shares (or other
applicable security), then the Adjustment Factor will be adjusted on the ex-dividend date to equal the prior Adjustment Factor plus the product of the prior Adjustment Factor and the number of shares (or other applicable security) of the Underlier
which a holder of one share (or other applicable security) of the Underlier before the ex-dividend date would have owned or been entitled to receive immediately following that date; provided, however, that no adjustment will be made for a
distribution for which the number of securities of the Underlier paid or distributed is based on a fixed cash equivalent value. 
  

	 	(C)	 Extraordinary Dividends 

 If an Extraordinary Dividend (as defined below) has occurred, then the Adjustment Factor will be adjusted on the ex-dividend date to equal the product of the prior Adjustment Factor and a fraction, the
numerator of which is the Closing Price per share (or other applicable security) of the Underlier on the Trading Day preceding the ex-dividend date, and the denominator of which is the amount by which the Closing Price per share (or other applicable
security) of the Underlier on the Trading Day preceding the ex-dividend date exceeds the Extraordinary Dividend Amount (as defined below). 
 For purposes of determining whether an Extraordinary Dividend has occurred: 
  

	 	(1)	 “Extraordinary Dividend” means any cash dividend or distribution (or portion thereof) that the Calculation Agent determines, in its
sole discretion, is extraordinary or special; and 

  

	 	(2)	 “Extraordinary Dividend Amount” with respect to an Extraordinary Dividend for the securities of the Underlier will equal the amount
per share 

  
 6 

	 	 
(or other applicable security) of the Underlier of the applicable cash dividend or distribution that is attributable to the Extraordinary Dividend, as determined by the Calculation Agent in its
sole discretion. 

 A distribution on the securities of the Underlier described below under
the section entitled “—Reorganization Events” below that also constitutes an Extraordinary Dividend will only cause an adjustment pursuant to that “—Reorganization Events” section. 

 

	 	(D)	 Other Distributions 

 If the Underlier declares or makes a distribution to all holders of the shares (or other applicable security) of the Underlier of any non-cash assets, excluding dividends or distributions described under
the section entitled “—Stock Dividends” above, then the Calculation Agent may, in its sole discretion, make such adjustment (if any) to the Adjustment Factor as it deems appropriate in the circumstances. If the Calculation Agent
determines to make an adjustment pursuant to this paragraph, it will do so with a view to offsetting, to the extent practical, any change in the economic position of a holder of this Security that results solely from the applicable event.

  

	 	(E)	 Reorganization Events 

 If the Underlier, or any Successor Underlier, is subject to a merger, combination, consolidation or statutory exchange of securities with another exchange traded fund, and the Underlier is not the
surviving entity (a “Reorganization Event”), then, on or after the date of such event, the Calculation Agent shall, in its sole discretion, make an adjustment to the Adjustment Factor or the method of determining the Cash Settlement
Amount or any other terms of this Security as the Calculation Agent determines appropriate to account for the economic effect on this Security of such event, and determine the effective date of that adjustment. If the Calculation Agent determines
that no adjustment that it could make will produce a commercially reasonable result, then the Calculation Agent may deem such event a Liquidation Event (as defined below). 
 Liquidation Events 
 If the Underlier is de-listed,
liquidated or otherwise terminated (a “Liquidation Event”), and a successor or substitute exchange traded fund exists that the Calculation Agent determines, in its sole discretion, to be comparable to the Underlier, then, upon the
Calculation Agent’s notification of that determination to the Trustee and the Company, any subsequent Fund Closing Price for the Underlier will be determined by reference to the Fund Closing Price of such successor or substitute exchange traded
fund (such exchange traded fund being referred to herein as a “Successor Underlier”), with such adjustments as the Calculation Agent determines are appropriate to account for the economic effect of such substitution on the holder of
this Security. 

  
 7 

 If the Underlier undergoes a Liquidation Event prior to, and such
Liquidation Event is continuing on, the date that any Fund Closing Price of the Underlier is to be determined and the Calculation Agent determines that no Successor Underlier is available at such time, then the Calculation Agent will, in its
discretion, calculate the Fund Closing Price for the Underlier on such date by a computation methodology that the Calculation Agent determines will as closely as reasonably possible replicate the Underlier, provided that if the Calculation Agent
determines in its discretion that it is not practicable to replicate the Underlier (including but not limited to the instance in which the sponsor of the index underlying the Underlier discontinues publication of that index), then the Calculation
Agent will calculate the Fund Closing Price for the Underlier in accordance with the formula last used to calculate such Fund Closing Price before such Liquidation Event, but using only those securities that were held by the Underlier immediately
prior to such Liquidation Event without any rebalancing or substitution of such securities following such Liquidation Event. 
 If a Successor Underlier is selected or the Calculation Agent calculates the Fund Closing Price as a substitute for the Underlier, such Successor Underlier or Fund Closing Price will be used as a
substitute for the Underlier for all purposes, including for purposes of determining whether a Market Disruption Event exists. 
 If any event is both a Reorganization Event and a Liquidation Event, such event will be treated as a Reorganization Event for purposes of this Security unless the Calculation Agent makes the determination
referenced in the last sentence of the section entitled “—Anti-dilution Adjustments—Reorganization Events” above. 
 Alternate Calculation 
 If at any time the method of
calculating the Underlier or a Successor Underlier, or the Underlying Index, is changed in a material respect, or if the Underlier or a Successor Underlier is in any other way modified so that the Underlier does not, in the opinion of the
Calculation Agent, fairly represent the price of the securities of the Underlier or such Successor Underlier had such changes or modifications not been made, then the Calculation Agent may, at the close of business in New York City on the date that
any Fund Closing Price is to be determined, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a Closing Price of an exchange traded fund comparable to the Underlier
or such Successor Underlier, as the case may be, as if such changes or modifications had not been made, and calculate the Fund Closing Price and the Cash Settlement Amount with reference to such adjusted Closing Price of the Underlier or such
Successor Underlier, as applicable. 
 Calculation Agent 

The Calculation Agent will determine the Cash Settlement Amount and the Final Underlier Level. In addition, the
Calculation Agent will (i) determine if adjustments are required to the Fund Closing Price and/or the Adjustment Factor under the circumstances described in this Security, (ii) if the Underlier undergoes a Liquidation Event, select a
Successor Underlier or, if no Successor Underlier is available, determine the Fund Closing Price of the Underlier, and (iii) determine whether a Market Disruption Event or non-Trading Day has occurred. 

  
 8 

 The Company covenants that, so long as this Security is Outstanding, there
shall at all times be a Calculation Agent (which shall be a broker-dealer, bank or other financial institution) with respect to this Security. 

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

The Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security
will be deemed to have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States federal income tax purposes to characterize and treat this Security as a
pre-paid derivative contract in respect of the Underlier. 
 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 March 30, 2015. 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
Cash Settlement 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 Cash Settlement Amount hereof calculated as provided herein as though the date of acceleration was the Determination Date. 

 
  

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 [The remainder of this page has been
left intentionally blank] 

  
 9 

 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

  
 10 

 [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 iShares® MSCI 

Emerging Markets ETF 
 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 

  
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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

  
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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 Cash Settlement 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 Cash Settlement 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. 

  
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 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)

  
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 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. 

  
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