Document:

WELLS FARGO & COMPANY 8-K 

 

Exhibit 4.3

 

[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. 95001B5S9	FACE AMOUNT: $__________

REGISTERED NO. __

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES S

 

Due Nine Months or More From Date of
Issue

 

Principal at Risk Securities Linked
to the SPDR® S&P® Oil & Gas Exploration & Production ETF due August 27, 2020 

 

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 Maturity Payment 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 Contingent Coupon Payments (as defined below) on the Face Amount of this Security
to the extent provided herein on the Contingent Coupon Payment Dates specified herein at the Contingent Coupon Rate (as defined
below) 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 August 27, 2020. 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) the Initial Stated Maturity Date and (ii) three Business
Days after the Final Calculation Day as postponed. “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 of the quarterly Calculation Days (as defined below) from February
2019 to May 2020, inclusive, 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 a final Contingent Coupon Payment. Unless the Company defaults in the payment of the Call Price plus the final Contingent
Coupon Payment, this Security will cease to be outstanding on such Call Settlement Date, no additional Contingent Coupon Payments
will be payable on this Security 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 Contingent Coupon Payments,
the Maturity Payment Amount and the Call Price

 

On each Contingent
Coupon Payment Date, the Company shall pay a Contingent Coupon Payment if, and only if, the Fund Closing Price of the Fund on
the related Calculation Day is greater than or equal to the Threshold Price. A “Contingent Coupon Payment,”
if payable as provided herein shall be equal to the product of (i) the Face Amount of this Security, (ii) the Contingent Coupon
Rate, and (iii) 90/360. The “Contingent Coupon Payment Dates” shall be the third Business Day following each
Calculation Day, as each such Calculation Day may be postponed as herein provided, provided that the Contingent Coupon Payment
Date with respect to the Final Calculation Day will be the Stated Maturity Date. The “Contingent Coupon Rate”
is 9.00% per annum. Any Contingent Coupon Payments will be rounded to the nearest cent, with one-half cent rounded upward.

 

Any Contingent Coupon
Payment so payable, and punctually paid or duly provided for, on any Contingent Coupon 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 Contingent Coupon Payment next preceding such Contingent Coupon Payment Date. The Regular
Record Date for a Contingent Coupon Payment Date shall be the date one Business Day prior to such Contingent Coupon Payment Date.

 

Any Contingent Coupon
Payment 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 any Contingent
Coupon Payment 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 

 

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Minneapolis, Minnesota;
provided, however, that, at the option of the Company, payment of any Contingent Coupon Payment 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 any Contingent Coupon Payment and the Maturity Payment Amount
or the Call Price, as applicable, 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. 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 Maturity
Payment Amount or the Call Price, as applicable, and any Contingent Coupon Payments 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 Maturity
Payment Amount, the Call Price and Contingent Coupon Payments

 

If this Security is
not automatically called prior to the Stated Maturity Date as provided above under “Automatic Call,” the “Maturity
Payment 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:

 

 

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

 

The “Fund”
shall mean the SPDR® S&P® Oil & Gas Exploration & Production ETF.

 

The “Pricing
Date” is August 30, 2018.

 

The “Starting
Price” is $42.62, 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 $31.965, which is equal to 75% 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 

 

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

 

The “Closing
Price” for one 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 official closing price on such day published by the principal United States securities exchange registered
under the Securities Exchange Act of 1934, as amended, on which the Fund (or any such other security) is listed or admitted to
trading.

 

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® Oil & Gas Exploration & Production Select Industry® Index.

 

The “Call
Settlement Date” for a Calculation Day shall be three Business Days after such Calculation Day, as such Calculation
Day may be postponed as provided herein.

 

A “Trading
Day” means a day, as determined by the Calculation Agent, on which the Relevant Stock Exchange (as defined below) and
each Related Futures or Options 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
Stock 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
Futures or Options 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 24th day of each February, May, August and November, commencing November 2018 and ending
May 2020, 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 on a Calculation Day, then 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 to be 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.”

 

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The “Final
Calculation Day” is August 24, 2020, subject to postponement as provided herein.

 

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of January 24, 2018 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 whether this Security will be automatically called prior to stated maturity and whether a Contingent
Coupon Payment will be made, the Call Price, if any, the Maturity Payment Amount, if any, the Starting Price 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 any of the following events as determined by the Calculation Agent in its sole discretion:

 

		(A)	The occurrence or existence
                                         of a material suspension of or limitation imposed on trading by the Relevant Stock Exchange
                                         or otherwise relating to the shares (or other applicable securities) of the Fund or any
                                         Successor Fund (as defined below) on the Relevant Stock 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 Stock Exchange or otherwise.

 

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

 

		(C)	The occurrence or existence
                                         of any event, other than an early closure, that materially disrupts or impairs the ability
                                         of market participants in general to effect transactions in, or obtain market values
                                         for, shares (or other applicable securities) of the Fund or any Successor Fund on the
                                         Relevant Stock 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 

 

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			 shares (or other applicable securities)
                                         of the Fund or any Successor Fund on any Related Futures or Options Exchange at any time
                                         during the one-hour period that ends at the Close of Trading on that day.

 

		(E)	The closure of the Relevant
                                         Stock Exchange or any Related Futures or Options 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 Stock Exchange or Related Futures or Options Exchange, as
                                         applicable, at least one hour prior to the earlier of (1) the actual closing time for
                                         the regular trading session on such Relevant Stock Exchange or Related Futures or Options
                                         Exchange, as applicable, and (2) the submission deadline for orders to be entered into
                                         the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, system
                                         for execution at the Close of Trading on that day.

 

		(F)	The Relevant Stock Exchange
                                         or any Related Futures or Options 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 Stock Exchange with respect to the Fund
                                         or any Successor Fund; and

 

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

 

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 

 

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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.

 

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).

 

    7 

    

    

 

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 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 Maturity Payment Amount, whether this Security will be automatically called prior to stated
maturity and whether a Contingent Coupon Payment will be made 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).

 

    8 

    

    

 

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.

 

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 Maturity Payment Amount and determine whether this 

 

    9 

    

    

 

Security will
be automatically called prior to stated maturity and whether a Contingent Coupon Payment will be made 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 prior to stated maturity and whether a Contingent Coupon Payment
will be made, the Call Price, if any, the Maturity Payment Amount, if any, the Starting Price 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, determine the Fund Closing Price of the Fund, and (iii) determine whether a Market Disruption Event
or non-Trading Day has occurred.

 

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

 

All determinations
made by the Calculation Agent with respect to this Security will be at the sole discretion of the Calculation Agent and, in the
absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security.

 

Redemption and Repayment

 

This Security is not
subject to repayment at the option of the Holder hereof prior to August 27, 2020. Except as set forth above under “Automatic
Call,” this Security is not subject to redemption prior to August 27, 2020. 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 Maturity Payment Amount (calculated
as set forth in the next two sentences) 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 Maturity Payment Amount hereof, calculated as provided herein, plus a portion of a final Contingent Coupon Payment, if any.
The Maturity Payment Amount and any final Contingent Coupon Payment will be calculated as though the date of acceleration were
the Final Calculation Day. The final Contingent Coupon Payment, if any, will be prorated from and including the immediately preceding
Contingent Coupon Payment Date 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.

 

    10 

    

    

 

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]

 

    11 

    

    

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed.

 

DATED: 

 

	 	WELLS FARGO & COMPANY
	 	 
	 	By:	 
	 	 	Its: 

 

	 	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	 

 

    12 

    

    

 

[Reverse of Note]

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES S

 

Due Nine Months or More From Date of
Issue

 

Principal at Risk Securities Linked
to the SPDR® S&P® Oil & Gas Exploration & Production ETF due August 27, 2020

 

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 February 21, 2017, 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 S, of the Company. 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.

 

The Securities are
issuable only in registered form without coupons and will be either (a) book-entry securities represented by one or more Global
Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities issued to and registered
in the names of, the beneficial owners or their nominees.

 

The Company agrees,
to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against
a Holder of this Security.

 

Modification and Waivers 

 

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

 

    13 

    

    

 

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, 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 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.

 

    14 

    

    

 

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 Contingent Coupon Payments, if any, and the Maturity Payment 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 any Contingent Coupon Payments or the Maturity Payment 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.

 

    15 

    

    

 

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)

 

    16 

    

    

 

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.

 

    17Logistic
Agreement

 

This
Agreement is made between United Express Inc. ("Company") registered in Nevada 4345 w. Post Rd, Las NV 89118 and
US Concierge Service, LLC ("customer"), located at: 18982 NE 4th Court Miami, FL 33179

1.
Services to Be Performed

Company
agrees to perform the following services: Logistic service.

2.
Payment

The
Customer agrees to pay Company within 30 days after received the invoice. The invoice should include the following: an amount,
invoice number, date, and a summary of the work performed.

3.
Expenses

The
Customer shall no reimburse to Company any extra expenses that are attributable directly or indirectly to work performed under
this Agreement with the exception Of those specified in the Invoice

4.
Equipment or service requirements

Company
will not require Customer to rent or purchase any equipment, product, or service as a condition of entering into this Agreement.

5.
Status

Company
and Customer are independent and separate entities.

6.
Business Licenses, Permits, and Certificates

Company warrants that legally operate in US

7.
State and Federal Taxes

Company
and Customer shall pay necessary taxes incurred while performing services under this Agreement.

8.
Fringe Benefits

Customer
understands that neither Customer or contract personnel are eligible to participate in any employee pension, health, vacation
pay, sick pay, or other fringe benefit plan of Company.

9.
Unemployment Compensation

Company
shall make no state or federal unemployment compensation payments on behalf of Customer or contract personnel. Customer will not
be entitled to these benefits in connection with work performed under this Agreement.

10.
Workers' Compensation

Company
shall not obtain workers' compensation on behalf of Customer. If Customer hires employees to perform any work under this Agreement,
Customer will cover them with workers' compensation insurance.

11.
Insurance

Company
shall provide insurance for coverage possible cargo losses.

12.
Indemnification

Customer
shall indemnify and hold Company harmless from any loss or liability arising under this Agreement.

13.
Term of Agreement

This
agreement will become effective when signed by both parties and will terminate on the earlier of the date a party terminates the
Agreement as provided below.

14.
Terminating the Agreement

With
reasonable cause, either Company or Customer may terminate this Agreement, effective immediately upon giving written notice.

Reasonable
cause includes:

	•		a
                                         material violation of this Agreement, or

	•		any
                                         act exposing the Other party to liability to others for personal injury or property damage.

Either
party may terminate this Agreement at any time by giving 10 days' written notice to the other party of the intent to terminate.

15.
Exclusive Agreement

This
is the entire Agreement between Company and Customer .

16.
Modifying the Agreement

This
Agreement may be modified only by a writing signed by both parties.

17.
Resolving Disputes

If
a dispute arises under this Agreement, any party may take the matter to Nevada state court. Any costs and fees other than attorney
fees associated with the mediation shall be shared equally by the parties. If it proves impossible to arrive at a mutually satisfactory
solution through mediation, the parties agree to submit the dispute to a mutually agreedupon arbitrator in Clark County, NV. Judgment
upon the award rendered by the arbitrator may be entered in any court having jurisdiction to do so. Costs of arbitration, including
attorney fees, will be allocated by the arbitrator.

18.
Confidentiality

Customer
acknowledges that it will be necessary for Company to disclose certain confidential and proprietary information to Customer in
order for Customer to perform duties under this Agreement. Customer acknowledges that disclosure to a third party or misuse of
this proprietary or confidential information would irreparably harm Company.

Accordingly,
Customer will not disclose or use, either during or after the term of this Agreement, any proprietary or confidential information
of Company without Company's prior written permission except to the extent necessary to perform services on Company's behalf.

Proprietary
or confidential information includes:

	•		the
                                         written, printed, graphic, or electronically recorded materials furnished by Company
                                         for Customer to use

	•		any
                                         written or tangible information stamped "confidential," "proprietary,"
                                         or with a similar legend, or any information that Company makes efforts to maintain the
                                         secrecy of

	•		business
                                         or marketing plans or strategies, customer lists, operating procedures, trade secrets,
                                         design formulas, know-how and processes, computer programs and inventories, discoveries,
                                         and Improvements of any kind, sales projections, and pricing information

	•		information
                                         belonging to customers and suppliers of Company about whom Customer gained knowledge
                                         as a result of Independent Contractor's services to Company.

19.
Proprietary Information.

	A.		The
                                         product of all work performed under this Agreement ("Work Product"), including
                                         without limitation all notes, reports, documentation, drawings, computer programs, inventions,
                                         creations, works, devices, models, work-in-progress and deliverables will be the sole
                                         property of the Company, and Customer hereby assigns to the Company all right, title
                                         and interest therein, including but not limited to all audiovisual, literary, moral rights
                                         and other copyrights, patent rights, trade secret rights and other proprietary rights
                                         therein. Customer retains no right to use the Work Product and agree not to challenge
                                         the validity of the Company's ownership in the Work Product.

	B.		Customer
                                         hereby assigns to the Company all right, title, and interest in any and all photographic
                                         images and videos or audio recordings made by the Company during Independent Contractor's
                                         work for them, including, but not limited to, any royalties, proceeds, or other benefits
                                         derived from such photographs or recordings.

	C.		The
                                         Company will be entitled to use Independent Contractor's name and/or likeness use in
                                         advertising and other materials.

20.
No Partnership

This
Agreement does not create a partnership relationship. Customer does not have authority to enter into contracts on Company's behalf.

21.
Assignment and Delegation

Customer
may not assign or subcontract any rights or delegate any of its duties under this Agreement without Company's prior written approval.

22.
Applicable Law

This
Agreement will be governed by Nevada law, without giving effect to conflict of laws principles. 

	Signatures
	 
	Company:	United Express Inc.
	 	Andrei Stoukan (Director)
	 	4345 W. Post Rd, Las Vegas, Nevada 89118
	 	 
	 	Signature	/s/ Andrei Stoukan
	 	8/25/2017
	 	Date
	 	 
	 	 
	Customer:	US Concierge Service, LLC
	 	Andrei Miskevich, (Principal)
	 	18982 NE 4th Court #7, Miami, FL 33179
	 	 
	 	Signature	/s/ Andrei Miskevich
	 	08/25/2017
	 	Date
	 	 
	 	Taxpayer ID Number: 81-5218984

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