Document:

Wells Fargo & Company 8-K

Exhibit 4.2

 

[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. 95001D5J5	PRINCIPAL AMOUNT: $_________
	REGISTERED NO. ___	 

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES T

 

Due Nine Months or More From Date of
Issue

 

Notes due November 27, 2034

 

WELLS FARGO & COMPANY,
a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,”
which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises
to pay to CEDE & Co., or registered assigns, the principal sum of ____________________________________ DOLLARS ($__________)
on November 27, 2034 (the “Stated Maturity Date”) and to pay interest thereon from November 27, 2019 or from
the most recent Interest Payment Date to which interest has been paid or duly provided for semi-annually on each May 27 and November
27, commencing May 27, 2020, and at Maturity (each, an “Interest Payment Date”), at the rate per annum specified
below until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one
or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest next preceding
such Interest Payment Date. The Regular Record Date for an Interest Payment Date shall be one Business Day prior to such Interest
Payment Date. If an Interest Payment Date is not a Business Day, interest on this Security shall be payable on the next day that
is a Business Day, with the same force and effect as if made on such Interest Payment Date, and without any interest or other payment
with respect to the delay. “Business Day” shall mean a day, other than a Saturday or Sunday, 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.

 

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

 

    

     

    

 

Payment
Date. This period is referred to as an “Interest Period.” The first Interest Period will commence on and include
November 27, 2019 and end on and include May 26, 2020. Interest on this Security will be computed on the basis of a 360-day year
of twelve 30-day months.

 

The interest rate on
this Security that will apply during an Interest Period will be as follows:

 

	
        Commencing November 27, 2019 and
ending November 26, 2029
	 	
        3.10% per annum 

	
        Commencing November 27, 2029 and
ending November 26, 2033
	 	
        3.25% per annum 

	
        Commencing November 27, 2033 and
ending November 26, 2034
	 	
        4.00% per annum 

 

Any interest not punctually
paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to
the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed,
and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

 

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

 

This Security is redeemable
at the option of the Company, in whole but not in part, on any Optional Redemption Date at a Redemption Price equal to 100% of
the principal amount of this Security to be redeemed, plus any accrued but unpaid interest to, but excluding, the Redemption Date.
The “Optional Redemption Dates” are quarterly on the 27th day of each February, May, August and November,
commencing November 27, 2022 and ending August 27, 2034. Notice of any redemption will be mailed at least 5 but not more than 30
days before the applicable Redemption Date to the Holder hereof. Unless the Company defaults in the payment of the Redemption Price,
on or after the Redemption Date, interest will cease to accrue on this Security or the portion hereof called for redemption.

 

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This Security is not
subject to repayment at the option of the Holder hereof prior to November 27, 2034. This Security is not entitled to any sinking
fund.

 

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

 

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]

 

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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	 

 

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[Reverse of Note]

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES T

 

Due Nine Months or More From Date of
Issue

 

Notes due November 27, 2034

 

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 T, of the Company.
The Securities of this series will 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 behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions
of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders
of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities
of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding

 

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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
principal amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations
provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed
in connection therewith.

 

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

 

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

 

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Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

Obligation of the Company Absolute

 

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

 

No Personal Recourse

 

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

 

Defined Terms

 

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

 

Governing Law

 

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

 

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ABBREVIATIONS

 

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

 

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

 

	UNIF GIFT MIN ACT

	--

	 

	 

	Custodian 

	 

	 

	 

	(Cust)

	 

	 

	(Minor)

 

	Under Uniform Gifts to Minors Act
	 
	 
	(State)

 

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

 

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

 

	Please Insert Social Security or
	Other Identifying Number of Assignee
	 
	 

	
 

	
 

	
 

	
 

	
 

	(Please print or type name and address including postal zip code of Assignee)

 

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

 

	Dated: _________________________	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

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

 

    9Wells 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. 95002W743	PRINCIPAL AMOUNT:  $________
	ISIN NO. US95002W7433	 
	REGISTERED NO. ___	 

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A

Fully and Unconditionally Guaranteed
by Wells Fargo & Company

 

Capped Notes Linked to a Global Equity
Index Basket

 

WELLS FARGO FINANCE
LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,”
which term includes any successor corporation under and as defined in the Indenture hereinafter referred to), for value received,
hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Redemption Amount (as defined below),
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts, on December 22, 2020 (the “Stated Maturity Date”). This Security shall not bear any interest.

 

Any payments on this
Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that
purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose.

 

“Principal
Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this Security as its
“Principal Amount.”

 

     

     

    

 

Determination of Redemption Amount

 

The “Redemption
Amount” of this Security will equal:

 

		●	if the Ending Value is greater than the Starting Value: the lesser of:

 

		(i)	Principal Amount plus:

 

 

 

		(ii)	the Capped Value;

 

		●	if the Ending Value is equal to or less than the Starting Value, but greater than or equal to the Threshold Value: the Principal
Amount; or

 

		●	if the Ending Value is less than the Threshold Value: the Principal Amount minus:

 

 

 

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

 

“Market Measure”
or “Basket” shall mean a global equity index basket comprised of the following Basket Components, with each
Basket Component having the “Initial Component Weight” noted parenthetically: the EURO STOXX 50®
Index (60.00) and the S&P 500® Index (40.00).

 

“Basket Component”
shall mean each of the EURO STOXX 50® Index and
the S&P 500® Index.

 

The “Pricing
Date” shall mean November 22, 2019.

 

The “Starting
Value” is 100.00.

 

The “Threshold
Value” is 92.50, which is equal to 92.50% of the Starting Value.

 

The “Participation
Rate” is 100.00%.

 

The “Capped
Value” is 107.75% of the Principal Amount.

 

    2 

     

    

 

The “Closing
Level” of a Basket Component on any Market Measure Business Day means the official closing level of such Basket Component
reported by the relevant Index Publisher on such Market Measure Business Day, subject to the provisions set forth below under “Discontinuance
of a Basket Component,” “Adjustments to a Basket Component” and “Market Disruption Events.”

 

The “Component
Ratio” for each Basket Component is equal to:

 

[the Initial
Component Weight for such Basket Component (expressed as a percentage) x 100]

the Closing Level of such Basket Component
on the Pricing Date,

 

in each case rounded to eight decimal places
and subject to the provisions set forth below under “Adjustments to the Component Ratio for a Basket Component.” The
Component Ratios of the Basket Components are as follows: the EURO STOXX 50®
Index (0.01627198) and the S&P 500® Index (0.01286054).
The Closing Levels of the Basket Components on the Pricing Date are as follows: the EURO STOXX 50®
Index (3,687.32) and the S&P 500® Index (3,110.29).

 

The “Value”
of the Market Measure on a Calculation Day will be equal to the sum of the products of (i) the Closing Level of each Basket Component
on that Calculation Day and (ii) the Component Ratio for such Basket Component.

 

The “Ending
Value” will be the average of the Values of the Market Measure on each Calculation Day (as defined below) occurring during
the Maturity Valuation Period (as defined below), subject to the provisions set forth below under “Market Description Events.”

 

A “Market
Measure Business Day” means a day on which (A) each of the Eurex (as to the EURO STOXX 50®
Index) and the New York Stock Exchange and The Nasdaq Stock Market, Inc. (as to the S&P 500®
Index) (or any successor to the foregoing exchanges) are open for trading; and (B) the Basket Components or any successors thereto
are calculated and published.

 

“Index Publisher”
shall mean the publisher of a Basket Component.

 

“Maturity
Valuation Period” means each of December 11, 2020, December 14, 2020, December 15, 2020, December 16, 2020 and December
17, 2020, subject to the provisions set forth below under “Market Disruption Events.”

 

“Calculation
Day” means any Market Measure Business Day during the Maturity Valuation Period on which a Market Disruption Event (as
defined below) has not occurred.

 

“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.

 

“Joint Calculation
Agency Agreement” shall mean the Joint Calculation Agency Agreement dated as of October 5, 2018 among the Company, Wells
Fargo & Company, as guarantor (the “Guarantor”), and the Calculation Agents, as amended from time to time.

 

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“Calculation
Agents” shall mean the Persons that have entered into the Joint Calculation Agency Agreement with the Company and the
Guarantor providing for, among other things, the determination of the Value of the Market Measure on each Calculation Day, the
Ending Value and the Redemption Amount, which term shall, unless the context otherwise requires, include their successors under
such Joint Calculation Agency Agreement. The initial Calculation Agents shall be Wells Fargo Securities, LLC and BofA Securities,
Inc. Pursuant to the Joint Calculation Agency 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.

 

Adjustments to the Component Ratio
for a Basket Component

 

The Component Ratios
for the Basket Components will not be revised subsequent to their determination on the Pricing Date, except that the Calculation
Agents may in their good faith judgment adjust the Component Ratio of either Basket Component in the event that Basket Component
is materially changed or modified in a manner that does not, in the opinion of the Calculation Agents, fairly represent the value
of that Basket Component had those material changes or modifications not been made.

 

Adjustments to a Basket Component

 

If, after the Pricing
Date, an Index Publisher makes a material change in the method of calculating a Basket Component or in another way that changes
a Basket Component such that it does not, in the opinion of the Calculation Agents, fairly represent the level of such Basket Component
had those changes or modifications not been made, the Calculation Agents will, at the close of business in New York, New York,
on each date that the Closing Level of such Basket Component is to be calculated, make adjustments to such Basket Component. Those
adjustments will be made in good faith as necessary to arrive at a calculation of a level of such Basket Component as if those
changes or modifications had not been made, and the Calculation Agents shall calculate the Closing Level of such Basket Component,
as so adjusted.

 

Discontinuance of a Basket Component

 

If, after the Pricing
Date, an Index Publisher discontinues publication of a Basket Component, and such Index Publisher or another entity then publishes
a substitute index that the Calculation Agents determine, in their sole discretion, to be comparable to the original Basket Component
(a “Successor Basket Component”), the Calculation Agents will
substitute such Successor Basket Component as calculated by the relevant Index Publisher or any other entity and calculate the
Closing Level of such Basket Component as described in the definition of “Closing Level” above. If the Calculation
Agents select a Successor Basket Component, the Calculation Agents will give written notice of the selection to the Trustee, to
the Company, and to the Holder hereof.

 

    4 

     

    

 

If
an Index Publisher discontinues publication of a Basket Component before the end of the Maturity Valuation Period and the Calculation
Agents do not select a Successor Basket Component, then on each day that would have been a Calculation Day, until the earlier
to occur of:

 

		●	the
                                         determination of the Ending Value; and

 

		●	a
                                         determination by the Calculation Agents that a Successor Basket Component is available,

 

the
Calculation Agents will compute a substitute Closing Level for such Basket Component in accordance with the procedures last used
to calculate such Basket Component before any discontinuance as if that day were a Calculation Day. The Calculation Agents will
make available to the Holder hereof information regarding those levels by means of Bloomberg L.P., Thomson Reuters, a website,
or any other means selected by the Calculation Agents in their reasonable discretion.

 

If
a Successor Basket Component is selected or the Calculation Agents calculate a level as a substitute for such Basket Component,
the Successor Basket Component or level will be used as a substitute for all purposes, including for the purpose of determining
whether a Market Disruption Event exists.

 

Market
Disruption Events 

 

“Market
Disruption Event” means, with respect to a Basket Component, one or more of the following events, as determined by the
Calculation Agents in their sole discretion:

 

		(A)	the
                                         suspension of or material limitation on trading, in each case, for more than two consecutive
                                         hours of trading, or during the one-half hour period preceding the close of trading,
                                         on the primary exchange where the securities included in such Basket Component trade
                                         (without taking into account any extended or after-hours trading session), in 20% or
                                         more of the securities which then compose such Basket Component or any Successor Basket
                                         Component; and

 

		(B)	the
                                         suspension of or material limitation on trading, in each case, for more than two consecutive
                                         hours of trading, or during the one-half hour period preceding the close of trading,
                                         on the primary exchange that trades options contracts or futures contracts related to
                                         such Basket Component (without taking into account any extended or after-hours trading
                                         session), whether by reason of movements in price otherwise exceeding levels permitted
                                         by the relevant exchange or otherwise, in options contracts or futures contracts related
                                         to the such Basket Component, or any Successor Basket Component.

 

For
the purpose of determining whether a Market Disruption Event has occurred:

 

		1)	a
                                         limitation on the hours in a trading day and/or number of days of trading will not constitute
                                         a Market Disruption Event if it results from an announced change in the regular business
                                         hours of the relevant exchange;

 

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		2)	a
                                         decision to permanently discontinue trading in the relevant futures or options contracts
                                         related to a Basket Component, or any Successor Basket Component, will not constitute
                                         a Market Disruption Event;

 

		3)	a
                                         suspension in trading in a futures or options contract on a Basket Component, or any
                                         Successor Basket Component, by a major securities market by reason of (a) a price
                                         change violating limits set by that securities market, (b) an imbalance of orders
                                         relating to those contracts, or (c) a disparity in bid and ask quotes relating to
                                         those contracts will constitute a suspension of or material limitation on trading in
                                         futures or options contracts related to such Basket Component;

 

		4)	a
                                         suspension of or material limitation on trading on the relevant exchange will not include
                                         any time when that exchange is closed for trading under ordinary circumstances; and

 

		5)	if
                                         a Basket Component has component securities listed on the NYSE, for the purpose of clause
                                         (A) above, any limitations on trading during significant market fluctuations under
                                         NYSE Rule 80B, or any applicable rule or regulation enacted or promulgated by the NYSE
                                         or any other self-regulatory organization or the Securities and Exchange Commission of
                                         similar scope as determined by the Calculation Agents, will be considered “material.”

 

If
for either Basket Component (an “Affected Basket Component”), (i) a Market Disruption Event occurs on a scheduled
Calculation Day during the Maturity Valuation Period or (ii) any scheduled Calculation Day is determined by the Calculation Agents
not to be a Market Measure Business Day by reason of an extraordinary event, occurrence, declaration, or otherwise (any such day
in either (i) or (ii) being a “Non-Calculation Day”), the Calculation Agents will determine the Closing Levels
of the Basket Components for such Non-Calculation Day, and as a result, the Ending Value, as follows:

 

		●	the
                                         Closing Level of each Basket Component that is not an Affected Basket Component will
                                         be its Closing Level on such Non-Calculation Day; and

 

		●	the
                                         Closing Level of each Basket Component that is an Affected Basket Component for the applicable
                                         Non-Calculation Day will be the Closing Level of such Basket Component on the next Calculation
                                         Day that occurs during the Maturity Valuation Period. For example, if the first and second
                                         scheduled Calculation Days during the Maturity Valuation Period are Non-Calculation Days,
                                         then the Closing Level of such Basket Component on the next Calculation Day will also
                                         be the Closing Level for such Basket Component on the first and second scheduled Calculation
                                         Days during the Maturity Valuation Period. If no further Calculation Days occur after
                                         a Non-Calculation Day, or if every scheduled Calculation Day during the Maturity Valuation
                                         Period is a Non-Calculation Day, then the Closing Level of such Basket Component for
                                         that Non-Calculation Day and each following Non-Calculation Day (or for all the scheduled
                                         Calculation Days during the Maturity Valuation Period, if applicable) will be determined
                                         (or, if not determinable, estimated) by the Calculation Agents in a commercially reasonable
                                         manner on the last scheduled Calculation Day 

 

    6 

     

    

 

	 	 	during the Maturity Valuation Period, regardless
                                         of the occurrence of a Market Disruption Event on that last scheduled Calculation Day.

 

Calculation
Agent

 

The
Calculation Agents have the sole discretion to make all determinations regarding this Security as described in this Security,
including determinations regarding the Starting Value, the Threshold Value, the Value of the Market Measure on each Calculation
Day, the Ending Value, the Redemption Amount, any Market Disruption Events, any Successor Basket Component, Market Measure Business
Days, Business Days, Calculation Days, Non-Calculation Days, and determinations related to the discontinuance of a Basket Component
and the adjustments to a Basket Component or its Component Ratio. Absent manifest error, all determinations of the Calculation
Agents will be conclusive for all purposes and final and binding on the Holder hereof and the Company, without any liability on
the part of the Calculation Agents.

 

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.

 

Tax
Considerations

 

The
Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be deemed
to have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States
federal income tax purposes to characterize and treat this Security as a pre-paid derivative contract that is an “open transaction.”

 

Redemption
and Repayment

 

This
Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to December
22, 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 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 described under “Determination of Redemption Amount,” determined as if the
date of acceleration were the sole Calculation Day.

 

 

 

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

 

    7 

     

    

 

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]

    8 

     

    

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

 

DATED:

 

	 	WELLS FARGO FINANCE LLC
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	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	 

 

    9 

     

    

 

[Reverse
of Note]

 

WELLS
FARGO FINANCE LLC

 

MEDIUM-TERM
NOTE, SERIES A

Fully
and Unconditionally Guaranteed by Wells Fargo & Company

 

Capped
Notes Linked to a Global Equity Index Basket

 

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 April 25, 2018, as amended or supplemented from time to
time (herein called the “Indenture”), among the Company, as issuer, the Guarantor 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 Guarantor, 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 A, 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.

 

Guarantee

 

The
Securities of this series are fully and unconditionally guaranteed by the Guarantor as and to the extent set forth in the Indenture.

 

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 Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture
at any time by the Company, the Guarantor and the Trustee with the consent of the Holders of a majority in principal

 

    10 

     

    

 

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 behalf of the Holders of all Securities of such series,
to waive compliance by the Company or the Guarantor 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 “Principal 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 or the Guarantor 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 $10 or any amount in excess thereof which is
an integral multiple of $10.

 

Registration
of Transfer

 

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

 

This
Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that
it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing
agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days
after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines
that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z)
an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable

 

    11 

     

    

 

pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date
of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount.

 

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

 

Prior
to due presentment of this Security for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the
Company, the Guarantor 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 Guarantor, the Trustee nor any such agent shall
be affected by notice to the contrary.

 

Obligation
of the Company Absolute

 

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

 

No
Personal Recourse

 

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

 

Defined
Terms

 

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

 

Governing
Law

 

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

 

    12 

     

    

 

ABBREVIATIONS

 

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

 

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

 

	UNIF GIFT MIN ACT

	--

	 

	 

	Custodian 

	 

	 

	 

	(Cust)

	 

	 

	(Minor)

 

	Under Uniform Gifts to Minors Act
	 
	 
	(State)

 

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

 

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

 

	Please Insert Social Security or
	Other Identifying Number of Assignee
	 
	 

 

	 
	 
	 
	(Please print or type name and address including postal zip code of Assignee)

 

    13 

     

    

 

the
within Security of WELLS FARGO FINANCE LLC and does hereby irrevocably constitute and appoint __________________ attorney to transfer
the said Security on the books of the Company, with full power of substitution in the premises.

 

	Dated: _________________________	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

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

 

    14

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