Document:

EX-10.1

 Exhibit 10.1 
 RETIREMENT AGREEMENT 
 This Retirement Agreement (the
“Agreement”) is made by and between Gerard J. DeMuro (“Executive” or “you”) and General Dynamics Corporation (the “Company”) (together, the “Parties”). 

WHEREAS, Executive has been employed by the Company as a corporate officer and as Executive Vice President for the Company’s
Information Systems & Technology businesses; 
 WHEREAS, the Company has provided Executive with the option to retire
in exchange for certain retirement benefits; 
 WHEREAS, Executive desires to accept the Company’s offer of retirement
benefits and retire from his position effective as set forth herein; and 
 WHEREAS, the Executive and the Company wish to
confirm the terms under which the Executive will transition into retirement and the employment relationship between them will conclude; 
 NOW, THEREFORE, in consideration of the mutual covenants set forth herein and for other good and valuable consideration, receipt of which is hereby acknowledged, Executive and the Company hereby agree as
follows: 
 1. Retirement. 
 (a) Resignation and Retirement Date. Executive has resigned as Executive Vice President of the Company effective as of February 28, 2013, and hereby resigns and retires as an Officer and
employee of the Company and from all other positions, titles, duties, authorities, and responsibilities with, arising out of, or relating to the Executive’s employment with the Company and its affiliates, effective as of March 31, 2013
(the “Retirement Date”). The Executive further agrees to execute all additional documents and take such further steps as may be required to effectuate such resignation. By mutual agreement, the employment relationship between the
Executive and the Company shall continue until the Retirement Date, at which time that relationship shall terminate. 
 (b)
Base Salary and Accrued Obligations. Executive will continue to be paid at his current base salary through the Retirement Date. On the first regular payroll date following the Retirement Date, the Company shall pay Executive all base salary
earned but unpaid as of the Retirement Date and all vacation earned but not used prior to the Retirement Date. 
 (c)
Benefits Participation and Continued Insurance Coverage. As of the Retirement Date, Executive shall cease to be an active participant in the benefit plans and programs and perquisites offered by the Company to its employees and executives,
with the sole exception that Executive may continue to receive the benefits, insurance, and perquisites described in this Section 1(c) and, subject to the terms of this Agreement, as set forth in Section 2. 

(i) Group Term Life Insurance. After the Retirement Date, Executive is eligible to continue his group term life insurance under
the Company’s policies (at levels not to 

 
exceed two times Executive’s last base salary) by paying the appropriate premiums, subject to reduction factors established in those policies and to the other terms of the Company’s
policies in effect from year to year. 
 (ii) Personal Liability Umbrella Coverage. Executive’s coverage under the
personal excess liability insurance made available to officers will continue through June 5, 2013, when the current policy period ends. Thereafter, Executive may continue such coverage subject to the terms of the Company’s policies as in
effect from year to year. Executive will pay the applicable premiums for coverage beyond the current policy period, provided that Executive will not be eligible to renew coverage once he has commenced employment with a new employer or has allowed
coverage to lapse. 
 (d) Retirement Benefits. Executive’s vested benefits under the General Dynamics Salaried
Retirement Plan – GSC Legacy Provisions (the “GSC Plan”) and the General Dynamics Corporation Supplemental Retirement Plan (the “SERP”) will be provided to Executive in accordance with the terms of those plans,
as augmented by Section 2(c) below. The Executive’s account under the SERP and the General Dynamics Corporation Supplemental Savings and Stock Investment Plan (the “Supplemental SSIP”) shall continue to be subject in all
respects to the terms and conditions of the Supplemental SSIP, including, without limitation, the terms and conditions of those plans applicable to the time and form of payment of the balance of the Executive’s account. 

(e) Automobile. On or before the Retirement Date, Executive may purchase the automobile provided to him by the Company by paying
the lease option purchase amount. 
 2. Retirement Incentives. In exchange for Executive’s promises in this Agreement, and
contingent upon Executive’s valid execution of this Agreement and expiration of the revocation period allowed by Section 7(c), the Company will provide Executive with the retirement incentives described in this Section 2 (the
“Retirement Incentives”). 
 (a) Retirement Payment. The Company will pay Executive a Retirement Payment
in the amount of Seven Hundred Ten Thousand Dollars ($710,000.00 U.S.) in a lump-sum payment, subject to required deductions and withholdings, on or about April 15, 2013. 
 (b) Annual Bonus. The amount of Executive’s cash bonus award under the Company’s Executive Compensation Program for service during 2012 is Five Hundred Thousand Dollars ($500,000), which
has been or will be paid to Executive on or before March 15, 2013. 
 (c) Pension Enhancement.
For purposes of calculating Executive’s early retirement reductions under the Company’s pension plans, Executive’s retirement benefit will be increased to reflect the additional value had Executive deferred commencement of his pension
benefit until the first day of the month following his
62nd birthday. (Nothing in the preceding sentence will
diminish the value of Executive’s benefit under the GSC Plan.) Payments of benefits attributable to the Pension Enhancement will be paid as an annuity in accordance with the terms of the SERP. The timing and form of payments will follow
Section 3.05 of the SERP and the other applicable sections of the SERP. In accordance with those terms, no payments will be made during the first six months immediately following the Retirement Date. 

  
 2 

 (d) Medical, Dental and Vision Insurance. During the period beginning on the
Retirement Date and ending on December 31, 2013, Executive and his eligible dependents may continue to participate in the Company’s medical, dental, and vision insurances in which they participate immediately before the Retirement Date at
the active employee rate for such coverage as in effect from time to time. Such coverage shall cease on December 31, 2013, at which time the Executive may elect to continue medical, dental and vision insurance coverage for himself and his
eligible dependents, at the Executive’s cost, to the extent provided in, and subject to the applicable terms and conditions of, Section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”) and
Section 601 of the Employee Retirement Income Security Act of 1974, as amended (which provisions are commonly known as “COBRA”). Once the COBRA maximum continuation period expires, the Company will allow Executive and his spouse to
each independently continue to participate in its group health plans at the full COBRA rate in effect for the coverage tier elected (e.g., single or employee-plus-spouse) until each reaches age 65. All coverage will be subject to any plan
amendments or changes that are made in plan design, coverage, offerings, premiums, deductibles, co-pays or plan administration during the relevant time period. 
 (e) Outstanding Equity Awards. The Executive has been granted shares of restricted stock (the “Restricted Stock”), performance restricted stock units (the “Performance
RSUs”) and stock options (the “Stock Options”) pursuant to the General Dynamics Corporation 2009 Equity Compensation Plan and the General Dynamics Corporation 2004 Equity Compensation Plan (each, an “EC
Plan,” and together, “the EC Plans”). A summary of the Restricted Stock, Performance RSUs and Stock Options that are outstanding as of the date of this Agreement are listed on Schedule A to this Agreement; such awards will
be treated as follows: 
 (i) Non-Forfeiture at Termination. Operation of the provisions of the EC Plans and the award
agreements accepted by Executive as a condition of each grant, which otherwise would cause unvested grants of Restricted Stock, Performance RSUs, and Stock Options referenced in Schedule A to be forfeited upon termination of employment, are hereby
suspended, the effect of which is reflected in Schedule A. 
 (ii) Award Agreements. Except to the extent modified by the
foregoing provisions of this Section 2(e), the provisions of the applicable EC Plans and award agreements shall continue to apply to the Restricted Stock, Performance RSUs, and Stock Options, including without limitation any provision regarding
adjustment of an award following a Performance Period, or providing for forfeiture of an applicable award by the Executive in the event that the Executive causes “Harm” to the Company. Nothing contained herein or in Schedule A shall confer
any right or entitlement that has not been properly approved or authorized by the Compensation Committee of the Board of Directors of General Dynamics Corporation. 
 (f) Financial and Tax Counseling. The Company will provide Executive with financial and tax counseling through the Ayco Company until April 15, 2014. The value of the services will be
$12,920 for 2013 and $3,775 for January 1 to April 15, 2014. 
 (g) Outplacement Services. Executive may
utilize the resources of the Company’s outplacement services provider for 12 months following the Retirement Date, or extended as necessary. 

  
 3 

 3. General Release of Claims. 

(a) Release and Released Parties. In exchange for the Retirement Incentives described in Section 2, and subject only to the
exclusions of Section 3(b) below, Executive hereby RELEASES the Company, its parents, shareholders, subsidiaries, affiliates, predecessors, successors, assigns, related companies or entities, its and their employee benefit plans and
administrators, and any and all of its and their respective current and former officers, directors, partners, insurers, agents, representatives, attorneys, accountants, actuaries, trustees, fiduciaries, and employees (the “Released
Parties”) from any and all claims, demands or causes of action which Executive or Executive’s heirs, executors, administrators, agents, attorneys, representatives or assigns (all collectively included in the term “Executive”
for purposes of this release), has, had or may have against any of the Released Parties, based on any events or circumstances arising or occurring on or before the date of Executive’s execution of this Agreement, including, but not limited to,
any claims relating to Executive’s employment or termination of employment, and any rights of continued employment, reinstatement or reemployment with any of the Released Parties. For the avoidance of doubt, and subject only to the exclusions
in Section 3(b) of this Agreement, Executive expressly agrees, understands, and acknowledges that this is a general release that, to the fullest extent permitted by law, waives, surrenders, and extinguishes any and all claims that Executive has
or may have against any of the Released Parties, including, but not limited to, the following: 
 (i) any claim(s) under Title
VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act (“ADEA”), the Americans with Disabilities Act, the Equal Pay Act, the Employee Retirement Income Security Act (“ERISA”),
the Family and Medical Leave Act, the False Claims Act, the Sarbanes-Oxley Act, the Genetic Information Nondiscrimination Act, the Health Insurance Portability and Accountability Act, 42 U.S.C. § 1981, or the WARN Act; 

(ii) any claim(s) under any other applicable federal, state, or local or foreign law, statute, regulation, or ordinance regarding
discrimination, harassment, retaliation, or any other subject matter; 
 (iii) any claim(s) for breach of contract, wrongful
discharge, unjust dismissal, defamation, slander, libel, fraud, misrepresentation, negligence, intentional or negligent infliction of emotional distress; or 
 (iv) any other claim for damages or other relief arising under the common law or any theory of law or equity, including any claim for costs or attorney’s fees. 

(b) Claims Not Released. The claims released in Section 3(a) of this Agreement do not include any claim or cause of action
based on any of the following: (a) the right to vested benefits under any pension or retirement plan; (b) the right to continued benefits as required by COBRA; (c) any right to receive workers’ compensation benefits or
unemployment insurance as required by applicable law; (d) the right to challenge the validity or enforceability of this Agreement under the Older Workers Benefit Protection Act (“OWBPA”); (e) any claim to enforce the terms of
this Agreement; or (f) any claim which cannot be waived as a matter of law. For the avoidance of doubt, nothing herein waives or releases any claim that may arise after the Effective Date. 

  
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 (c) Permitted Conduct. Nothing in this Agreement prohibits Executive from filing a
charge with the Equal Employment Opportunity Commission (“EEOC”) or any other government agency, nor does anything in this Agreement prohibit Executive from participating, cooperating, or testifying in any investigation or proceeding
conducted by or pending before the EEOC or any other any government agency. The Retirement Incentives provided to Executive under Section 2 shall be the sole financial benefit that Executive is entitled to get for any of the claims that
Executive is releasing under Section 3. Therefore, even though Executive can provide testimony or information or assistance in an investigation or in proceedings described in this Section 3(c), Executive’s participation therein will
not entitle Executive to additional compensation from the Company or any of the Released Parties. In fact, if Executive is awarded any monetary relief in connection with any lawsuit, legal proceeding, charge or complaint, that relief will be reduced
by any amounts paid or payable by the Company under this Agreement. 
 4. Officer Liability 

(a) Indemnification. The Company hereby agrees and acknowledges that the Executive is, and shall continue to be, entitled to
indemnification and reimbursement in accordance with Article Twelfth of the Company’s Restated Certificate of Incorporation, which was adopted on October 6, 2004. For the avoidance of doubt, the Company acknowledges its obligation to
provide Executive with legal representation with respect to the claims asserted in the case of General Dynamics Corp., et al. v. Orbital Sciences Corp., C.A. No. 5759-VCL (Del. Ch. Ct.). 

(b) D&O Insurance. After the Retirement Date, Executive will continue to be covered by directors’ and officers’
insurance with respect to the period of his service as an officer or director of the Company under the Company’s directors’ & officers’ insurance policies in amounts of coverage and terms and conditions at least as favorable
as the amounts of coverage and terms and conditions applicable to the Company’s then current directors and officers. 
 5.
Confidentiality, Intellectual Property, and Company Property. 
 (a) Confidential Information. Executive shall not
use, disclose, divulge, furnish or make available to any person any confidential or proprietary information concerning the Company or its affiliates, including, without limitation, business plans, strategies, proposals, forecasts, processes,
methods, techniques; financial information on costs, pricing, profits, overhead, or margins; acquisition or divestiture plans, designs or drawings, research or development activities, and any other information concerning the plans or methods of
doing business of the Company or its affiliates (the “Confidential Information”); provided, that the term “Confidential Information” shall not include such information which is or becomes generally available to the
public other than as a result of unauthorized or improper disclosure by the Executive. Notwithstanding the foregoing, the Executive may disclose Confidential Information to the extent he is compelled to do so by lawful service of process, subpoena,
court order, or as he is otherwise compelled to do by law or the rules or regulations of any regulatory body or governmental agency or instrumentality to which he is subject, including full and complete disclosure in response thereto, in which event
he agrees (unless prohibited by law) to provide the Company with a copy of the documents seeking disclosure of such information promptly upon receipt of such documents and prior to their disclosure of any such information, so that the Company may,
upon notice to the Executive, take such action as the Company deems appropriate in relation to such subpoena or request, and the Executive (unless otherwise 

  
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compelled to do so by lawful service of process, subpoena, court order, or by law or the rules or regulations of any regulatory body or governmental agency or instrumentality) may not disclose
any such information until the Company has had the opportunity to take such action. 
 (i) Executive agrees that he will return
to the Company not later than the Retirement Date all originals, copies, and versions of Confidential Information in whatever form (including computer files and other electronic data) in his possession and will cease using such information as of
such date. 
 (ii) Executive shall not directly or indirectly assist any other person or entity competing in a government
procurement involving a GD subsidiary or affiliate (“the GD Bidder”) if Executive (A) had access to the GD Bidder’s bid or proposal information during his employment with the Company or (B) reviewed or approved the GD
Bidder’s bid or proposal during his employment with the Company. 
 (b) Intellectual Property. All writing or other
works subject to copyright and, whether patentable or not, every invention, discovery, improvement, device, design, apparatus, practice, process, method or product (each of which is hereinafter called an “invention”), created, written,
made, developed, perfected, devised, conceived or first reduced to practice by the Executive, either solely or in collaboration with others during his employment by the Company and its affiliates, whether or not during regular working hours,
relating in any way to the business, products, developments or activities of the Company and its affiliates, are the sole and exclusive property of the Company and its affiliates. To the extent that the Company and its affiliates or the Executive
was, is or will be involved in agreements or arrangements with the United States Government or agencies or instrumentalities thereof, Executive agrees that he was, is and will be bound by all obligations, restrictions, and limitations imposed by
contract, law or regulation, applicable to any invention conceived or developed, or to any writing or other work acquired, written or produced by the Executive during the period of his employment with the Company and its affiliates, and shall take
all action which may be required to discharge such obligations and to comply with such restrictions and limitations. 
 (c)
Company Property. On or before the Retirement Date, Executive will return to the Company all property belonging to the Company, except that Executive may retain for his personal use the Company-issued mobile phone and the iPad issued to
Executive during his employment. The Company will coordinate the transfer of Executive’s current mobile number to Executive’s new provider. 
 6. Post-Retirement Assistance. 
 (a) Cooperation in Litigation or
Investigations. If requested, Executive will provide full cooperation to the Company in connection with the investigation or litigation of matters about which Executive had personal knowledge during his employment with the Company. This
cooperation will include, but is not limited to, consulting with counsel, reviewing documents, and attending meetings, depositions, or hearings. To compensate Executive for the time, effort, and inconvenience entailed, the Company will pay Executive
an hourly fee of $345.00 per hour for support provided (up to a maximum of eight hours per day), plus reimbursement for expenses incurred at the direction of the Company or its counsel. No compensation under this section is tied to achievement of
any particular litigation or settlement result or the nature of the testimony that Executive provides at a hearing, trial, or deposition. 

  
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 (b) Consulting. Executive agrees to make himself available to consult with the
Company concerning proposals, contracts, and programs (including classified programs) over which he had oversight as Executive Vice President, in return for which the Company will pay Executive a consulting fee of $345.00 per hour. This arrangement
shall cease on the earlier of the date on which Executive commences employment with another employer or the 12-month anniversary of the Retirement Date. 
 (c) The Parties anticipate that the level of post-retirement assistance to be provided by Executive under this Section 6 will be no more than twenty percent (20%) of the average level of
services performed by Executive over the prior 36 months of his employment. On a weekly basis, the parties do not expect that the Services shall entail more than an average of eight hours of work per week. 

(d) Executive’s services under this Section 6 shall be provided solely on an independent contractor basis. The Company will be
responsible for reporting fees paid to Executive on an IRS Form 1099-Misc. 
 7. OWBPA Disclosures, Acceptance and Revocation.

 (a) Because you are an employee who is 40 years of age or older, the Older Workers Benefit Protection Act
(“OWBPA”) requires that the Company provide you with the following disclosures to ensure that your release and waiver of claims arising under the Age Discrimination in Employment Act (“ADEA”) are knowing and
voluntary: 
 (i) By signing (and not revoking) this Agreement, you are permanently giving up, surrendering, and waiving any
claim that any of the Released Parties subjected you to discrimination or harassment because of your age, took any other adverse action against you because of your age, or violated any other provision of the ADEA in connection with your employment
or termination from employment; 
 (ii) Because signing this Agreement affects important legal rights, you are hereby advised to
consult with an attorney prior to executing this Agreement; 
 (iii) To ensure that you have sufficient time to consider the
Agreement carefully, you have twenty-one (21) days before you must return a signed original of this Agreement; and 
 (iv)
Once you sign the Agreement, you will have another seven (7) days in which to revoke the Agreement if you change your mind. 
 (b) Acceptance. You may accept this Agreement by delivering a signed original of the Agreement to Walter M. Oliver, Senior Vice President, General Dynamics Corporation, 2941 Fairview Park Drive,
Suite 100, Falls Church, Virginia 22042 on or before twenty-one (21) calendar days from the date you receive this Agreement. You may decide to sign the Agreement before the 21-day review period expires, provided, however, that your signing
the Agreement will be final and binding upon you, unless you revoke the Agreement within the Revocation period referenced below 

  
 7 

 (c) Revocation. You may revoke this Agreement within seven (7) calendar days
after you execute the Agreement by delivering a written notice of revocation to Walter M. Oliver, Senior Vice President, General Dynamics Corporation, 2941 Fairview Park Drive, Suite 100, Falls Church, Virginia 22042. The revocation must be
received no later than the close of business on the seventh (7th) calendar day after you sign this Agreement. This Agreement will not become effective or enforceable until the eighth (8th) calendar day after you sign it (“the
Effective Date”). If you revoke this Agreement within the 7-day revocation period or fail to return an executed original within the required 21-day timeframe, the Parties shall have no obligations under this Agreement, and this Agreement
shall be considered null and void. 
 8. General Provisions 
 (a) Disputes. Any dispute, controversy, or claim arising out of or in connection with the employment relationship between the Parties or the termination of that relationship or arising out of or in
connection with this Agreement, including any question regarding the existence, validity or termination of this Agreement, other than a dispute, controversy or claim with respect to the Executive’s indemnification rights, shall be finally
resolved by arbitration under the rules of the American Arbitration Association in force as of the date of this Agreement, which rules are deemed to be incorporated by reference into this clause. The place of arbitration shall be Fairfax County,
Virginia. Any determination by the Company that the Executive is not entitled to indemnification (including, without limitation, any determination pursuant to Section 2 of Article Twelfth of the Current Certificate) may be challenged by the
Executive in the federal or state courts of Delaware. 
 (b) Withholding. The Company may withhold from any amounts
payable to Executive hereunder all federal, state, city or other taxes that the Company may reasonably determine are required to be withheld pursuant to any applicable law or regulation (it being understood that Executive shall be responsible for
payment of all taxes in respect of the payments and benefits provided herein). 
 (c) Complete Agreement. This Agreement
and Schedule A hereto constitute the entire understanding of the Company and the Executive with respect to the subject matter hereof and, together with the award agreements accepted by Executive as a condition of each grant of Restricted Stock,
Performance RSUs, or Stock Options, and provisions of the intellectual property, trade secret, confidentiality, or proprietary information agreements signed by Executive and having effect post-employment, shall supersede all prior understandings,
written or oral, except to the extent of any provision expressly incorporated herein. Neither of the Parties is executing this Agreement in reliance upon any statement or representation not expressly set forth or incorporated herein. 

(d) Amendment; Waiver. The terms of this Agreement may be changed, modified or discharged only by a written instrument signed by
the Parties. A failure of the Company or the Executive to insist on strict compliance with any provision of this Agreement shall not be deemed a waiver of such provision or any other provision hereof. 

  
 8 

 (e) Non-Admission. This Agreement does not constitute and shall not be construed as
an admission by the Company or any of the Released Parties that any of them has violated any law, interfered with any rights, breached any obligation or otherwise engaged in any improper or illegal conduct with respect to Executive, and the Company
expressly denies that it has engaged in any such conduct. 
 (f) Construction of Agreement. Each party has negotiated the
terms and provisions of this Agreement and has had the opportunity to contribute to its revision. The terms of this Agreement shall be construed fairly and evenly as to both Parties hereto and not in favor or against either party based on the
characterization of one or the other as the drafting party. 
 (g) Choice of Law. This Agreement shall be construed,
enforced and interpreted in accordance with and governed by the laws of the Commonwealth of Virginia (except as to matters pertaining to the Executive’s rights with respect to indemnification, and the enforcement of such rights, which shall be
construed, enforced and interpreted in accordance with and governed by the laws of the State of Delaware), without regard to its choice-of-law principles. 
 (h) Successors and Assigns. This Agreement is binding upon, and shall inure to the benefit of, the parties and their respective heirs, successors and assigns, it being acknowledged and agreed that
the obligation of the Executive to provide personal services to the Company shall not be assignable by him. 
 (i)
Section 409A. The intent of the Parties is that any payments and benefits under this Agreement that are subject to Section 409A of the Code comply with the requirements of Section 409A of the Code and any related regulations
and other guidance promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service. Accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered in compliance
therewith. All expense reimbursements paid pursuant to this Agreement that are taxable income to the Executive shall in no event be paid later than the end of the calendar year next following the calendar year in which the Executive incurs such
expense. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by this Agreement and Section 409A of the Code, the right to reimbursement or in-kind benefits shall not
be subject to liquidation or exchange for another benefit and the amount of expenses eligible for reimbursement, or in-kind benefits provided, during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to
be provided, in any other taxable year. For purposes of applying the provisions of Section 409A of the Code to this Agreement, each separately identified amount to which the Executive is entitled under this Agreement shall be treated as a
separate payment. In addition, to the extent permissible under Section 409A of the Code, any series of installment payments under this Agreement shall be treated as a right to a series of separate payments. In no event shall the Company be
liable to Executive for any adverse tax consequences arising under Section 409A. 

  
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 IN WITNESS WHEREOF, the parties hereto have duly caused this Agreement to be executed as of the dates and
years indicated below. 
  

			
	GENERAL DYNAMICS CORPORATION:
		
	By:	 	 /s/ Walter M. Oliver

	 Walter M. Oliver, Senior Vice President
 Human Resources & Administration

		
	Date:	 	 March 19, 2013

	
	EXECUTIVE:
	
	 /s/ Gerard J. DeMuro

	Gerard J. DeMuro
		
	Date:	 	 March 19, 2013

  
 10 

 Schedule A 
 Summary of Equity 
 Gerard J. DeMuro Executive Compensation Stock Plan Analysis

 Retirement Treatment - No Forfeiture 
 Based on March 31, 2013 Termination Date 
 As of February 21, 2013

 Restricted Stock Outstanding: 
  

															
	 Grant Date
	  	Shares	 	  	Grant Price	 	  	Release Date	 	  	 Comments

	3/3/2010	  	 	10,950	  	  	$	73.49	  	  	 	1/2/2014	  	  	
					
	3/2/2011	  	 	11,690	  	  	$	74.81	  	  	 	1/2/2015	  	  	
					
	3/7/2012	  	 	9,630	  	  	$	71.01	  	  	 	1/4/2016	  	  	

 Stock Options Outstanding: 
  

																									
	 Grant Date
	 	  	Options	 	  	Option Type	 	  	Option Price	 	  	Vest Date	 	  	Original
Expiration Date	 	  	 Comments

	 	3/4/2009	  	  	 	0	  	  	 	NQ	  	  	$	40.09	  	  	 	3/4/2010	  	  	 	3/3/2014	  	  	
	 	3/4/2009	  	  	 	2,494	  	  	 	ISO	  	  	$	40.09	  	  	 	3/4/2011	  	  	 	3/3/2014	  	  	
	 	3/4/2009	  	  	 	0	  	  	 	NQ	  	  	$	40.09	  	  	 	3/4/2011	  	  	 	3/3/2014	  	  	
				  	  
	  
	 	  				  				  				  				  	
				  	 	2,494	  	  				  				  				  				  	
							
	 	3/3/2010	  	  	 	53,600	  	  	 	NQ	  	  	$	73.49	  	  	 	3/3/2011	  	  	 	3/2/2015	  	  	
	 	3/3/2010	  	  	 	1,360	  	  	 	ISO	  	  	$	73.49	  	  	 	3/3/2012	  	  	 	3/2/2015	  	  	
	 	3/3/2010	  	  	 	52,240	  	  	 	NQ	  	  	$	73.49	  	  	 	3/3/2012	  	  	 	3/2/2015	  	  	
				  	  
	  
	 	  				  				  				  				  	
				  	 	107,200	  	  				  				  				  				  	
							
	 	3/2/2011	  	  	 	55,885	  	  	 	NQ	  	  	$	74.81	  	  	 	3/2/2012	  	  	 	3/1/2018	  	  	Adjust expiration date to March 31, 2016
	 	3/2/2011	  	  	 	55,885	  	  	 	NQ	  	  	$	74.81	  	  	 	3/2/2013	  	  	 	3/1/2018	  	  	Adjust expiration date to March 31, 2016
				  	  
	  
	 	  				  				  				  				  	
				  	 	111,770	  	  				  				  				  				  	
							
	 	3/7/2012	  	  	 	51,475	  	  	 	NQ	  	  	$	71.01	  	  	 	3/7/2013	  	  	 	3/6/2019	  	  	Adjust expiration date to March 31, 2016
	 	3/7/2012	  	  	 	51,475	  	  	 	NQ	  	  	$	71.01	  	  	 	3/7/2014	  	  	 	3/6/2019	  	  	Adjust expiration date to March 31, 2016
				  	  
	  
	 	  				  				  				  				  	
				  	 	102,950	  	  				  				  				  				  	

  

	Note:	This document is for estimation purposes only; actual numbers may vary 

	    	All Incentive Stock Options are converted to Non-qualified status 90 days after last day worked 

  
 11Form of Medium-Term Notes, Series K, Notes due March 20, 2028

 Exhibit 4.1 
 [Face of Note] 
 Unless this certificate is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
  

			
	 CUSIP NO. 94986RNT4
 REGISTERED
NO.         
	  	PRINCIPAL AMOUNT: $             

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 
 Due Nine Months or More From Date of Issue 
 Notes due March 20,
2028 
 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 March 20, 2028 (the “Stated Maturity Date”) and to pay interest thereon from
March 20, 2013 or from the most recent Interest Payment Date to which interest has been paid or duly provided for monthly on the 20th calendar day of each month, commencing April 20, 2013 and ending at Maturity (each, an “Interest Payment
Date”), at the rate of 3.25% per annum 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 March 20, 2013 and end on and include April 19,
2013. Interest on this Security will be computed on the basis of a 360-day year of twelve 30-day months. 
 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 or in part, quarterly on each March 20, June 20,
September 20 and December 20, commencing March 20, 2018, 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. 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. 
 Except as set forth in the next sentence, this
Security is not subject to repayment at the option of the Holder hereof prior to March 20, 2028. This Security may be subject to repayment if requested by the authorized representative of a beneficial owner of this Security as described on the
reverse hereof under “Repayment upon Exercise of Survivor’s Option.” 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 

  
 2 

 
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] 

  
 3 

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

									
		 		 	WELLS FARGO & COMPANY
				
		 		 	By:	 	  

		 		 		 	  

		 		 		 	Its:	 	 
					
	[SEAL]	 		 		 		 	
				
		 		 	Attest:	 	  

		 		 		 	  

		 		 		 	Its:	 	 

  

			
	 TRUSTEE’S CERTIFICATE OF
 AUTHENTICATION
 This is one of the Securities of the

series designated therein described
 in the
within-mentioned Indenture.
  
 CITIBANK, N.A.,

    as Trustee

		
	By:	 	 
		 	Authorized Signature
		
		 	 OR

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

		
	By:	 	 
		 	Authorized Signature

  
 4 

 [Reverse of Note] 
 WELLS FARGO & COMPANY 
 MEDIUM-TERM NOTE, SERIES K

 Due Nine Months or More From Date of Issue 
 Notes due March 20, 2028 
 This Security is one of a duly authorized
issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the
“Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of
$25,000,000,000 or the equivalent thereof in one or more foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based
indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate
or a floating rate. The Securities of this series may mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies.

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

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

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

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

  
 5 

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

 Defeasance 
 Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating to defeasance at any time of (a) the entire
indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions of
Section 401 of the Indenture shall apply to this Security. 
 Authorized Denominations 

This Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which is an
integral multiple of $1,000. 
 Repayment upon Exercise of Survivor’s Option 

The Company has agreed to repay beneficial ownership interests in this Security, if requested by the authorized representative of the
beneficial owner of such beneficial ownership interest following the death of the beneficial owner, so long as the beneficial ownership interest in this Security was acquired by the beneficial owner at least six months prior to the request (the
“Survivor’s Option”). 
 Upon the valid exercise of the Survivor’s Option and the proper tender of a
beneficial ownership interest in this Security for repayment, the Company will repay such beneficial ownership interest in this Security, in whole or in part, at a price equal to 100% of the principal amount of the deceased beneficial owner’s
beneficial interest in this Security, plus any accrued and unpaid interest to the date of repayment. 
 To be valid, the
Survivor’s Option must be exercised by or on behalf of the Person who has authority to act on behalf of a deceased beneficial owner of this Security under the laws of the applicable jurisdiction (including, without limitation, the personal
representative of or the executor of the estate of the deceased beneficial owner or the surviving joint owner with the deceased beneficial owner). 
 A beneficial owner of this Security is a Person who has the right, immediately prior to such Person’s death, to receive the proceeds from the disposition of such beneficial owner’s interest in
this Security, as well as the right to receive the principal amount of the deceased beneficial owner’s interest in this Security plus any accrued and unpaid interest thereon. 

  
 6 

 The death of a Person holding a beneficial ownership interest in this Security as a joint
tenant or tenant by the entirety with another Person, or as a tenant in common with the deceased holder’s spouse, will be deemed the death of a beneficial owner of that beneficial ownership interest in this Security, and the entire principal
amount of the deceased beneficial owner’s interest in this Security held in this manner will be subject to repayment by the Company upon exercise of the Survivor’s Option. However, the death of a Person holding a beneficial ownership
interest in this Security as tenant in common with a Person other than such deceased holder’s spouse will be deemed the death of a beneficial owner only with respect to such deceased Person’s interest in this Security, and only the
deceased beneficial owner’s percentage interest in that beneficial ownership interest in the principal amount of this Security will be subject to repayment. 
 The death of a Person who, during his or her lifetime, was entitled to substantially all of the beneficial ownership interests in this Security will be deemed the death of the beneficial owner of this
Security for purposes of the Survivor’s Option, regardless of whether that beneficial owner was the registered holder of this Security, if the beneficial ownership interest can be established to the satisfaction of the Paying Agent. A
beneficial ownership interest will be deemed to exist in typical cases of nominee ownership, ownership under the Uniform Transfers to Minors Act or Uniform Gifts to Minors Act, community property, or other joint ownership arrangements between a
husband and wife. In addition, the beneficial ownership interest in this Security will be deemed to exist in custodial and trust arrangements where one Person has all of the beneficial ownership interest in this Security during his or her lifetime.
In the case of a joint trust, the joint tenant rules above will apply to the respective beneficial ownership interests. 
 The
Company has the discretionary right to limit the aggregate principal amount of this Security as to which exercises of the Survivor’s Option will be accepted by the Company from the authorized representative for any individual deceased
beneficial owner of this Security in any calendar year to $250,000. In addition, the Company will not permit the exercise of the Survivor’s Option for any portion of this Security with a principal amount of less than $1,000, and the Company
will not permit the exercise of the Survivor’s Option if such exercise will result in this Security having a principal amount that is not an integral multiple of $1,000. 
 An otherwise valid election to exercise the Survivor’s Option may not be withdrawn. An election to exercise the Survivor’s Option will be accepted in the order that it was received by the Paying
Agent, except for any beneficial ownership interest in this Security the acceptance of which would contravene the limitation described above. Beneficial ownership interests in this Security accepted for repayment through the exercise of the
Survivor’s Option normally will be repaid on the first Interest Payment Date that occurs 20 or more calendar days after the date of the acceptance. Each tendered beneficial ownership interest in this Security that is not accepted in a calendar
year due to the application of the limitation described in the preceding paragraph will be deemed to be tendered in the following calendar year in the order in which all such beneficial interests were originally tendered. If a beneficial ownership
interest in this Security tendered through a valid exercise of the Survivor’s Option is not accepted, the Paying Agent will deliver a notice by first-class mail to the registered holder, at that registered holder’s last known address as
indicated in the Security Register, that states the reason that the beneficial ownership interest in this Security has not been accepted for repayment. 

  
 7 

 Since this Security is a Global Security, DTC, as depository, or its nominee will be
treated as the holder of this Security and will be the only entity that can exercise the Survivor’s Option. To obtain repayment of this Security pursuant to exercise of the Survivor’s Option, the deceased beneficial owner’s authorized
representative must provide the following items to the broker or other entity through which the beneficial interest in this Security is held by the deceased beneficial owner: 

 

	 	•	appropriate evidence satisfactory to the Paying Agent that: 

  

	 	(a)	the deceased was a beneficial owner of this Security at the time of death and his or her interest in this Security was acquired by the deceased beneficial owner at
least six months prior to the request for repayment, 

  

	 	(b)	the death of the beneficial owner has occurred and the date of death, and 

  

	 	(c)	the representative has authority to act on behalf of the deceased beneficial owner; 

 

	 	•	if the beneficial interest in this Security is held by a nominee or trustee of, or custodian for, or other Person in a similar capacity to, the deceased beneficial
owner, a certificate satisfactory to the Paying Agent from the nominee, trustee, custodian or similar Person attesting to the deceased’s beneficial ownership in this Security; 

 

	 	•	a written request for repayment signed by the authorized representative of the deceased beneficial owner with the signature guaranteed by a member firm of a registered
national securities exchange or of the Financial Industry Regulatory Authority, Inc. or a commercial bank or trust company having an office or correspondent in the United States; 

 

	 	•	if applicable, a properly executed assignment or endorsement; 

  

	 	•	tax waivers and any other instruments or documents that the Paying Agent reasonably requires in order to establish the validity of the beneficial ownership in this
Security and the claimant’s entitlement to payment; and 

  

	 	•	any additional information the Paying Agent requires to evidence satisfaction of any conditions to the exercise of the Survivor’s Option or to document beneficial
ownership or authority to make the election and to cause the repayment of this Security. 

 In turn, the broker or other entity
will deliver each of these items to the Paying Agent and will certify to the Paying Agent that the broker or other entity represents the deceased beneficial owner. 
 The Company retains the right to limit the aggregate principal amount of this Security as to which exercises of the Survivor’s Option will be accepted by the Company from the authorized
representative for any individual deceased beneficial owner in this Security in any calendar year as described above. All other questions regarding the eligibility or validity of any 

  
 8 

 
exercise of the Survivor’s Option will be determined by the Paying Agent, in its sole discretion, which determination will be final and binding on all parties. 

The broker or other entity will be responsible for disbursing payments received from the Paying Agent to the authorized representative.
Forms for the exercise of the Survivor’s Option may be obtained from the Paying Agent. 
 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 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. 

  
 9 

 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. 

  
 10 

 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)

  
 11 

 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. 

  
 12

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