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. 95001BAQ7	FACE AMOUNT: $_________

REGISTERED
NO. __

 

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES S

 

Due
Nine Months or More From Date of Issue

 

Notes
Linked to a Basket of One Index and Five ETFs

due
December 5, 2023

 

 

WELLS
FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Maturity Payment
Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts, on the Stated Maturity Date. The “Initial Stated Maturity Date” shall
be December 5, 2023. If the Final Calculation Day (as defined below) is not postponed for any Basket Component (as defined
below), the Initial Stated Maturity Date will be the “Stated Maturity Date.” If the Final Calculation Day is
postponed for any Basket Component, the “Stated Maturity Date” shall be the later of (i) the Initial Stated
Maturity Date and (ii) three Business Days (as defined below) after the last Final Calculation Day as postponed. This Security
shall not bear any interest.

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

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

    	 	 	 

    	 

    

Determination
of Maturity Payment Amount

The
“Maturity Payment Amount” of this Security will equal:

 

		•	if
                                         the Average Ending Value is greater than the Starting Value: the Face Amount plus:

	 		Face
    Amount x 		Average
    Ending Value – Starting Value
 Starting Value		x
    Participation Rate		;
    or 

 

		•	if
                                         the Average Ending Value is less than or equal to the Starting Value: the Face Amount.

 

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

 

“Basket”
shall mean a basket comprised of the following unequally-weighted Basket Components: the SPDR® S&P 500®
ETF Trust (30%); the Invesco QQQ TrustSM, Series 1 (20%); the SPDR® S&P MidCap 400®
ETF Trust (15%); the EURO STOXX® 50 Index (15%); the iShares® MSCI Emerging Markets ETF (10%);
and iShares® Russell 2000 ETF (10%).

 

“Basket
Component” shall mean each of the SPDR S&P 500 ETF Trust, Invesco QQQ Trust, Series 1, SPDR S&P MidCap
400 ETF Trust, EURO STOXX 50 Index, iShares MSCI Emerging Markets ETF and iShares Russell 2000 ETF.

 

“Underlying
Index” shall mean each of the S&P 500 Index, Nasdaq-100 Index, S&P MidCap 400 Index, MSCI Emerging Markets Index
and Russell 2000 Index.

 

The
“Pricing Date” shall mean November 30, 2018.

 

The
“Starting Value” is 100.

 

The
“Average Ending Value” will be equal to the product of (i) 100 and (ii) an amount equal to 1 plus the sum of:
(A) 30% of the Average Component Return of the SPDR S&P 500 ETF Trust; (B) 20% of the Average Component Return of
the Invesco QQQ Trust, Series 1; (C) 15% of the Average Component Return of the SPDR S&P MidCap 400 ETF Trust; (D) 15%
of the Average Component Return of the EURO STOXX 50 Index; (E) 10% of the Average Component Return of the iShares MSCI Emerging
Markets ETF; and (F) 10% of the Average Component Return of the iShares Russell 2000 ETF.

 

The
“Average Component Return” of a Basket Component will be equal to:

 

Average
Component Value – Initial Component Value

Initial
Component Value

 

    	 	2	 

    	 

    

 

where,

 

	 	•	 	the “Initial
    Component Value” is the Closing Value of such Basket Component on the Pricing Date; and
	 	 	 	 
	 	•	 	the “Average
    Component Value” will be the arithmetic average of the Closing Values of such Basket Component on the Calculation
    Days.
	 	 	 	 
	 	 	 	The
    Initial Component Values of the Basket Components are as follows: SPDR S&P 500 ETF Trust ($275.65); Invesco QQQ Trust,
    Series 1 ($169.37); SPDR S&P MidCap 400 ETF Trust ($342.74); EURO STOXX 50 Index (3173.13); iShares MSCI Emerging
    Markets ETF ($41.08); and iShares Russell 2000 ETF ($152.62).

 

The
“Closing Value” means, with respect to the Index on any Trading Day, its Closing Level on that Trading Day,
and with respect to a Fund on any Trading Day, its Fund Closing Price on that Trading Day.

 

“Index”
shall mean the EURO STOXX 50 Index.

 

“Fund”
shall mean each of the SPDR S&P 500 ETF Trust, Invesco QQQ Trust, Series 1, SPDR S&P MidCap 400 ETF Trust, iShares
MSCI Emerging Markets ETF and iShares Russell 2000 ETF.

 

The
“Closing Level” with respect to the Index on any Trading Day means the official closing level of the Index
reported by the Index Sponsor on such Trading Day, as obtained by the Calculation Agent on such Trading Day from the licensed
third-party market data vendor contracted by the Calculation Agent at such time; in particular, taking into account the decimal
precision and/or rounding convention employed by such licensed third-party market data vendor on such date, subject to the provisions
set forth below under “—Market Disruption Events,” “—Adjustments to the Index” and “—Discontinuance
of the Index.”

“Index
Sponsor” shall mean the sponsor or publisher of the Index.

The
“Fund Closing Price” with respect to a Fund on any Trading Day means the product of (i) the Closing Price of
one share of such Fund (or one unit of any other security for which a Fund Closing Price must be determined) on such Trading Day
and (ii) the Adjustment Factor applicable to such Fund on such Trading Day.

 

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

 

The
“Adjustment Factor” means, with respect to a share of a Fund (or one unit of any other security for which a
Fund Closing Price must be determined), 1.0, subject to adjustment in

 

    	 	3	 

    	 

    

the
event of certain events affecting the shares of such Fund. See “Anti-dilution Adjustments Relating To A Fund; Alternate
Calculation” below.

 

The
“Participation Rate” is 112%.

 

“Business
Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law or regulation to close in New York, New York.

 

A
“Trading Day” with respect to the Index means a day, as determined by the Calculation Agent, on which (i) the
Index Sponsor is scheduled to publish the level of the Index and (ii) each Related Futures or Options Exchange is scheduled
to be open for trading for its regular trading session. The “Relevant Stock Exchange” for any security underlying
the Index means the primary exchange or quotation system on which such security is traded, as determined by the Calculation Agent.
The “Related Futures or Options Exchange” for the Index means an exchange or quotation system where trading
has a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating
to the Index.

 

A
“Trading Day” with respect to a Fund means a day, as determined by the Calculation Agent, on which the Relevant
Stock Exchange and each Related Futures or Options Exchange with respect to such Fund or any successor thereto, if applicable,
are scheduled to be open for trading for their respective regular trading sessions. The “Relevant Stock Exchange”
for a Fund means the primary exchange or quotation system on which shares (or other applicable securities) of such Fund are traded,
as determined by the Calculation Agent. The “Related Futures or Options Exchange” for a Fund means each exchange
or quotation system where trading has a material effect (as determined by the Calculation Agent) on the overall market for futures
or options contracts relating to such Fund.

 

The
“Calculation Days” shall be the 28th day of each February, May, August and November, commencing
February 2019 and ending August 2023, and the Final Calculation Day. The “Final Calculation Day” is November 28,
2023. If any such day is not a Trading Day with respect to any Basket Component, that Calculation Day for each Basket Component
will be postponed to the next succeeding day that is a Trading Day with respect to each Basket Component. A Calculation Day for
a Basket Component is also subject to postponement due to the occurrence of a Market Disruption Event (as defined below) with
respect to such Basket Component on such Calculation Day. If a Market Disruption Event occurs or is continuing with respect to
a Basket Component on any Calculation Day, then such Calculation Day for such Basket Component will be postponed to the first
succeeding Trading Day for such Basket Component on which a Market Disruption Event for such Basket Component has not occurred
and is not continuing; however, if such first succeeding Trading Day has not occurred as of the eighth Trading Day for such Basket
Component after the originally scheduled Calculation Day, that eighth Trading Day shall be deemed to be the Calculation Day for
such Basket Component. If a Calculation Day has been postponed eight Trading Days for a Basket Component after the originally
scheduled Calculation Day and a Market Disruption Event occurs or is continuing with respect to such Basket Component on such
eighth Trading Day, the Calculation Agent will determine the Closing Value of such Basket Component on such eighth Trading Day
(i) in the

 

    	 	4	 

    	 

    

case
of the Index, in accordance with the formula for and method of calculating the Closing Level of the Index last in effect prior
to commencement of the Market Disruption Event, using the closing price (or, with respect to any relevant security, if a Market
Disruption Event has occurred with respect to such security, its good faith estimate of the value of such security at the time
at which the official closing level of the Index is calculated and published by the Index Sponsor) on such date of each security
included in the Index and (ii) in the case of a Fund, based on its good faith estimate of the value of the shares (or other
applicable securities) of such Fund as of the close of trading on such date. As used in clause (i) of the immediately preceding
sentence, “closing price” means, with respect to any security on any date, the Relevant Stock Exchange traded
or quoted price of such security as of the time at which the official closing level of such Index is calculated and published
by the Index Sponsor. Notwithstanding the postponement of a Calculation Day for a particular Basket Component due to a Market
Disruption Event with respect to such Basket Component on such Calculation Day, the originally scheduled Calculation Day will
remain the Calculation Day for any Basket Component not affected by a Market Disruption Event on such day. See “—Market
Disruption Events.”

 

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of January 24, 2018 between the Company and
the Calculation Agent, as amended from time to time.

 

“Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among
other things, the determination of the Average Ending Value and the Maturity Payment Amount, which term shall, unless the context
otherwise requires, include its successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells
Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from
time to time after the initial issuance of this Security without the consent of the Holder of this Security and without notifying
the Holder of this Security.

 

Market
Disruption Events 

A
“Market Disruption Event” with respect to the Index means any of (A), (B), (C) or (D) below, as determined
by the Calculation Agent in its sole discretion:

 

		(A)	Any
                                         of the following events occurs or exists with respect to any security included in the
                                         Index or any Successor Equity Index, and the aggregate of all securities included in
                                         the Index or Successor Equity Index with respect to which any such event occurs comprise
                                         20% or more of the level of the Index or Successor Equity Index:

		•	a
                                         material suspension of or limitation imposed on trading by the Relevant Stock Exchange
                                         for such security or otherwise at any time during the one-hour period that ends at the
                                         Scheduled Closing Time for the Relevant Stock Exchange for such security on that day,
                                         whether by reason of movements in price exceeding limits permitted by the Relevant Stock
                                         Exchange or otherwise;

    	 	5	 

    	 

    

		•	any
                                         event, other than an early closure, that materially disrupts or impairs the ability of
                                         market participants in general to effect transactions in, or obtain market values for,
                                         such security on its Relevant Stock Exchange at any time during the one-hour period that
                                         ends at the Scheduled Closing Time for the Relevant Stock Exchange for such security
                                         on that day; or

		•	the
                                         closure on any Exchange Business Day of the Relevant Stock Exchange for such security
                                         prior to its Scheduled Closing Time unless the earlier closing is announced by such Relevant
                                         Stock Exchange at least one hour prior to the earlier of (i) the actual closing time
                                         for the regular trading session on such Relevant Stock Exchange and (ii) the submission
                                         deadline for orders to be entered into the Relevant Stock Exchange system for execution
                                         at the Scheduled Closing Time for such Relevant Stock Exchange on that day.

		(B)	Any
                                         of the following events occurs or exists with respect to futures or options contracts
                                         relating to the Index or any Successor Equity Index:

		•	a
                                         material suspension of or limitation imposed on trading by any Related Futures or Options
                                         Exchange or otherwise at any time during the one-hour period that ends at the close of
                                         trading on such Related Futures or Options Exchange on that day, whether by reason of
                                         movements in price exceeding limits permitted by the Related Futures or Options Exchange
                                         or otherwise;

		•	any
                                         event, other than an early closure, that materially disrupts or impairs the ability of
                                         market participants in general to effect transactions in, or obtain market values for,
                                         futures or options contracts relating to the Index or Successor Equity Index on any Related
                                         Futures or Options Exchange at any time during the one-hour period that ends at the close
                                         of trading on such Related Futures or Options Exchange on that day; or

		•	the
                                         closure on any Exchange Business Day of any Related Futures or Options Exchange prior
                                         to its Scheduled Closing Time unless the earlier closing time is announced by such Related
                                         Futures or Options Exchange at least one hour prior to the earlier of (i) the actual
                                         closing time for the regular trading session on such Related Futures or Options Exchange
                                         and (ii) the submission deadline for orders to be entered into the Related Futures or
                                         Options Exchange system for execution at the close of trading for such Related Futures
                                         or Options Exchange on that day.

		(C)	The
                                         Index Sponsor fails to publish the level of the Index or any Successor Equity Index (other
                                         than as a result of the Index Sponsor having discontinued publication of the Index or
                                         Successor Equity Index and no Successor Equity Index being available).

		(D)	Any
                                         Related Futures or Options Exchange fails to open for trading during its regular trading
                                         session.

    	 	6	 

    	 

    

For
purposes of determining whether a Market Disruption Event has occurred with respect to the Index:

		(1)	the
                                         relevant percentage contribution of a security included in the Index or any Successor
                                         Equity Index to the level of such index will be based on a comparison of (x) the
                                         portion of the level of such index attributable to that security to (y) the overall
                                         level of such index, in each case using the official opening weightings as published
                                         by the Index Sponsor as part of the market opening data;

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

		(3)	an
                                         “Exchange Business Day” means any Trading Day on which (i) the
                                         Index Sponsor publishes the level of the Index or any Successor Equity Index and (ii) each
                                         Related Futures or Options Exchange is open for trading during its regular trading session,
                                         notwithstanding any Related Futures or Options Exchange closing prior to its Scheduled
                                         Closing Time.

A
“Market Disruption Event” means, with respect to a Fund, any of the following events as determined by the Calculation
Agent in its sole discretion:

 

		(A)	The
                                         occurrence or existence of a material suspension of or limitation imposed on trading
                                         by the Relevant Stock Exchange or otherwise relating to the shares (or other applicable
                                         securities) of such Fund or any Successor Fund (as defined below) on the Relevant Stock
                                         Exchange at any time during the one-hour period that ends at the Close of Trading on
                                         such day, whether by reason of movements in price exceeding limits permitted by such
                                         Relevant Stock Exchange or otherwise.

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

		(C)	The
                                         occurrence or existence of any event, other than an early closure, that materially disrupts
                                         or impairs the ability of market participants in general to effect transactions in, or
                                         obtain market values for, shares (or other applicable securities) of such Fund or any
                                         Successor Fund on the Relevant Stock Exchange at any time during the one-hour period
                                         that ends at the Close of Trading on that day.

		(D)	The
                                         occurrence or existence of any event, other than an early closure, that materially disrupts
                                         or impairs the ability of market participants in general to effect

    	 	7	 

    	 

    

transactions
in, or obtain market values for, futures or options contracts relating to shares (or other applicable securities) of such Fund
or any Successor Fund on any Related Futures or Options Exchange at any time during the one-hour period that ends at the Close
of Trading on that day.

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

		(F)	The
                                         Relevant Stock Exchange or any Related Futures or Options Exchange with respect to such
                                         Fund or any Successor Fund fails to open for trading during its regular trading session.

For
purposes of determining whether a Market Disruption Event has occurred with respect to a Fund:

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

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

Adjustments
to the Index

If
at any time the method of calculating the Index or a Successor Equity Index, or the closing level thereof, is changed in a material
respect, or if the Index or a Successor Equity Index is in any other way modified so that such index does not, in the opinion
of the Calculation Agent, fairly represent the level of such index had those changes or modifications not been made, then the
Calculation Agent will, at the close of business in New York, New York, on each date that the closing level of such index is to
be calculated, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary
in order to arrive at a level of an index comparable to the Index or Successor Equity Index as if those changes or modifications
had not been made, and the Calculation Agent will calculate the closing level of the Index or Successor Equity Index with reference
to such index, as so adjusted. Accordingly, if the method of calculating the Index or Successor Equity Index is modified so that
the level of such index is a fraction or a multiple of what it would have been if it had not been modified (e.g., due to
a split or reverse split in such equity index), then the Calculation Agent will adjust the

    	 	8	 

    	 

    

Index
or Successor Equity Index in order to arrive at a level of such index as if it had not been modified (e.g., as if the split
or reverse split had not occurred).

Discontinuance
of the Index

If
the Index Sponsor discontinues publication of the Index, and the Index Sponsor or another entity publishes a successor or substitute
equity index that the Calculation Agent determines, in its sole discretion, to be comparable to the Index (a “Successor
Equity Index”), then, upon the Calculation Agent’s notification of that determination to the Trustee and the Company,
the Calculation Agent will substitute the Successor Equity Index as calculated by the Index Sponsor or any other entity for purposes
of calculating the Closing Level of the Index on any date of determination. Upon any selection by the Calculation Agent of a Successor
Equity Index, the Company will cause notice to be given to the Holder of this Security.

In
the event that the Index Sponsor discontinues publication of the Index prior to, and the discontinuance is continuing on, a Calculation
Day and the Calculation Agent determines that no Successor Equity Index is available at such time, the Calculation Agent will
calculate a substitute Closing Level for the Index in accordance with the formula for and method of calculating the Index last
in effect prior to the discontinuance, but using only those securities that comprised the Index immediately prior to that discontinuance.
If a Successor Equity Index is selected or the Calculation Agent calculates a level as a substitute for the Index, the Successor
Equity Index or level will be used as a substitute for the Index for all purposes, including the purpose of determining whether
a Market Disruption Event exists.

If
on a Calculation Day the Index Sponsor fails to calculate and announce the level of the Index, the Calculation Agent will calculate
a substitute Closing Level of the Index in accordance with the formula for and method of calculating the Index last in effect
prior to the failure, but using only those securities that comprised the Index immediately prior to that failure; provided
that, if a Market Disruption Event occurs or is continuing on such day with respect to the Index, then the provisions set
forth above under the definition of “Calculation Days” shall apply in lieu of the foregoing.

Anti-dilution
Adjustments Relating To A Fund; Alternate Calculation

 

Anti-dilution
Adjustments 

 

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

 

The
adjustments specified below do not cover all events that could affect a Fund. The Calculation Agent may, in its sole discretion,
make additional adjustments to any terms of this Security upon the occurrence of other events that affect or could potentially
affect the market price of, or shareholder rights in, such Fund, with a view to offsetting, to the extent practical, any such
change, and preserving the relative investment risks of this Security. In addition, the Calculation Agent may, in its sole discretion,
make adjustments or a series of adjustments that

 

    	 	9	 

    	 

    

differ
from those described herein if the Calculation Agent determines that such adjustments do not properly reflect the economic consequences
of the events specified herein or would not preserve the relative investment risks of this Security. All determinations made by
the Calculation Agent in making any adjustments to the terms of this Security, including adjustments that are in addition to,
or that differ from, those described herein, will be made in good faith and a commercially reasonable manner, with the aim of
ensuring an equitable result. In determining whether to make any adjustment to the terms of this Security, the Calculation Agent
may consider any adjustment made by the Options Clearing Corporation or any other equity derivatives clearing organization on
options contracts on the affected Fund.

 

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

		(A)	Stock
                                         Splits and Reverse Stock Splits

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

		(B)	Stock
                                         Dividends

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

		(C)	Extraordinary
                                         Dividends

If
an Extraordinary Dividend (as defined below) has occurred with respect to a Fund, then the Adjustment Factor for such Fund will
be adjusted on the ex-dividend date to equal the product of the prior Adjustment Factor for such Fund and a fraction, the numerator
of which is the Closing Price per share (or other applicable security) of such Fund on the Trading Day preceding the ex-dividend
date, and the denominator of which is the amount by which the Closing Price per

    	 	10	 

    	 

    

share
(or other applicable security) of such Fund on the Trading Day preceding the ex-dividend date exceeds the Extraordinary Dividend
Amount (as defined below).

For
purposes of determining whether an Extraordinary Dividend has occurred:

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

		(2)	“Extraordinary
                                         Dividend Amount” with respect to an Extraordinary Dividend for the securities
                                         of a Fund will equal the amount per share (or other applicable security) of such Fund
                                         of the applicable cash dividend or distribution that is attributable to the Extraordinary
                                         Dividend, as determined by the Calculation Agent in its sole discretion.

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

		(D)	Other
                                         Distributions

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

		(E)	Reorganization
                                         Events

If
a Fund, or any Successor Fund, is subject to a merger, combination, consolidation or statutory exchange of securities with another
exchange traded fund, and such Fund is not the surviving entity (a “Reorganization Event”), then, on or after
the date of such event, the Calculation Agent shall, in its sole discretion, make an adjustment to the Adjustment Factor for such
Fund or the method of determining the Maturity Payment Amount or any other terms of this Security as the Calculation Agent determines
appropriate to account for the economic effect on this Security of such event, and determine the effective date of that adjustment.
If the Calculation Agent determines that no adjustment that it could make will produce a commercially reasonable result, then
the Calculation Agent may deem such event a Liquidation Event (as defined below).

    	 	11	 

    	 

    

Liquidation
Events

If
a Fund is de-listed, liquidated or otherwise terminated (a “Liquidation Event”), and a successor or substitute
exchange traded fund exists that the Calculation Agent determines, in its sole discretion, to be comparable to such Fund, then,
upon the Calculation Agent’s notification of that determination to the Trustee and the Company, any subsequent Fund Closing
Price for such Fund will be determined by reference to the Fund Closing Price of such successor or substitute exchange traded
fund (such exchange traded fund being referred to herein as a “Successor Fund”), with such adjustments as the
Calculation Agent determines are appropriate to account for the economic effect of such substitution on the holder of this Security.

If
a Fund undergoes a Liquidation Event prior to, and such Liquidation Event is continuing on, the date that any Fund Closing Price
of such Fund is to be determined and the Calculation Agent determines that no Successor Fund is available at such time, then the
Calculation Agent will, in its discretion, calculate the Fund Closing Price for such Fund on such date by a computation methodology
that the Calculation Agent determines will as closely as reasonably possible replicate such Fund, provided that if the Calculation
Agent determines in its discretion that it is not practicable to replicate such Fund (including but not limited to the instance
in which the sponsor of the relevant Underlying Index discontinues publication of that Underlying Index), then the Calculation
Agent will calculate the Fund Closing Price for such Fund in accordance with the formula last used to calculate such Fund Closing
Price before such Liquidation Event, but using only those securities that were held by such Fund immediately prior to such Liquidation
Event without any rebalancing or substitution of such securities following such Liquidation Event.

If
a Successor Fund is selected or the Calculation Agent calculates the Fund Closing Price as a substitute for such Fund, such Successor
Fund or Fund Closing Price will be used as a substitute for such Fund for all purposes, including for purposes of determining
whether a Market Disruption Event exists.

If
any event is both a Reorganization Event and a Liquidation Event, such event will be treated as a Reorganization Event for purposes
of this Security unless the Calculation Agent makes the determination referenced in the last sentence of the section entitled
“—Anti-dilution Adjustments—Reorganization Events” above.

Alternate
Calculation

If
at any time the method of calculating a Fund or a Successor Fund, or the related Underlying Index, is changed in a material respect,
or if a Fund or a Successor Fund is in any other way modified so that such Fund does not, in the opinion of the Calculation Agent,
fairly represent the price of the securities of such Fund or such Successor Fund had such changes or modifications not been made,
then the Calculation Agent may, at the close of business in New York City on the date that any Fund Closing Price is to be determined,
make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive
at a Closing Price of an exchange traded fund comparable to such Fund or such Successor Fund, as the case may be, as if such changes
or modifications had not been made, and

    	 	12	 

    	 

    

calculate
the Fund Closing Price of such Fund and the Maturity Payment Amount with reference to such adjusted Closing Price of such Fund
or such Successor Fund, as applicable.

Calculation
Agent

The
Calculation Agent will determine the Maturity Payment Amount and the Average Ending Value. In addition, the Calculation Agent
will (i) determine the Closing Values of the Basket Components under certain circumstances, (ii) determine if adjustments
are required to the Closing Value of a Basket Component under the circumstances described in this Security, (iii) if publication
of the Index is discontinued, select a Successor Equity Index or, if no Successor Equity Index is available, determine the Closing
Value of the Index, (iv) if a Fund undergoes a Liquidation Event, select a Successor Fund or, if no Successor Fund is available,
determine the Fund Closing Price of such Fund, and (v)  determine whether a Market Disruption Event or non-Trading Day has
occurred.

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

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

Redemption
and Repayment

This
Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to December 5,
2023. This Security is not entitled to any sinking fund.

Acceleration

If
an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Maturity Payment
Amount (calculated as set forth in the next 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 Maturity Payment Amount hereof calculated as provided herein using (i) the Closing Values of each Basket
Component ascertained on the Calculation Day(s) that occurred before the date of acceleration and (ii) the Closing Values
of each Basket Component ascertained on each of the Trading Days for such Basket Component leading up to and including the date
of acceleration in such number equal to the number of Calculation Days scheduled to occur on or after the date of acceleration.

__________________

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

    	 	13	 

    	 

    

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.

    	 	14	 

    	 

    

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	 

 

 

    	 	15	 

    	 

    

[Reverse
of Note]

 

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES S

 

Due
Nine Months or More From Date of Issue

 

Notes
Linked to a Basket of One Index and Five ETFs

due
December 5, 2023

 

This
Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued
and to be issued in one or more series under an indenture dated as of February 21, 2017, as amended or supplemented from
time to time (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called
the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and
are to be, authenticated and delivered. This Security is one of the series of the Securities designated as Medium-Term Notes,
Series S, of the Company. The amount payable on the Securities of this series may be determined by reference to the performance
of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical
measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure
or may bear interest at a fixed rate or a floating rate. The Securities of this series may mature at different times, be redeemable
at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated
in different currencies.

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

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

Modification
and Waivers 

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

    	 	16	 

    	 

    

behalf
of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain
past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Solely
for the purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders
of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in the requisite aggregate
principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof
as the “Face Amount” hereof. Any such consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof
or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

Defeasance

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

Authorized
Denominations

This
Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which
is an integral multiple of $1,000.

Registration
of Transfer

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

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

    	 	17	 

    	 

    

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 Maturity Payment 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 Maturity Payment Amount, or for any claim based hereon, or otherwise in respect hereof,
or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer
or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issuance hereof, expressly waived and released.

Defined
Terms

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

Governing
Law

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

    	 	18	 

    	 

    

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)

 

    	 	19	 

    	 

    

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.

 

 

    	 	20WELLS 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. 94988U334	PRINCIPAL
    AMOUNT:  $___________
	REGISTERED NO. ___	 

 

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES S

 

Due Nine Months or More From Date of Issue

 

STEP Income Securities®
Linked to the Common Stock of Apple Inc.

 

WELLS FARGO &
COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,”
which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises
to pay to CEDE & Co., or registered assigns, an amount equal to the Redemption Amount (as defined below) on December
13, 2019 (the “Stated Maturity Date”) and to pay Interest Payments (as defined below) on the Principal Amount
of this Security on the Interest Payment Dates specified herein at the Interest Rate (as defined below).

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.”

Payment of Interest Payments
and the Redemption Amount

On each Interest
Payment Date, the Company shall pay an Interest Payment. An “Interest Payment” shall be computed on the basis
of a 360-day year of twelve 30-day months. The “Interest Payment Dates” shall be March 13, 2019, June 13,
2019, September 13, 2019 and the Stated Maturity Date. The “Interest Rate” is 8.50% per annum. Interest
Payments will be rounded to the nearest cent, with one-half cent rounded upward. Each Interest Payment will include interest accrued
from, and including, December 7, 2018 or the most recent Interest Payment Date to, but

    	 	 	 

    	 

    

excluding, the next Interest Payment
Date. If a scheduled Interest Payment Date falls on a day that is not a Business Day (as defined below), the Interest Payment
due on that Interest Payment Date will be made on the next succeeding Business Day with the same force and effect as if it had
been made on the originally scheduled Interest Payment Date, and no additional interest will accrue as a result of the delayed
payment.

An Interest Payment
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 Payment next preceding such Interest Payment Date. The Regular Record Date for an Interest
Payment Date shall be the date one Business Day prior to such Interest Payment Date.

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

Payment of the
Interest Payments on this Security will be made in immediately available funds at the office or agency of the Company maintained
for that purpose in the City of Minneapolis, Minnesota; provided, however, that, at the option of the Company, payment of Interest
Payments may be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security
Register or by wire transfer to such account as may have been designated by such Person. Payments of the Interest Payment and
the Redemption Amount on this Security at Maturity will be made against presentation of this Security at the office or agency
of the Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained
by the Company for such purpose. Notwithstanding the foregoing, for so long as this Security is a Global Security registered in
the name of the Depositary, any payments on this Security will be made to the Depositary by wire transfer of immediately available
funds.

Payment of the
Interest Payments and the Redemption Amount on this Security will be made in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private debts.

Definitions Relating to Redemption
Amount and Interest Payments

The “Redemption
Amount” of this Security will equal:

		•	if the Ending Value is greater than or equal to the Step
                                         Level: Principal Amount + Step Payment;

		•	if the Ending Value is less than the Step Level but greater
                                         than or equal to the Threshold Value: the Principal Amount; or

    	 	2	 

    	 

    

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

	 		Principal
    Amount  x	Threshold
    Value – Ending Value		 
	Starting
    Value

 

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.

“Underlying
Stock” shall mean the common stock of Apple Inc.

“Underlying
Company” shall mean Apple Inc.

The “Pricing
Date” shall mean November 29, 2018.

The “Starting
Value” is 179.37, the Volume Weighted Average Price on the Pricing Date.

The “Volume
Weighted Average Price” shall mean the volume weighted average price (rounded to two decimal places) shown on page “AQR”
on Bloomberg L.P. for trading in shares of the Underlying Stock taking place from approximately 9:30 a.m. to 4:05 p.m.
on all U.S. exchanges.

The “Ending
Value” will be the Closing Market Price (as defined below) of the Underlying Stock on the Valuation Date multiplied
by the Price Multiplier (as defined below), subject to the provisions set forth below under “Market Description Events.”

The
“Threshold Value” is 179.37, which is equal to 100.00% of the Starting Value.

The
“Step Payment” is 5.23% of the Principal Amount.

The
“Step Level” is 194.62, which is equal to 108.50% of the Starting Value (rounded to two decimal places). 

The
“Valuation Date” is December 6, 2019, subject to the provisions set forth below under “Market Disruption
Events.” If there is a Market Disruption Event on the scheduled Valuation Date, the Valuation Date will be the immediately
succeeding Trading Day (as defined below) during which no Market Disruption Event occurs or is continuing; provided that the Ending
Value will be determined (or, if not determinable, estimated) by the Calculation Agents in a commercially reasonable manner on
a date no later than the second scheduled Trading Day prior to the Stated Maturity Date, regardless of the occurrence of a Market
Disruption Event on that second scheduled Trading Day.

“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.

    	 	3	 

    	 

    

“Joint
Calculation Agency Agreement” shall mean the Joint Calculation Agency Agreement dated as of July 18, 2016, as amended
by the letter agreement dated as of February 26, 2018, each between the Company and the Calculation Agents, and each as may
be further amended from time to time.

“Calculation
Agents” shall mean the Persons that have entered into the Joint Calculation Agency Agreement with the Company providing
for, among other things, the determination of 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 Merrill Lynch, Pierce, Fenner & Smith Incorporated. 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.

A “Trading
Day” means a day on which trading is generally conducted (or was scheduled to have been generally conducted, but for
the occurrence of a Market Disruption Event) on the New York Stock Exchange (the “NYSE”), the Nasdaq Stock
Market, the Chicago Board Options Exchange, and in the over-the-counter market for equity securities in the United States, or
any successor exchange or market, or in the case of a security traded on one or more non-U.S. securities exchanges or markets,
on the principal non-U.S. securities exchange or market for such security.

The “Closing
Market Price” for one share of the Underlying Stock (or one unit of any other security for which a Closing Market Price
must be determined) on any Trading Day means any of the following:

•

if
the Underlying Stock (or such other security) is listed or admitted to trading on a national securities exchange, the last reported
sale price, regular way (or, in the case of The Nasdaq Stock Market, the official closing price), of the principal trading session
on that day on the principal U.S. securities exchange registered under the Exchange Act on which the Underlying Stock (or such
other security) is listed or admitted to trading;

•

if
the Underlying Stock (or such other security) is not listed or admitted to trading on any national securities exchange but is
included in the OTC Bulletin Board, the last reported sale price of the principal trading session on the OTC Bulletin Board on
that day;

•

if
the Underlying Stock (or such other security) is issued by a foreign issuer and its closing price cannot be determined as set
forth in the two bullet points above, and the Underlying Stock (or such other security) is listed or admitted to trading on a
non-U.S. securities exchange or market, the last reported sale price, regular way, of the principal trading session on that day
on the primary non-U.S. securities exchange or market on which the Underlying Stock (or such other security) is listed or admitted
to trading (converted to U.S. dollars using such exchange rate as the Calculation Agents, in their sole discretion, determine
to be commercially reasonable); or

    	 	4	 

    	 

    

•

if the Closing Market Price cannot be determined as set forth in the prior bullets, the mean, as determined by the Calculation
Agents, of the bid prices for the Underlying Stock (or such other security) obtained from as many dealers in that security, but
not exceeding three, as will make the bid prices available to the Calculation Agents. If no such bid price can be obtained, the
Closing Market Price will be determined (or, if not determinable, estimated) by the Calculation Agents in their sole discretion
in a commercially reasonable manner.

The
initial “Price Multiplier” for the Underlying Stock will be one. The Price Multiplier for the Underlying Stock
will be subject to adjustment for certain corporate events relating to the Underlying Stock described below under “Anti-Dilution
Adjustments.”

Market Disruption Events

As to the Underlying
Stock (or any “successor Underlying Stock,” which is the common equity securities or the ADRs (as defined below)
of a Successor Entity (as defined below)), a “Market Disruption Event” means any 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, of the shares of the Underlying
                                         Stock (or the successor to the Underlying Stock) on the primary exchange where such shares
                                         trade, as determined by the Calculation Agents (without taking into account any extended
                                         or after-hours trading session);

		(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 the shares of the Underlying Stock
                                         (or successor to the Underlying Stock) as determined by the Calculation Agents (without
                                         taking into account any extended or after-hours trading session), in options contracts
                                         or futures contracts related to the shares of the Underlying Stock (or successor to the
                                         Underlying Stock); or

		(C)	the determination that the scheduled
                                         Valuation Date is not a Trading Day by reason of an extraordinary event, occurrence,
                                         declaration, or otherwise.

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;

		(2)	a decision to permanently discontinue
                                         trading in the shares of the Underlying Stock (or successor Underlying Stock) or the
                                         relevant futures or options contracts relating to such shares will not constitute a Market
                                         Disruption Event;

    	 	5	 

    	 

    

		(3)	a suspension in trading in a futures
                                         or options contract on the shares of the Underlying Stock (or successor Underlying Stock),
                                         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 each constitute a
                                         suspension of or material limitation on trading in futures or options contracts relating
                                         to the Underlying Stock;

		(4)	subject to paragraph (3) above,
                                         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)	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 SEC of similar scope as determined by the Calculation
                                         Agents, will be considered “material.”

Anti-Dilution Adjustments 

As to the Underlying
Stock (or successor Underlying Stock), the Calculation Agents, in their sole discretion, may adjust the Price Multiplier (and
as a result, the Ending Value), and any other terms of this Security, if an event described below occurs after the Pricing Date
and on or before the Valuation Date and if the Calculation Agents determine that such an event has a diluting or concentrative
effect on the theoretical value of the shares of the Underlying Stock or successor Underlying Stock.

The Price Multiplier
resulting from any of the adjustments specified below will be rounded to the eighth decimal place with five one-billionths being
rounded upward. No adjustments to the Price Multiplier will be required unless the adjustment would require a change of at least
0.1% in the Price Multiplier then in effect. Any adjustment that would require a change of less than 0.1% in the Price Multiplier
which is not applied at the time of the event may be reflected at the time of any subsequent adjustment that would require a change
of the Price Multiplier.

No adjustments
to the Price Multiplier for the Underlying Stock or any other terms of this Security will be required other than those specified
below. However, the Calculation Agents may, at their sole discretion, make additional adjustments or adjustments that differ from
those described herein to the Price Multiplier or any other terms of this Security to reflect changes to the Underlying Stock
if the Calculation Agents determine that the adjustment is appropriate to ensure an equitable result.

The
Calculation Agents will be solely responsible for the determination of any adjustments to the Price Multiplier for the Underlying
Stock or any other terms of this Security and of any related determinations with respect to any distributions of stock, other
securities or other property or assets, including cash, in connection with any corporate event described below; their determinations
and calculations will be conclusive absent a determination of a manifest error. 

    	 	6	 

    	 

    

No
adjustments are required to be made for certain other events, such as offerings of common equity securities by the Underlying
Company for cash or in connection with the occurrence of a partial tender or exchange offer for the Underlying Stock by the Underlying
Company. 

Following
certain corporate events relating to the Underlying Stock, where the Underlying Company is not the surviving entity, any payment
received on this Security may be based on the equity securities of a successor to the Underlying Company or any cash or any other
assets distributed to holders of the Underlying Stock in such corporate event.

Following
an event that results in an adjustment to the Price Multiplier for the Underlying Stock or any of the other terms of this Security,
the Calculation Agents may (but is not required to) provide the Holder of this Security with information about that adjustment
as they deem appropriate, depending on the nature of the adjustment. Upon written request by the Holder of this Security, the
Calculation Agents will provide the Holder of this Security with information about such adjustment. 

Anti-Dilution
Adjustments to Underlying Stocks that Are Common Equity

The
Calculation Agents, in their sole discretion and as they deem reasonable, may adjust the Price Multiplier for the Underlying Stock
and other terms of this Security, and hence the Ending Value, as a result of certain events related to the Underlying Stock, which
include, but are not limited to, the following:

Stock
Splits and Reverse Stock Splits. If the Underlying Stock is subject to a stock split or reverse
stock split, then once such split has become effective, the Price Multiplier will be adjusted such that the new Price Multiplier
will equal the product of: 

•

the
prior Price Multiplier; and 

		•	the
                                         number of shares that a holder of one share of the Underlying Stock before the effective
                                         date of the stock split or reverse stock split would have owned immediately following
                                         the applicable effective date.

Stock Dividends.
If the Underlying Stock is subject to (i) a stock dividend (i.e., an issuance of additional shares of Underlying Stock) that
is given ratably to all holders of the Underlying Stock or (ii) a distribution of additional shares of the Underlying Stock as
a result of the triggering of any provision of the organizational documents of the Underlying Company, then, once the dividend
has become effective and the Underlying Stock is trading ex-dividend, the Price Multiplier will be adjusted on the ex-dividend
date such that the new Price Multiplier will equal the prior Price Multiplier plus the product of:

		•	the
                                         prior Price Multiplier; and 

		•	the
                                         number of additional shares issued in the stock dividend with respect to one share of
                                         the Underlying Stock; 

    	 	7	 

    	 

    

provided that no adjustment will be
made for a stock dividend for which the number of shares of the Underlying Stock paid or distributed is based on a fixed cash
equivalent value, unless such distribution is an Extraordinary Dividend (as defined below).

Extraordinary
Dividends. There will be no adjustments to the Price Multiplier to reflect any cash dividends
or cash distributions paid with respect to the Underlying Stock other than Extraordinary Dividends, as described below, and distributions
described under the section entitled “—Reorganization Events” below.

An “Extraordinary
Dividend” means, with respect to a cash dividend or other distribution with respect to the Underlying Stock, a dividend
or other distribution that the Calculation Agents determine, in their sole discretion, is not declared or otherwise made according
to the Underlying Company’s then existing policy or practice of paying such dividends on a quarterly or other regular basis.
If an Extraordinary Dividend occurs, the Price Multiplier will be adjusted on the ex-dividend date so that the new Price Multiplier
will equal the product of:

		•	the
                                         prior Price Multiplier; and 

		•	a
                                         fraction, the numerator of which is the Closing Market Price per share of the Underlying
                                         Stock on the Trading Day preceding the ex-dividend date and the denominator of which
                                         is the amount by which the Closing Market Price per share of the Underlying Stock on
                                         that preceding Trading Day exceeds the Extraordinary Dividend Amount. 

The “Extraordinary
Dividend Amount” with respect to an Extraordinary Dividend will equal:

		•	in the case
                                         of cash dividends or other distributions that constitute regular dividends, the amount
                                         per share of the Underlying Stock of that Extraordinary Dividend minus the amount per
                                         share of the immediately preceding non-Extraordinary Dividend for that share; or

		•	in the case
                                         of cash dividends or other distributions that do not constitute regular dividends, the
                                         amount per share of the Underlying Stock of that Extraordinary Dividend.

To the extent an
Extraordinary Dividend is not paid in cash, the value of the non-cash component will be determined by the Calculation Agents,
whose determination will be conclusive. A distribution on the Underlying Stock described in the section “—Issuance
of Transferable Rights or Warrants” or clause (a), (d) or (e) of the section entitled “—Reorganization
Events” below that also constitutes an Extraordinary Dividend will only cause an adjustment under those respective sections.

Issuance
of Transferable Rights or Warrants. If the Underlying Company issues transferable rights or
warrants to all holders of record of the Underlying Stock to subscribe for or purchase the Underlying Stock, including new or
existing rights to purchase the Underlying Stock under a shareholder rights plan or arrangement, then the Price Multiplier will
be adjusted 

    	 	8	 

    	 

    

on
the Trading Day immediately following the issuance of those transferable rights or warrants so that the new Price Multiplier will
equal the prior Price Multiplier plus the product of:

		•	the prior Price
                                         Multiplier; and

		•	the number
                                         of shares of the Underlying Stock that can be purchased with the cash value of those
                                         warrants or rights distributed on one share of the Underlying Stock.

The
number of shares that can be purchased will be based on the Closing Market Price of the Underlying Stock on the date the new Price
Multiplier is determined. The cash value of those warrants or rights, if the warrants or rights are traded on a registered national
securities exchange, will equal the closing price of that warrant or right. If the warrants or rights are not traded on a registered
national securities exchange, the cash value will be determined by the Calculation Agents and will equal the average of the bid
prices obtained from three dealers at 3:00 p.m., New York time on the date the new Price Multiplier is determined, provided that
if only two of those bid prices are available, then the cash value of those warrants or rights will equal the average of those
bids and if only one of those bids is available, then the cash value of those warrants or rights will equal that bid.

Reorganization
Events

If after the Pricing
Date and on or prior to the Valuation Date of this Security, as to the Underlying Stock:

	 	(a)	there occurs any reclassification
        or change of the Underlying Stock, including, without limitation, as a result of the issuance of tracking stock by the
        Underlying Company;

         

	 	(b)	the Underlying Company, or any surviving
        entity or subsequent surviving entity of the Underlying Company (a “Successor Entity”), has been subject
        to a merger, combination, or consolidation and is not the surviving entity;

         

	 	(c)	any statutory exchange of securities
        of the Underlying Company or any Successor Entity with another corporation occurs, other than under clause (b) above;

         

	 	(d)	the Underlying Company is liquidated
        or is subject to a proceeding under any applicable bankruptcy, insolvency, or other similar law;

         

	 	(e)

         

         
	the Underlying Company issues to all
        of its shareholders securities of an issuer other than the Underlying Company, including equity securities of an affiliate
        of the Underlying Company, other than in a transaction described in clauses (b), (c), or (d) above;

         

	 	(f)

         
	a tender or exchange offer or going-private
        transaction is consummated for all the outstanding shares of the Underlying Company;

         

	 	(g)	there
    occurs any reclassification or change of the Underlying Stock that results in a

    	 	9	 

    	 

    

 

	 	 	transfer or an irrevocable commitment
        to transfer all such outstanding shares of the Underlying Stock to another entity or person;

         

	 	(h)

         

         
	the Underlying Company or any Successor
        Entity is the surviving entity of a merger, combination, or consolidation, that results in the outstanding Underlying
        Stock (other than Underlying Stock owned or controlled by the other party to such transaction) immediately prior to such
        event collectively representing less than 50% of the outstanding Underlying Stock immediately following such event; or

         

	 	(i)

         
	the Underlying Company ceases to file
        the financial and other information with the SEC in accordance with Section 13(a) of the Exchange Act (an event in clauses
        (a) through (i), a “Reorganization Event”),

         

 

then, on or
after the date of the occurrence of a Reorganization Event, the Calculation Agents shall, in their sole discretion, make an adjustment
to the Price Multiplier or to the method of determining the Redemption Amount or any other terms of this Security as the Calculation
Agents, in their sole discretion, determine appropriate to account for the economic effect on this Security of that Reorganization
Event (including adjustments to account for changes in volatility, expected dividends, stock loan rate, or liquidity relevant
to the Underlying Stock or to this Security), which may, but need not, be determined by reference to the adjustment(s) made in
respect of such Reorganization Event by an options exchange to options on the relevant Underlying Stock traded on that options
exchange and determine the effective date of that adjustment. If the Calculation Agents determine that no adjustment that they
could make will produce a commercially reasonable result, then the Calculation Agents may cause the Stated Maturity Date of this
Security to be accelerated to the fifth business day following the date of that determination and the Redemption Amount payable
to the Holder of this Security will be calculated as though the date of early repayment were the Stated Maturity Date of this
Security and as though the Valuation Date were the fifth Trading Day prior to the date of acceleration. 

If
the Underlying Company ceases to file the financial and other information with the Securities and Exchange Commission in accordance
with Section 13(a) of the Exchange Act, as contemplated by clause (i) above, and the Calculation Agents determine in their sole
discretion that sufficiently similar information is not otherwise available to the Holder of this Security, then the Calculation
Agents may cause the Stated Maturity Date of this Security to be accelerated to the fifth Business Day following the date of that
determination and the Redemption Amount payable to the Holder of this Security will be calculated as though the date of early
repayment were the Stated Maturity Date of this Security, and as though the Valuation Date were the fifth Trading Day prior to
the date of acceleration. If the Calculation Agents determine that sufficiently similar information is available to the Holder
of this Security, the Reorganization Event will be deemed to have not occurred.

If
this Security is accelerated as described in the two preceding paragraphs, the Holder of this Security will also receive an Interest
Payment representing the amount of interest accrued on this Security from the immediately preceding Interest Payment Date or,
if none, the Pricing Date, until the date that the Redemption Amount is paid. However, upon any such acceleration, the 

    	 	10	 

    	 

    

Holder of
this Security will not be entitled to any interest that would have accrued after the date of acceleration.

Alternative
Anti-Dilution and Reorganization Adjustments

The
Calculation Agents may elect at their discretion to not make any of the adjustments to the Price Multiplier for the Underlying
Stock or to the other terms of this Security, including the method of determining the Redemption Amount, but may instead make
adjustments, in their discretion, to the Price Multiplier for the Underlying Stock or any other terms of this Security (such as
the Starting Value) that will reflect the adjustments to the extent practicable made by the Options Clearing Corporation on options
contracts on the Underlying Stock or any successor common stock. 

Anti-Dilution
Adjustments to Underlying Stocks that Are ADRs

For purposes of
the anti-dilution adjustments set forth above, if the Underlying Stock is an ADR (an “Underlying ADR”), the
Calculation Agents will consider the effect of any of the relevant events on the Underlying ADR, and adjustments will be made
as if the Underlying ADR was the Underlying Stock described above. For example, if the stock represented by the Underlying ADR
is subject to a two-for-one stock split, and assuming an initial Price Multiplier of one, the Price Multiplier for the Underlying
ADR would be adjusted so that it equals two. With respect this Security linked to an Underlying ADR (or an Underlying Stock issued
by a non-U.S. Underlying Company), the term “dividend” means the dividends paid to holders of the Underlying ADR (or
the Underlying Stock issued by the non-U.S. Underlying Company), and such dividends may reflect the netting of any applicable
foreign withholding or similar taxes that may be due on dividends paid to a U.S. person.

The Calculation
Agents may determine not to make an adjustment if:

(A)       holders
of the Underlying ADR are not eligible to participate in any of the events that would otherwise require anti-dilution adjustments
as set forth above if this Security had been linked directly to the common shares of the Underlying Company represented by the
Underlying ADR; or

(B)       to
the extent that the Calculation Agents determine that the Underlying Company or the depositary for the ADRs has adjusted the number
of common shares of the Underlying Company represented by each share of the Underlying ADR, so that the market price of the Underlying
ADR would not be affected by the corporate event.

If the Underlying
Company or the depositary for the ADRs, in the absence of any of the events described above, elects to adjust the number of common
shares of the Underlying Company represented by each share of the Underlying ADR, then the Calculation Agents may make the appropriate
anti-dilution adjustments to reflect such change. The depositary for the ADRs may also make adjustments in respect of the ADRs
for share distributions, rights distributions, cash distributions and distributions other than shares, rights, and cash. Upon
any such adjustment by the depositary, the Calculation Agents may adjust the Price Multiplier or other terms of this Security
as the Calculation Agents determine commercially reasonable to account for that event.

    	 	11	 

    	 

    

Delisting
of ADRs or Termination of ADR Facility

If the
Underlying Stock is an Underlying ADR and such Underlying ADR is no longer listed or admitted to trading on a U.S. securities
exchange registered under the Exchange Act or included in the OTC Bulletin Board Service operated by the Financial Industry
Regulatory Authority, Inc., or if the ADR facility between the Underlying Company and the ADR depositary is terminated for
any reason, then, on and after the date that the Underlying ADR is no longer so listed or admitted to trading or the date of
such termination, as applicable (the “termination date”), the Underlying Stock will be deemed to be the
Underlying Company’s common equity securities rather than the Underlying ADR. The Calculation Agents will determine the
price of the Underlying Stock by reference to those common shares. Under such circumstances, the Calculation Agents may
modify any terms of this Security as they deem necessary, in their sole discretion, to ensure an equitable result. On and
after the termination date, for all purposes, the Closing Market Price of the Underlying Company’s common shares on
their primary exchange will be converted to U.S. dollars using such exchange rate as the Calculation Agents, in their sole
discretion, determine to be commercially reasonable.

Calculation
Agents

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 Step Level, the Step Payment, the Ending Value,
the Price Multiplier, the Closing Market Price, the Redemption Amount, any Market Disruption Events, any anti-dilution adjustments,
a Successor Underlying Stock, Business Days and Trading Days. 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.

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 13, 2019.
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 Valuation Date, plus accrued and unpaid interest to, but excluding, the date of acceleration. The payment of the

    	 	12	 

    	 

    

Redemption Amount of this Security
may also be accelerated as set forth above under “Anti-Dilution Adjustments—Reorganization Events.”

__________________

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] 

    	 	13	 

    	 

    

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	 

 

    	 	14	 

    	 

    

[Reverse of Note]

 

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES S

 

Due Nine Months or More From Date of Issue

 

STEP Income Securities®
Linked to the Common Stock of Apple Inc.

 

This Security is
one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an indenture dated as of February 21, 2017, as amended or supplemented from time to time
(herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the “Trustee,”
which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series S, of the Company. The
amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity-
or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic or financial
performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed
rate or a floating rate. The Securities of this series may mature at different times, be redeemable at different times or not
at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies.

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

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

Modification and Waivers 

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

    	 	15	 

    	 

    

behalf of the Holders of all Securities
of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture
and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Solely for the purpose of determining
whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture
has been given or taken by the Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount
of this Security will be deemed to be equal to the amount set forth on the face hereof as the “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 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
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.

    	 	16	 

    	 

    

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 Redemption Amount and the Interest Payments 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 the Interest Payments, 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.

    	 	17	 

    	 

    

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)

 

    	 	18	 

    	 

    

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.

 

 

 

    	 	19

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