Document:

<![CDATA[Form of Medium-Term Notes, Series K, Securities Linked to the SPDR S&P ]]>

 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. 94986RRW3
	  	FACE AMOUNT: $___________
	 REGISTERED NO. __
	  	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Securities Linked to the SPDR®
S&P® Homebuilders ETF 
 due October 28, 2015 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the
Redemption Amount (as defined below) on the Stated Maturity Date (as defined below), unless this Security is automatically called prior to the Stated Maturity Date as provided below under “Automatic Call,” and to pay interest on the Face
Amount of this Security from October 28, 2013 or from the most recent Interest Payment Date to which interest has been paid or duly provided for on the Interest Payment Dates specified herein at the rate of 5.70% per annum until the
earlier of the Stated Maturity Date and the Call Settlement Date (as defined below), if any. The “Initial Stated Maturity Date” shall be October 28, 2015. If the Final Calculation Day (as defined below) is not postponed, the
Initial Stated Maturity Date will be the “Stated Maturity Date.” If the Final Calculation Day is postponed, the “Stated Maturity Date” shall be the later of (i) three Business Days after the postponed Final
Calculation Day and (ii) the Initial Stated Maturity Date. “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. 
 “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.” 

 Automatic Call 

If the Fund Closing Price (as defined below) of the Fund (as defined below) on any Call Date (as defined below) is greater
than or equal to the Starting Price (as defined below), this Security will be automatically called by the Company, and on the related Call Settlement Date the Holder hereof will receive the Call Price (as defined below) plus accrued and unpaid
interest to, but excluding, such Call Settlement Date. Unless the Company defaults in the payment of the Call Price plus accrued and unpaid interest to, but excluding, the related Call Settlement Date, this Security will cease to be outstanding on
such Call Settlement Date, interest will cease to accrue on or after such Call Settlement Date and the Holder hereof will have no further rights under this Security after such Call Settlement Date. The Holder hereof will not receive any notice from
the Company in the event this Security is automatically called pursuant to the terms hereof. The “Call Price” is equal to the Face Amount of this Security. 

Payment of Interest, the Redemption Amount and the Call Price 

The Company shall pay interest on this Security quarterly on the fourth Business Day following each Call Date, as each such
Call Date may be postponed as herein provided, and on the Stated Maturity Date (each, an “Interest Payment Date”). 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 October 28, 2013 and end on and include the day immediately preceding the first Interest Payment Date. Interest on this Security will be computed on the basis of a 360-day year of twelve 30-day
months. 
 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 the date one Business Day prior to such Interest Payment Date. 
 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; 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. Payments of interest and the Redemption Amount or the Call Price, as applicable, on this Security at

  
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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. Notwithstanding the foregoing, for so long as this Security is a Global Security registered in the name of the Depositary, any payments on this Security will be made to the Depositary by wire
transfer of immediately available funds. 
 Payment of the Redemption Amount or the Call Price, as applicable, and interest
on this Security will be made 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. 

Definitions Relating to Redemption Amount, the Call Price and Interest 

If this Security is not automatically called prior to the Stated Maturity Date as provided above under “Automatic
Call,” the “Redemption Amount” of this Security will equal: 
  

	 	 •
	 	 if the Ending Price is greater than or equal to the Threshold Price: the Face Amount; or 

 

	 	 •
	 	 if the Ending Price is less than the Threshold Price: the Face Amount minus: 

 

									
	 	 	Face Amount	 	  x  	 	 Starting Price – Ending Price
	 	 
	 	 	 	 	Starting Price	 	 

 The “Fund” shall mean the
SPDR® S&P® Homebuilders ETF. 

The “Pricing Date” is October 22, 2013. 

The “Starting Price” is $30.40, the Fund Closing Price of the Fund on the Pricing Date. 

The “Ending Price” will be the Fund Closing Price of the Fund on the Final Calculation Day. 

The “Threshold Price” is $21.28, which is equal to 70% of the Starting Price. 

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

  
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 The “Adjustment Factor” means, with respect to a share of the
Fund (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 Fund. See “—Anti-dilution Adjustments Relating to the Fund;
Alternate Calculation —Anti-dilution Adjustments” below. 
 The “Underlying Index” is the S&P® Homebuilders Select IndustryTM Index. 

The “Final Calculation Day” is October 22, 2015, subject to postponement as provided herein. 

The “Call Dates” shall be the 22nd day of each January,
April, July and October, commencing January 2014 and ending July 2015, each subject to postponement as provided herein. 

The “Call Settlement Date” for a Call Date shall be four Business Days after such Call Date, as such Call
Date may be postponed as provided herein. 
 A “Trading Day” with respect to the Fund 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 Fund, or any successor thereto, if applicable, are scheduled to be open for trading for their
respective regular trading sessions. 
 The “Relevant Exchange” for the Fund means the primary exchange or
quotation system on which shares (or other applicable securities) of the Fund are traded, as determined by the Calculation Agent. 

The “Related Exchange” for the Fund 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 Fund. 

The “Calculation Days” shall mean the Call Dates and the Final Calculation Day. If any Calculation Day is not
a Trading Day, such Calculation Day will be postponed to the next succeeding Trading Day. A Calculation Day 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 Fund on a Calculation Day, such Calculation Day will be postponed to the first succeeding Trading Day on which a Market Disruption Event has not occurred and is not continuing. If such first succeeding Trading Day has not occurred as
of the eighth Trading Day after the originally scheduled Calculation Day, that eighth Trading Day shall be deemed the Calculation Day. If a Calculation Day has been postponed eight Trading Days after the originally scheduled Calculation Day and a
Market Disruption Event occurs or is continuing with respect to the Fund on such eighth Trading Day, the Calculation Agent will determine the Closing Price of the Fund on such eighth Trading Day based on its good faith estimate of the value of the
shares (or other applicable securities) of the Fund as 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. 

  
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 “Calculation Agent” shall mean the Person that has entered into
the Calculation Agent Agreement with the Company providing for, among other things, the determination of whether this Security will be automatically called on any Call Date, the Call Price, if any, the Redemption Amount, if any, and the Ending
Price, 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 Fund, 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 Fund or any Successor Fund (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 Fund or any Successor Fund 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 Fund or any Successor Fund 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 Fund or any Successor Fund on any Related Exchange at any time during the one-hour period that
ends at the Close of Trading on that day. 

  

	 	 (E)
	 The closure of the Relevant Exchange or any Related Exchange with respect to the Fund or any Successor Fund 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 

  
 5 

	 	
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 Fund or any Successor Fund 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 Fund or any Successor Fund; and

  

	 	 (2)
	 the “Scheduled Closing Time” of the Relevant Exchange or any Related Exchange on any Trading Day for the Fund or any Successor
Fund 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 Fund; Alternate Calculation 

Anti-dilution Adjustments 

The Calculation Agent will adjust the Adjustment Factor with respect to the Fund as specified below if any of the events
specified below occurs with respect to the Fund and the effective date or ex-dividend date, as applicable, for such event is after the Pricing Date and on or prior to the Final Calculation Day. 

The adjustments specified below do not cover all events that could affect the Fund. 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 Fund, 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 Fund. 

  
 6 

 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 Fund 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
Fund 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 Fund which a holder of one share (or other applicable security) of the Fund 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 Fund 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 Fund 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 Fund 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 Fund will equal the amount per
share (or other applicable security) of the Fund of the applicable cash dividend or 

  
 7 

	 	
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 Fund 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 Fund declares or makes a distribution to all holders of the shares (or other applicable security) of the Fund 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 Fund, or any Successor Fund, is subject to a merger, combination, consolidation or statutory exchange of securities
with another exchange traded fund, and the Fund to which this Security is linked 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 Redemption Amount or whether this Security will be automatically called on any of the Call Dates 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 Fund 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 Fund, then, upon the Calculation Agent’s notification of that determination to the Trustee and the
Company, any subsequent Fund Closing Price for the Fund 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
Fund”), 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. 

  
 8 

 If the Fund undergoes a Liquidation Event prior to, and such Liquidation Event is
continuing on, the date that any Fund Closing Price of the Fund is to be determined and the Calculation Agent determines that no Successor Fund is available at such time, then the Calculation Agent will, in its discretion, calculate the Fund Closing
Price for the Fund on such date by a computation methodology that the Calculation Agent determines will as closely as reasonably possible replicate the Fund, provided that if the Calculation Agent determines in its discretion that it is not
practicable to replicate the Fund (including but not limited to the instance in which the sponsor of the Underlying Index discontinues publication of the Underlying Index), then the Calculation Agent will calculate the Fund Closing Price for the
Fund 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 Fund immediately prior to such Liquidation Event without any rebalancing or
substitution of such securities following such Liquidation Event. 
 If a Successor Fund is selected or the Calculation
Agent calculates the Fund Closing Price as a substitute for the Fund, such Successor Fund or Fund Closing Price will be used as a substitute for the Fund 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 Fund or a Successor Fund, or the Underlying Index, is changed in a material
respect, or if the Fund or a Successor Fund is in any other way modified so that the Fund does not, in the opinion of the Calculation Agent, fairly represent the price of the securities of the Fund or such Successor Fund 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 Fund or such Successor Fund, as the case may be, as if such changes or modifications had not been made, and calculate the Fund
Closing Price and the Redemption Amount and determine whether this Security will be automatically called on any of the Call Dates with reference to such adjusted Closing Price of the Fund or such Successor Fund, as applicable. 

Calculation Agent 

The Calculation Agent will determine whether this Security will be automatically called on any Call Date, the Call Price, if
any, the Redemption Amount, if any, and the Ending Price. 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 Fund undergoes a Liquidation Event, select a Successor Fund or, if no Successor Fund is available, 

  
 9 

 
determine the Fund Closing Price of the Fund, and (iii) determine whether a Market Disruption Event has occurred. 

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

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

The Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be
deemed to have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States federal income tax purposes to characterize and treat this Security as an investment unit consisting of
(i) a fixed-rate debt obligation that the Company issued to the Holder hereof for an amount equal to the Face Amount of this Security and (ii) a put option in respect of the Fund. 

Redemption and Repayment 

This Security is not subject to repayment at the option of the Holder hereof prior to October 28, 2015. Except as set
forth above under “Automatic Call,” this Security is not subject to redemption prior to October 28, 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
Redemption Amount (calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted
under the Indenture will be equal to the Redemption Amount hereof, calculated as provided herein as though the date of acceleration was the Final Calculation Day, plus accrued and unpaid interest to, but excluding, the date of acceleration. 

 
  

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. 

  
 10 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal. 
 DATED: October 28, 2013 

 

					
	 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

  
 11 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Securities Linked to the SPDR®
S&P® Homebuilders ETF 
 due October 28, 2015 

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 

  
 12 

 
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 

  
 13 

 
form, bearing interest at the same rate, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

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

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

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the interest and the Redemption Amount or the Call Price, as applicable, 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 interest or the Redemption Amount or the Call Price, as applicable, 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. 

  
 14 

 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)

  
 15 

 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. 

  
 16EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 THIS AMENDMENT
AGREEMENT (this Amendment Agreement) is made on October 24, 2013 
 BETWEEN 

 

	(1)	JPMORGAN CHASE BANK, N.A., LONDON BRANCH (JPMCB) and 

  

	(2)	RACE STREET FUNDING LLC (Race Street), 

 (each a Party and together
the Parties) 
 WHEREAS 

The Parties entered into an amended and restated Global Master Repurchase Agreement, dated as of April 23, 2013 (together with all annexes thereto and
confirmations exchanged thereunder, the GMRA). 
 This Amendment Agreement amends the GMRA. Capitalized terms used, but not defined, in this
Amendment Agreement shall have the meanings set forth in the GMRA. 
 IT IS AGREED: 

1. In consideration of the mutual agreements in this Clause, the Parties hereby agree to amend Annex 1 of the GMRA (Annex 1) and Annex III of
the GMRA (Annex III) as set forth below. The amendment shall have effect from and including October 24, 2013 (the Effective Date). 
  

	(a)	Clause 6(e) of Annex 1 shall be deleted in its entirety and replaced with: 

 “Initial
Adjusted Net Worth. (i) On the date hereof, the Adjusted Net Worth of the Initial Assets is at least $600,000,000, (ii) on the date that is 60 days after the date hereof, the Adjusted Net Worth of the Collateral is at least
$814,000,000 and (iii) on October 24, 2013 (the “Amendment Effective Date”) the Adjusted Net Worth of the Collateral is at least $720,000,000.” 
  

	(b)	Clause 6(g) of Annex 1 shall be deleted in its entirety and replaced with: 

 “Collateral
Minimum. The Adjusted Net Worth of the Collateral will, at all times, exceed (i) on the date hereof until the date that is 60 days after the date hereof, $600,000,000, (ii) on or after the date that is 60 days after the date hereof
until the Amendment Effective Date, $678,000,000 and (iii) on and after the Amendment Effective Date, $648,000,000 (subclauses (i), (ii) and (iii), collectively, the “Collateral Minimum”).” 

 

	(c)	Clause (6)(o)(i) of Annex 1 shall be deleted in its entirety and replaced with: 

“distributions to any Member (as defined in the LLC Agreement) of Party B in cash or Collateral Assets where such distribution is payable
solely from (x) income or dividends received by Party B on the Collateral, (y) monies representing capital appreciation received with respect to Collateral that has matured or has been transferred pursuant to this Agreement, or
(z) any Collateral, regardless of the applicability of clause (x) or (y), if after such distribution the Adjusted Net Worth of the Collateral would be at least equal to $720,000,000) (except that (i) for a period from 60 days after
the date hereof, such limit shall be $678,000,000 and (ii) for a 

 
period from and after 60 days after the date hereof until the Amendment Effective Date, such limit shall be $814,000,000); provided, Party B is prohibited from making any distribution in
accordance with this subclause (i) unless immediately prior to and immediately after giving effect to such distribution the Adjusted Net Worth of the Collateral will be greater than the Collateral Minimum;” 

 

	(d)	Clause 9(a) of Annex 1 shall be deleted in its entirety and replaced with: 

 “Adjusted
Net Worth” on any date of determination is the Fair Market Value of the Collateral in the Custodial Account at such time; provided, the Fair Market Value of the Collateral will be adjusted by establishing a value of $0 for any
Collateral in excess of the following criteria (the “Concentration Limitations”): 
  

	 	(i)	8% Maximum – assets from one Obligor; provided, the Collateral may include 12% of assets of two separate Obligors and the Collateral may include 13% of assets of one Obligor; 

 

	 	(ii)	15% Maximum – Performing Common Equity, Preferred Stock and Structured Finance Obligations and Finance Leases; 

  

	 	(iii)	7.5% Maximum – Structured Finance Obligations and Finance Leases; 

  

	 	(iv)	10% Maximum – Participations; 

  

	 	(v)	0% Maximum – Uncovered Revolving or Delayed-Draw Assets; Non-Performing Common Equity; Derivatives Transactions; debt or equity of affiliates of Party B (including haircut of the repo); and 

 

	 	(vi)	50% Maximum – Collateral that is not Bank Loans (i.e., Bank Loans must constitute at least 50% of the Collateral).” 

  

	(e)	Annex III shall be deleted in its entirety and replaced with a new Annex III, which is attached hereto as a part of Exhibit A. 

2. With effect from the Effective Date, this Amendment Agreement shall be read with and construed as one document with, to the extent it amends, supplements
or varies, the GMRA. 
 3. Except as amended by Clause 1, the GMRA, as supplemented, varied or amended, shall continue in full force and effect and shall
not in any way be suspended, terminated or discharged by the provisions of this Amendment Agreement. 
 4. Any reference in the GMRA to the “GMRA”
will be construed as a reference to the GMRA, as amended by this Amendment Agreement. 
 5. For convenience, a consolidated version of Annex 1, which
incorporates the amendments referred to in Clause 1 above, has been attached hereto as a part of Exhibit A. 
 6. Each Party represents and warrants
to each of the other Parties that: 
  

	(a)	it has power to enter into and comply with its obligations under this Amendment Agreement; and 

  

	(b)	it has taken all necessary action to: 

  
 2 

	 	(i)	authorize its entry into and compliance with its obligations under this Amendment Agreement; and 

  

	 	(ii)	ensure that its obligations under this Amendment Agreement are valid, legally binding and enforceable in accordance with their terms. 

7. Each of the Parties acknowledges that it has entered into this Amendment Agreement and has agreed to the amendments effected by this Amendment Agreement in
full reliance on the representations and warranties set forth in Clause 6 above and Clause 8 below. 
 8. Race Street represents and warrants to JPMCB that
as of the date hereof, after giving effect to the amendments set forth in Clause 1 above, (i) each of the representations and warranties set forth in the GMRA are true and correct and (ii) no Events of Default have occurred and are
continuing. 
 9. This Amendment Agreement may be executed in any number of counterparts, and by each party on separate counterparts. Each counterpart is an
original, but all counterparts shall together constitute one and the same instrument. Delivery of a counterpart of this Amendment Agreement by e-mail attachment or telecopy shall be an effective mode of delivery. 

10. This Amendment Agreement is governed by, and shall be interpreted in accordance with, English law. Any matter, claim or dispute arising out of or in
connection with this Amendment Agreement, whether contractual or non-contractual is to be governed by and determined in accordance with English law. 

[Signature Page Follows] 

  
 3 

 IN WITNESS WHEREOF, the Parties hereto have
executed this Amendment Agreement on the date recorded above. 
  

			
	JPMORGAN CHASE BANK, N.A., LONDON BRANCH
		
	By:	 	 /s/ Louis J. Cerrotta

		
	Name:	 	Louis J. Cerrotta
		
	Title:	 	Executive Director
	
	RACE STREET FUNDING LLC
		
	By:	 	 /s/ Gerald F. Stahlecker

		
	Name:	 	Gerald F. Stahlecker
		
	Title:	 	Executive Vice President

  
 4 

 Exhibit A 

ANNEX 1 
 Supplemental
Terms or Conditions 
 Paragraph references are to paragraphs in the Agreement. 

 

	1.	The following elections shall apply: 

  

	(a)	paragraph 1(c)(i). Buy/Sell Back Transactions may not be effected under this Agreement, and accordingly the Buy/Sell Annex shall not apply. 

 

	(b)	paragraph 1(c)(ii). Transactions in Net Paying Securities may not be effected under this Agreement. 

  

	(c)	paragraph 1(d). Agency Transactions may not be effected under this Agreement, and accordingly the Agency Annex shall not apply. 

  

	(d)	paragraph 1. Transactions in gilt-edged securities (as defined in the Gilts Annex) may not be effected under this Agreement, and accordingly the Gilts Annex shall not apply. 

 

	(e)	paragraph 1. Transactions in Italian Bonds may not be effected under this Agreement, and accordingly the Italian Annex shall not apply. 

 

	(f)	paragraph 2(d). The Base Currency shall be U.S. Dollars. 

  

	(g)	paragraph 2(p). Party A’s Designated Offices: London 

 Party B’s Designated Offices:
Philadelphia 
  

	(h)	paragraph 2(cc). The calculation of Market Value shall be determined in good faith based on generally acceptable market practices and pricing sources for the relevant Purchased Securities by Party A or as agreed to by
the parties in the related Confirmation. 

  

	(i)	paragraph 2(rr). Spot Rate to be as in paragraph 2(rr). 

  

	(j)	paragraph 3(b). Party A to deliver Confirmations. 

  

	(k)	paragraph 4(b). Notices pursuant to Section 4 of the Agreement may be delivered orally or by electronic mail to an address supplied by the other party. The parties shall promptly confirm by electronic mail or other
writing, all margin calls communicated orally, provided that any failure or delay in the provision of such electronic mail or written confirmation shall not (i) invalidate such oral notice, (ii) excuse non-compliance with such margin call,
(iii) extend the time for compliance with such margin call or (iv) constitute a breach of the Agreement. 

  

	(l)	 paragraph 4(c). It is the intention of the parties that Party B will never have the right to have margin posted to it by Party A (although it will
have the right, under proper circumstances to have Cash Margin repaid to it and Equivalent Margin Securities transferred to it) and the parties agree that the “Net Exposure” of Party B with respect

  
 5 

	 	
to Party A be the lesser of (a) the “Net Exposure” determined in accordance with Section 4(c), and (b) Party B’s Net Margin posted to Party A. 

 

	(m)	paragraph 4(f). Interest rate on Cash Margin for any given day will be the U.S. Dollar Federal Funds rate for such day as determined by the Buyer in good faith. 

 

	(n)	paragraph 4(g). Delivery period for Margin Transfers to be the same day if the request is made before 10:00 a.m. (NY time) on a Business Day and, if requested after such time on such Business Day, the next Business Day.
Margin Transfers shall be comprised of Cash Margin or Margin Securities of the type and combination as is agreed to by the party requesting the Margin Transfer. 

  

	(o)	paragraph 6(j). Paragraph 6(j) shall apply and the events specified in paragraph 10(a) identified for the purposes of paragraph (6)(j) shall be those set out in paragraphs (i) – (x) of paragraph
10(a) of the Agreement. 

  

	(p)	paragraph 10(a)(ii). Paragraph 10(a)(ii) shall apply. 

  

	(q)	paragraph 14. For the purposes of paragraph 14 of this Agreement – 

  

	 	(i)	Address for notices and other communications for Party A – 

  

			
	Address:	  	JPMorgan Chase Bank, N.A., London Branch
		  	125 London Wall
		  	London EC2Y 5AJ
	Attention:	  	Repo Settlements
	Telephone:	  	Stefano Bellani +44 20 7779 3140 – Trading
		  	Nick Hamilton +44 1202 341280 – Operations
	
	For Emerging Markets Business:
		
	Address:	  	JPMorgan Chase Bank, N.A., London Branch
		  	18 Christchurch Road, Floor 3
		  	Bournemouth BH1 3BA, United Kingdom
	Attention:	  	Confirmation Group
	Telephone:	  	+44 1202 342438
	Facsimile:	  	+44 1202 347279

  

	 	(ii)	Address for notices and other communications for Party B – 

  

			
	Address:	  	Race Street Funding LLC
		  	Cira Centre, 2929 Arch Street, Suite 675
		  	Philadelphia, Pennsylvania 19104
	Attention:	  	Gerald F. Stahlecker
	Telephone:	  	(215) 495-1169
	Telecopy:	  	(215) 222-4649

  

	(r)	paragraph 17. For the purposes of paragraph 17 of this Agreement – 

  

	 	(i)	Party A appoints JPMorgan Chase Bank, N.A. (London Branch) as its agent for service of process; 

  

	 	(ii)	Party B appoints Race Street Funding LLC as its agent for service of process. 

  
 6 

	2.	The following Supplemental Terms and Conditions shall apply. 

 Pursuant to the terms
of paragraph 1 of the Agreement, Buyer and Seller agree to be governed by the Supplemental Terms and Conditions stated herein. To the extent that any provisions in these Supplemental Terms and Conditions are in conflict with provisions contained in
the Agreement, the provisions contained in these Supplemental Terms and Conditions shall prevail. 
 Notwithstanding anything herein
to the contrary, this Agreement shall amend and restate the Global Master Repurchase Agreement, dated as of July 21, 2011, between Party A and Party B (the “Initial Agreement”), and any obligations, liabilities or rights of the
parties under the Initial Agreement shall be deemed to be assumed and incorporated herein, subject to the revised terms of this Agreement. 
  

	(a)	JPMorgan Chase Bank, N.A. in this Agreement refers to JPMorgan Chase Bank, N.A. in its capacity as a principal acting through its London office and any successor or assign. 

 

	(b)	Each Party shall deliver to the other the following documents on or prior to the execution of this Agreement: 

  

					
	Party A:	 	evidence of signing authority (including specimen of signature)
		
	Party B:	 	(i) certified organizational documents, good standing certificate, lien search results and evidence of signing authority (including specimen of signature);
			
		 	(ii)	  	opinion of counsel, in form and substance satisfactory to Party A, relating to corporate and enforceability matters;
			
		 	(iii)	  	opinion of counsel, in form and substance satisfactory to Party A, relating to tax matters;
			
		 	(iv)	  	opinions of counsel, each in form and substance satisfactory to Party A, relating to (i) non-consolidation matters, and (ii) true sale and security interest matters herein; and
			
		 	(v)	  	opinion of counsel, in form and substance satisfactory to Party A, relating to securities contract matters.

  

	(c)	(i) Party A represents that it is organized under the laws of the United States as a National Banking Association and that under United States and United Kingdom tax law currently in effect, all payments by Party B to
Party A pursuant to this Agreement are exempt from withholding taxes and backup withholding taxes. 

 (ii) Party B represents
that it is a limited liability company organized under the laws of Delaware that is disregarded as an entity separate from its owner, FS Investment Corporation, for United States federal income tax purposes. 

 

	(d)	Modifications to Payment and Transfer. 

 Notwithstanding anything to the contrary in this
Agreement, in the case of a transfer by Party A of its rights and obligations under this Agreement, Party B shall not be 

  
 7 

 required to pay additional amounts to any person in excess of the additional amounts it would
have been required to pay to Party A if no such transfer had occurred. 
  

	(e)	Additional Events of Default. 

 The following shall constitute Additional Events of Default with
respect to which Party B will be the Defaulting Party and shall be inserted following Section 10(a)(x) of the Agreement: 
  

	 	(xi)	“Benefit plan investors” that are subject to the investment restrictions set forth in the Employee Retirement Income Security Act of 1974 of the United States of America, as amended (“ERISA”), own
25% or more of any class of equity or membership interests in Party B or, for any reason, any Transaction constitutes a “prohibited transaction” within the meaning of ERISA 

 

	 	(xii)	Adjusted Net Worth Test. On any date on which a determination of Adjusted Net Worth is made pursuant to Section 6(f) of this Annex I, Party B calculates that the Adjusted Net Worth of the Collateral is equal
to or less than the Collateral Minimum and Party B is unable to cure such deficiency within two Business Days of such date of determination. 

  

	 	(xiii)	Restricted Payments and Investment Guidelines. Party B (1) makes any Restricted Payment that is not expressly permitted under Section 6(o) of this Annex I or (2) purchases or sells any Collateral
other than pursuant to transactions completed in accordance with the Investment Guidelines and Section 8(b) of this Annex I. 

  

	 	(xiv)	Custodial Account. Any Collateral shall be removed, by Party B or otherwise, from the Custodial Account at any time other than in accordance with this Agreement. 

 

	 	(xv)	Fair Market Value Calculation Procedures. Party B amends the terms and procedures for Fair Market Value Calculation Procedures contained in Annex II without the written consent of Party A. 

 

	 	(xvi)	Repurchase Agreement. With respect to this Agreement, at any time when this Agreement or any Transaction hereunder is outstanding, Party B disaffirms, disclaims, repudiates or rejects, in whole or in part, or
challenges the validity of, this Agreement. 

  

	 	(xvii)	[Reserved] 

  

	 	(xviii)	 Other Violations. With respect to either the LLC Agreement, the Collateral Management Agreement or the Asset Transfer Agreement, (x) Party
B (1) violates any provisions of such agreement or (2) amends such agreement, in each case of (1) and (2), in a manner materially adverse to Party A, without the written consent of Party A, or (y) Party B or any other party to
the LLC Agreement, Collateral Management Agreement or Asset Transfer Agreement, as applicable, disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, the LLC Agreement, Collateral Management Agreement or
Asset Transfer Agreement, as applicable; provided, notwithstanding the materiality limits contained in subclause (x) above, Party B shall provide Party A with notice of any amendment of the LLC Agreement, the Collateral Management
Agreement or the Asset Transfer 

  
 8 

	 	
Agreement at least two Business Days prior to the execution thereof, regardless of whether such amendment will materially adversely affect Party A. 

With respect to Party A, only the events enumerated in paragraph 10(a)(i) through 10(a)(vi) shall constitute Events of Default and, in the case
of paragraphs 10(a)(i) through (v) only if: (x) such event remains uncured at the end of the third Business Day following the date on which notice of such failure has been delivered to Party A and (y) is not excused by illegality,
impossibility or force majeure. 
  

	3.	Limitation of Liability. Except as provided in Paragraph 10 of the Agreement and in respect of any Transaction under this Agreement, no party shall be required to pay or be liable to the other party for any
consequential or indirect damages, opportunity costs or lost profits, even if expressly advised, or otherwise aware, of the possibility of such damages. 

  

	4.	Netting of Payments and Deliveries. 

 As specified in the Agreement and for the avoidance
of doubt, it is the intent of the parties hereto that all cash amounts payable in the same currency on the same day hereunder, whether as Income, cash proceeds of redemption of Purchased Securities included in the definition of Equivalent
Securities, Purchase Price, Repurchase Price, Cash Margin or otherwise, should be netted off, and thus, if on any date amounts would otherwise be payable in the same currency by each party to the other, then, on such date, each party’s
obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would otherwise be payable by one party exceeds the aggregate amount that would otherwise be payable by the other party,
replaced by an obligation of the party with the larger aggregate amount payable to pay the other party the excess of the larger aggregate amount over the smaller aggregate amount. 

It is the intent of the parties that if one Repurchase Transaction is maturing and another Repurchase Transaction with respect to the same
Purchased Securities is commencing on the same day, the Buyer is authorised to retain the Purchased Securities for the maturing Transaction to the extent necessary to satisfy the obligation of the Seller to deliver Purchased Securities in respect of
the new Transaction. 
  

	5.	Tax treatment of Transaction. 

 The parties agree to treat all Transactions under this
Agreement as loans from Party A to FS Investment Corporation for federal, state and local income and franchise tax purposes. 
  

	6.	Further Additional Representations, Warranties and Covenants 

 On the date hereof and
each day this Agreement or any Transaction under this Agreement is still outstanding, Party B represents, warrants and covenants as follows: 
  

	(a)	 Collateral Terms. Party B has good and marketable title to all properties and assets (the “Initial Assets”) transferred to it under
the Asset Transfer Agreement, in each case free from liens, encumbrances and defects that would affect Party A in any manner, including without limitation any effect on the value thereof or interference with the use made or to be made thereof by it
or Party A’s security interest therein. 

  
 9 

	 	
With respect to the Initial Assets and any cash and other properties and assets acquired or received by Party B, including any Participations in any properties or assets received by Party B, on
or after the date hereof and required to be pledged in favor of Party A (the “Further Assets” and, collectively with the Initial Assets, the “Collateral” and any particular asset that is part of the Collateral, a “Collateral
Asset”), pursuant to the Asset Transfer Agreement or otherwise (and for the avoidance of doubt, including without limitation, any interest, principal, capital gain or realization, dividend or other amount received with respect to any
Collateral): (i) Party B will have the power to grant a security interest to Party A in such Collateral and will have taken all necessary actions to authorize the granting of such security interest; (ii) Party B will be the sole owner of
such Collateral, free and clear of any security interest, lien, encumbrance or other restrictions other than Permitted Liens; (iii) Party A will have a valid and perfected security interest in such Collateral, subject to no prior security
interest, lien or encumbrance except for liens expressly permitted pursuant to this Agreement; (iv) to the extent such Collateral can be credited to the Custodial Account, the Collateral is held solely in the Custodial Account in accordance
with Section 7 of this Annex I and Party B has not transferred any Collateral Asset out of the Custodial Account other than in accordance with the terms of this Agreement; and (v) the performance by Party B of its obligations under this
Agreement will not result in the creation of any security interest, lien or other encumbrance on any Collateral Asset other than (A) the security interest granted pursuant to this Agreement and (B) Permitted Liens. 

 

	(b)	Party B Status. Party B shall preserve and maintain its legal existence and all of its material rights, privileges, licenses and franchises necessary for operation of its business. 

 

	(c)	Notices. Party B shall give notice to Party A promptly in writing upon the occurrence of any of the following: 

(i) any litigation, investigation, regulatory action or proceeding that is pending or threatened by or against Party B in any federal or state
court or before any governmental authority which, if not cured or if adversely determined, would reasonably be expected to have a material adverse effect on Party A’s rights hereunder or constitute an Event of Default under this Agreement; and

 (ii) promptly upon receipt of notice or knowledge of any lien or security interest (other than Permitted Liens) on, or claim asserted
against, any of the Purchased Securities, the Custodial Account (as defined below) or any Collateral (collectively, the Purchased Securities, Custodial Account and the Collateral, the “Protected Items”). 

For the avoidance of doubt, the notice requirements contained in Paragraph 10(l) shall apply to all Events of Default contained in this Annex
I. 
  

	(d)	Party B Incurrence of Debt. Party B shall not incur, acquire, issue or otherwise become an obligor of any indebtedness except to the extent such indebtedness is expressly permitted under this Agreement;
provided, nothing in this clause (d) shall affect Party B’s right to execute transactions under the Revolving Credit Agreement. 

  

	(e)	 Initial Adjusted Net Worth. (i) On the date hereof, the Adjusted Net Worth of the Initial Assets is at least $600,000,000, (ii) on
the date that is 60 days after the date hereof, the Adjusted Net Worth of the Collateral is at least $814,000,000 and (iii) on 

  
 10 

	 	
October 24, 2013 (the “Amendment Effective Date”) the Adjusted Net Worth of the Collateral is at least $720,000,000. 

 

	(f)	Adjusted Net Worth Calculations and Valuation Updates. Party B shall calculate a valuation of the Adjusted Net Worth of the Collateral as often as reasonably possible, and in no event less often than necessary to
provide a new valuation thereof for each valuation update required pursuant to this paragraph. Each such calculation shall be executed in accordance with the Fair Market Value Calculation Procedures in Annex II, as such procedures may be amended
with the express written consent of Party A. Party B shall provide Party A on a (i) weekly basis, and (ii) daily upon a valuation of the Adjusted Net Worth equal to or lesser than the Collateral Minimum until such deficiency is cured, in
each case, a summary of the Collateral Assets (such summary, a “Valuation Update”) and the Adjusted Net Worth of the entire Collateral and each Collateral Asset. Each Valuation Update shall be provided in form substantially similar to
Annex III; provided, that in no event shall Party B be required to obtain a more recent valuation with respect to any Collateral Asset valued pursuant to clause (B)(2) of Annex II hereof (the “Non-Quoted Asset”) so long as
(1) Party B shall have previously received a valuation with respect to such Non-Quoted Asset provided by an Independent Valuation Firm pursuant to the Fair Market Value Calculation Procedures in Annex II less than four months prior to the date
of such Valuation Update or (2) such Non-Quoted Asset was valued pursuant to the proviso in clause (B)(2) of Annex II. 

  

	(g)	Collateral Minimum. The Adjusted Net Worth of the Collateral will, at all times, exceed (i) on the date hereof until the date that is 60 days after the date hereof, $600,000,000, (ii) on or after the
date that is 60 days after the date hereof until the Amendment Effective Date, $678,000,000 and (iii) on and after the Amendment Effective Date, $648,000,000 (subclauses (i), (ii) and (iii), collectively, the “Collateral
Minimum”). 

  

	(h)	Defense of Title. Party B (a) warrants and will defend the right, title and interest of Party A in and to all Protected Items against all adverse claims and demands of all persons whomsoever and will do so
on Party A’s demand and (b) shall not, at any time create, incur or permit to exist any lien, encumbrance or security interest in or on any of the Protected Items other than Permitted Liens. 

 

	(i)	Preservation of Protected Items. Party B shall do all things necessary to preserve the Protected Items so that Party B’s rights, title and interest in, to and under such Protected Items remain subject to a
first priority perfected security interest hereunder. Without limiting the foregoing, Party B will comply in all material respects with all applicable laws, rules and regulations of any governmental authority applicable to Party B or relating to the
Protected Items and cause the Protected Items to comply in all material respects with all applicable laws, rules and regulations of any such governmental authority. To the extent within Party B’s control, Party B will not allow any default to
occur for which Party B is responsible under any Protected Items and Party B shall fully perform or cause to be performed when due all of its obligations under any Protected Items. For the avoidance of doubt, any non-compliance by Party B with any
applicable laws, rules or regulations shall be considered non-compliance in a material respect if such non-compliance causes, directly or indirectly, the occurrence of any cost, legal or regulatory issue or burden or any other adverse effect on
Party A and/or its affiliates. 

  

	(j)	 Inspection Rights. Party B will permit Party A or any representatives designated by Party A, upon reasonable prior notice, to visit and inspect
its books and records at 

  
 11 

	 	
such reasonable times and as often as reasonably requested by Party A; provided that Party B shall be entitled to have its representatives and advisors present during any inspection of its
books and records. 

  

	(k)	Audit Rights. Party B will permit any representatives designated by Party A (including any consultants, accountants, lawyers and appraisers) to conduct evaluations and appraisals of the Collateral and the
Adjusted Net Worth of the Collateral, all at such reasonable times and as often as reasonably requested and at the cost of Party B. 

  

	(l)	Recharacterization. In the event any Transaction is recharacterized as a secured financing of the Purchased Securities, the provisions of this Agreement are effective to create in favor of Party A a valid
security interest in all rights, title and interest of Party B in, to and under the Purchased Securities and, in such event, Party A shall have a valid security interest in the Purchased Securities. 

 

	(m)	Litigation. As of the date hereof, there are no actions, suits or proceedings at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator (collectively,
“Actions”) pending, or to Party B’s knowledge, threatened against Party B that affect the legality, validity or enforceability against Party B of this Agreement or Party B’s ability to perform its obligations under this
Agreement; on any date following the date hereof, there are no Actions pending, or to Party B’s knowledge, threatened against Party B that could reasonably be expected to that affect the legality, validity or enforceability against Party B of
this Agreement or Party B’s ability to perform its obligations under this Agreement or otherwise result in a material adverse effect on Party A’s rights hereunder or constitute an Event of Default under this Agreement. 

 

	(n)	True and Complete Disclosure. All applicable information that is furnished in writing by or on behalf of Party B to Party A in connection with this Agreement and any other transaction documents and the
transactions contemplated hereby is, and will be, as of the date of the information, true, accurate and complete in every material respect. 

  

	(o)	Restricted Payments. So long as this Agreement or any Transaction hereunder is outstanding or all obligations hereunder are not fully satisfied, Party B will not declare or make, or agree to pay or make, directly
or indirectly, any Restricted Payment, except that Party B may declare and pay or transfer: 

 (i) distributions to any Member
(as defined in the LLC Agreement) of Party B in cash or Collateral Assets where such distribution is payable solely from (x) income or dividends received by Party B on the Collateral, (y) monies representing capital appreciation received
with respect to Collateral that has matured or has been transferred pursuant to this Agreement, or (z) any Collateral, regardless of the applicability of clause (x) or (y), if after such distribution the Adjusted Net Worth of the
Collateral would be at least equal to $720,000,000) (except that (i) for a period from 60 days after the date hereof, such limit shall be $678,000,000 and (ii) for a period from and after 60 days after the date hereof until the Amendment
Effective Date, such limit shall be $814,000,000); provided, Party B is prohibited from making any distribution in accordance with this subclause (i) unless immediately prior to and immediately after giving effect to such distribution
the Adjusted Net Worth of the Collateral will be greater than the Collateral Minimum; 

  
 12 

 (ii) payments to purchase Collateral Assets meeting the Investment Guidelines and the terms of
Section 8(b) of this Annex I; provided, Party B is prohibited from making any purchase in accordance with this subclause (ii) unless immediately prior to and immediately after giving effect to such purchase the Adjusted Net Worth of
the Collateral will be greater than the Collateral Minimum; 
 (iii) payments of (1) operating expenses and governmental and regulatory
fees, and (2) fees, expenses and indemnities payable under the LLC Agreement or the Collateral Management Agreement; provided, Party B is prohibited from making any distribution in accordance with this subclause (iii)(2) unless
immediately prior to and immediately after giving effect to such distribution the Adjusted Net Worth of the Collateral will be greater than the Collateral Minimum; and 

(iv) payments of the purchase price for any assets sold to Party B by FS Investment Corporation pursuant to the Asset Transfer Agreement (such
assets, “Sold Assets”) by transferring Collateral Assets then owned by Party B to FS Investment Corporation having a Fair Market Value at the time of such transfer equal to the Fair Market Value of the Sold Asset transferred to Party B as
of the date of acquisition of such Sold Asset (such value, the “Initial Fair Market Value”); provided, however, that in the case of Collateral Assets that previously were sold to Party B by FS Investment Corporation (each, a
“Prior Sold Asset”), the Initial Fair Market Value of such Prior Sold Asset to be transferred to FS Investment Corporation as part of the purchase price, when aggregated with the Initial Fair Market Value of all other Prior Sold Assets
previously transferred to FS Investment Corporation as part of the purchase price of Sold Assets, is less than or equal to 10% of the aggregate Initial Fair Market Value as of the respective date of acquisition of all Prior Sold Assets at any time
hereunder. 
 For the avoidance of doubt, any breach of these representations shall be considered an Event of Default under Paragraph
10(a)(vii) of the Agreement. 
  

	7.	Custodial Account. On or prior to the date hereof, Party A and Party B shall establish at the Custodian an account (the “Custodial Account”) held in the name of the Custodian, for the benefit of
Party A, as secured party hereunder, in accordance with this Agreement and any account control agreement or other necessary documentation. Party A and Party B hereby agree that (i) FS Investment Corporation shall directly transfer the Initial
Assets into the Custodial Account pursuant to the Asset Transfer Agreement, and (ii) upon Party B receiving or having possession of any Further Assets, Party B shall promptly deposit such Further Assets into the Custodial Account. No Collateral
may be transferred from the Custodial Account except with the express written consent of Party A or in accordance with a permitted Restricted Payment pursuant to Section 6(o) of this Annex I. Any transfers by Party A of Collateral from the
Custodial Account, or of Collateral that is required to be deposited into the Custodial Account pursuant to this Section 7, will be deemed null and void unless expressly permitted under the terms of this Agreement or Party A has given express
written consent to such transfer. Party B agrees to provide all necessary cooperation, including entering into all relevant commercially reasonable documentation, for Party A to establish and maintain a perfected security interest in the Custodial
Account and all Collateral deposited therein. Upon the termination of this Agreement and payment in full of obligations hereunder, Party A shall transfer to Party B ownership of the Custodial Account and all Collateral (if any) deposited therein.

  
 13 

	8.	Asset Transfer Agreement and Investment Guidelines. 

  

	(a)	Asset Transfer Agreement: Party B hereby grants to Party A all of its right, title and interest in, to and under, in each case, whether now owned or existing, or hereafter acquired or arising, the Asset Transfer
Agreement. 

  

	(b)	Investment Guidelines: Notwithstanding anything herein to the contrary, Party B and Party A agree that Party B shall not purchase, sell or accept as a contribution any assets unless such assets and such purchase,
sale or contribution are each permitted in accordance with the Investment Guidelines (the “Investment Guidelines”) contained in Annex IV hereof. Further, Party B shall be prohibited from undertaking any purchase, sale or contribution of
any asset unless (i) such transaction does not adversely affect Party A’s security interest in any other Collateral Asset or the Collateral generally, (ii) any assets received in exchange for Collateral are Collateral Assets governed
by Party A’s security interest hereunder and (iii) such transaction is executed on terms equivalent to those in a transaction completed on an arm’s length basis and at a price equal to the market value of the relevant asset.

  

	9.	Definitions. The following definitions are incorporated herein: 

  

	(a)	“Adjusted Net Worth” on any date of determination is the Fair Market Value of the Collateral in the Custodial Account at such time; provided, the Fair Market Value of the Collateral will be
adjusted by establishing a value of $0 for any Collateral in excess of the following criteria (the “Concentration Limitations”): 

  

	 	(i)	8% Maximum – assets from one Obligor; provided, the Collateral may include 12% of assets of two separate Obligors and the Collateral may include 13% of assets of one Obligor; 

 

	 	(ii)	15% Maximum – Performing Common Equity, Preferred Stock and Structured Finance Obligations and Finance Leases; 

  

	 	(iii)	7.5% Maximum – Structured Finance Obligations and Finance Leases; 

  

	 	(iv)	10% Maximum – Participations; 

  

	 	(v)	0% Maximum – Uncovered Revolving or Delayed-Draw Assets; Non-Performing Common Equity; Derivatives Transactions; debt or equity of affiliates of Party B (including haircut of the repo); and 

 

	 	(vi)	50% Maximum – Collateral that is not Bank Loans (i.e., Bank Loans must constitute at least 50% of the Collateral). 

  

	(b)	“Asset Transfer Agreement” means the Asset Transfer Agreement, dated as of September 26, 2012, between FS Investment Corporation and Party B, as amended from time to time. 

 

	(c)	“Bank Loans” means debt obligations (including, without limitation, term loans, debtor-in-possession financings, and other similar loans and investments) which are generally documented under a loan or
credit facility. 

  

	(d)	“Collateral Management Agreement” means the Collateral Management Agreement, dated as of September 26, 2012, between FS Investment Corporation and Party B, as amended from time to time.

  
 14 

	(e)	“Covered Revolving or Delayed-Draw Assets” means a Revolving or Delayed-Draw Asset where any undrawn or unfunded amount is fully collateralized in cash. 

 

	(f)	“Custodian” means State Street Bank and Trust Company, a Massachusetts trust company. 

  

	(g)	“Derivatives Transactions” means any transaction that is a contract, agreement, swap, future, forward, option, swaption, repurchase agreement, reverse repurchase agreement, securities lending agreement,
collar, floor, or other transaction recognized as a derivative that has a valuation based, in whole or in part, on the value of, any interest in, or any qualitative measure or the occurrence of any event relating to, one or more commodities,
securities, currencies, interest or other rates, or other assets; provided, this Agreement shall not be considered a Derivatives Transactions for the purposes hereof. 

 

	(h)	“Fair Market Value” has the meaning given such term in Annex II. 

  

	(i)	[Reserved]. 

  

	(j)	“Independent Valuation Firm” means Houlihan, Lokey, Howard & Zukin Inc., Duff & Phelps Corporation, Valuation Research Corporation, Murray, Devine & Company, CBIZ, Inc.,
Capstone Valuation Services, LLC and any other firm approved by Party A in its reasonable discretion. 

  

	(k)	“LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of Party B, dated as of September 26, 2012, among FS Investment Corporation and the Independent Managers (as
defined therein), as amended from time to time. 

  

	(l)	“Non-Performing Common Equity” means common stock (other than Preferred Stock) and warrants of an issuer having any debt for borrowed money outstanding that is ninety or more days past due or has been
placed in non-accrual status. 

  

	(m)	“Obligor” means, with respect to any Collateral Asset hereunder, (a) the issuer, obligor or guarantor with respect to such Collateral Asset or (b) any subsidiary, affiliate or parent company
of such issuer, obligor or guarantor. 

  

	(n)	“Participation” means temporary participations in a Loan in accordance with standard LSTA terms granted to the Issuer in connection with the settlement of the assignment of such Loan. 

 

	(o)	“Performing Common Equity” means common stock (other than Preferred Stock) and warrants of an issuer with no debt for borrowed money outstanding or whose outstanding debt for borrowed money is neither
ninety or more days past due nor has been placed in non-accrual status. 

  

	(p)	“Permitted Liens” means (i) liens granted to Party A in accordance with this Agreement; (ii) liens with respect to taxes, assessments and other governmental charges or levies for amounts not
yet due or which are being contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves have been set aside in accordance with U.S. generally accepted accounting principles; and (iii) any
other lien approved in writing by Party A. 

  
 15 

	(q)	“Preferred Stock,” means capital stock of any entity of any class or classes (however designated) that ranks prior, as to the payment of dividends or as to the distribution of assets upon any voluntary
or involuntary liquidation, dissolution or winding up of such entity, to any shares (or other interests) of other equity of such entity, and shall include, without limitation, cumulative preferred, non-cumulative preferred, participating preferred
and convertible preferred equity. 

  

	(r)	“Restricted Payment” means a dividend or any other distribution (whether in cash, securities or other property) with respect to any shares of equity or otherwise, or any payment (whether in cash,
securities or other property), to any party other than Party A or as otherwise permitted under this Agreement. 

  

	(s)	“Revolving Credit Agreement” means the Revolving Credit Agreement, dated as of July 21, 2011, between FS Investment Corporation and Party B, as amended from time to time. 

 

	(t)	“Revolving or Delayed-Draw Assets” means any loan or other borrowing pursuant to which the holder may be required to make future advances to the borrower. 

 

	(u)	“Structured Finance Obligations and Finance Leases” means any obligation issued by a special purpose vehicle and secured directly by, referenced to, or representing ownership of, a pool of receivables
or other financial assets of any obligor, including collateralized debt obligations (cash-flow or synthetic) and mortgaged-backed securities, or any finance lease. 

 

	(v)	“Uncovered Revolving or Delayed-Draw Assets” means any Revolving or Delayed-Draw Asset that is not a Covered Revolving or Delayed-Draw Asset. 

 

	10.	General 

  

	(a)	A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be
presumed to preclude any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege. 

  

	(b)	In the event of any discrepancy between this Agreement and the preprinted terms of the Global Master Repurchase Agreement 2000 Version published by The Bond Market Association and ISMA (the “TBMA”) (other than
the terms of this Annex I and Annex II) the terms of the TBMA shall prevail. 

  
 16 

 ANNEX III 

FORM OF VALUATION UPDATE 
 Date of
Valuation Update:             , 20     
  

									
	 Collateral Asset
	  	Par /
Shares	  	Fair
Market
Value	  	Adjusted Net Worth	 
		  		  		  			
		  		  		  			
		  		  		  			
		  		  		  			
		  		  		  			
		  		  		  	 	Total Adjusted Net Worth: $[            ]	  

  

																	
	 Concentration Limitations
	  	Actual*	 	 	Min*	 	 	Max*	 	 	Test	 
	 Bank Loans
	  	 	[    ]	% 	 	 	50.0	% 	 				 	 	[pass/fail]	  
	 Single Obligor (Largest)
	  	 	[    ]	% 	 				 	 	13.0	% 	 	 	[pass/fail]	  
	 Single Obligor (Second Largest)
	  	 	[    ]	% 	 				 	 	12.0	% 	 	 	[pass/fail]	  
	 Single Obligor (Third Largest)
	  	 	[    ]	% 	 				 	 	12.0	% 	 	 	[pass/fail]	  
	 Single Obligor (Fourth Largest)
	  	 	[    ]	% 	 				 	 	8.0	% 	 	 	[pass/fail]	  
	 Structured Finance Obligations / Finance Leases
	  	 	[    ]	% 	 				 	 	7.5	% 	 	 	[pass/fail]	  
	 Performing Common Equity + Preferred Stock + Structured Finance Obligations / Finance Leases
	  	 	[    ]	% 	 				 	 	15.0	% 	 	 	[pass/fail]	  
	 Participations
	  	 	[    ]	% 	 				 	 	10.0	% 	 	 	[pass/fail]	  
	 Assets other than as specified above
	  	 	[    ]	% 	 				 	 	0.0	% 	 	 	[pass/fail]	  

  

	*	all percentages as a portion of Adjusted Net Worth 

  
 17

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