Document:

WELLS FARGO & COMPANY 8-K

   

 Exhibit
4.1

 

[Face of Note]

 

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

	CUSIP NO. 95001H2E0	FACE AMOUNT: $__________
	REGISTERED NO. ____	 

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A

Fully and Unconditionally Guaranteed by Wells
Fargo & Company

 

Principal at Risk Securities Linked to the
Lowest Performing of the S&P 500® Index and
the Russell 2000® Index due July 22, 2020

 

 

WELLS FARGO FINANCE
LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,”
which term includes any successor corporation under and as defined in the Indenture hereinafter referred to), for value received,
hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Maturity Payment Amount (as defined
below) on the Stated Maturity Date (as defined below), unless this Security is redeemed as provided below under “Optional
Redemption” or automatically called as provided below under “Automatic Call.” The “Initial Stated Maturity
Date” shall be July 22, 2020. If the Final Calculation Day (as defined below) is not postponed, the Initial Stated Maturity
Date will be the “Stated Maturity Date.” If the Final Calculation Day is postponed, the “Stated Maturity
Date” shall be the later of (i) the Initial Stated Maturity Date and (ii) three Business Days after the last
Final Calculation Day as postponed. “Business Day” shall mean a day, other than a Saturday or Sunday, that is
neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New
York, New York. 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.”

    	 

    	 

    

 

Optional Redemption

The Company may,
at its option, redeem this Security, in whole but not in part, on the Optional Redemption Date (as defined below) by giving notice
to the Holder hereof on or before the Redemption Notice Date (as defined below). If this Security is redeemed, the Holder hereof
will receive the Face Amount of this Security plus the Optional Redemption Premium (as defined below) on the Optional Redemption
Date (together, the “Optional Redemption Price”). Unless the Company defaults in the payment of the Optional
Redemption Price, this Security will cease to be outstanding on the Optional Redemption Date and the Holder hereof will have no
further rights under this Security after the Optional Redemption Date. The “Redemption Notice Date” shall be
July 17, 2019, subject to postponement with respect to one or both Indices as described below under “Calculation Days.”
The “Optional Redemption Premium” shall be 5.05% of the Face Amount of this Security. The “Optional
Redemption Date” shall be three Business Days after the Redemption Notice Date (as such Redemption Notice Date may be
postponed pursuant to “Calculation Days” below, if applicable).

Automatic Call

If the Closing Level
(as defined below) of the Lowest Performing Index (as defined below) on the Automatic Call Date (as defined below) is greater than
or equal to its Starting Level (as defined below), this Security will be automatically called by the Company, and on the Call Settlement
Date (as defined below) the Holder hereof will receive the Face Amount of this Security plus the Automatic Call Premium (as defined
below) (together, the “Automatic Call Price”). Unless the Company defaults in the payment of the Automatic Call
Price, this Security will cease to be outstanding on such Call Settlement Date and the Holder hereof will have no further rights
under this Security after such Call Settlement Date. The Holder hereof will not receive any notice from the Company in the event
this Security is automatically called pursuant to the terms hereof. The “Automatic Call Date” shall be January
22, 2020, subject to postponement with respect to one or both Indices as described below under “Calculation Days”.
The “Automatic Call Premium” shall be 10.10% of the Face Amount of this Security. The “Call Settlement
Date” for the Automatic Call Date shall be three Business Days after the Automatic Call Date (as such Automatic Call
Date may be postponed pursuant to “Calculation Days” below, if applicable).

Determination of Maturity Payment
Amount and Certain Definitions

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

		•	if the Ending Level of the Lowest Performing Index on the Final Calculation Day is greater than or equal to its Starting Level:
the Face Amount plus the Maturity Date Premium (as defined below);

		•	if the Ending Level of the Lowest Performing Index on the Final Calculation Day is less than its Starting Level but greater
than or equal to its Threshold Level: the Face Amount plus the Contingent Fixed Return (as defined below); or

    	 	2	 

    	 

    
 

		•	if the Ending Level of the Lowest Performing Index on the Final Calculation Day is less than its Threshold Level:

 

	Face Amount	
         

        x
	
        Performance Factor of the Lowest Performing

        Index on the Final Calculation Day
	
         

        x
	Multiplier

 

All calculations with respect to any
payments on this Security (whether upon optional redemption, automatic call or at stated maturity) 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 such payment
will be rounded to the nearest cent, with one-half cent rounded upward. Payment of the Optional Redemption Price, the Automatic
Call Price or the Maturity Payment Amount, as applicable, will be made in such coin or currency of the United States of America
as at the time is legal tender for payment of public and private debts.

“Index”
shall mean each of the S&P 500 Index and the Russell 2000 Index.

The “Pricing
Date” shall mean January 17, 2019.

The “Lowest
Performing Index” on the Automatic Call Date and the Final Calculation Day will be the Index with the lowest Performance
Factor on that date (as such date may be postponed for one or both Indices pursuant to “Calculation Days” below, if
applicable).

The “Performance
Factor” with respect to an Index on the Automatic Call Date and the Final Calculation Day, is its Closing Level on such
date divided by its Starting Level (expressed as a percentage).

The “Maturity
Date Premium” shall be 15.15% of the Face Amount of this Security.

The “Contingent
Fixed Return” shall be 9.00% of the Face Amount of this Security.

The “Closing
Level” with respect to each Index on any Trading Day means the official closing level of that Index reported by the relevant
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 an Index” and “—Discontinuance of
an Index.”

The “Starting
Level” with respect to the S&P 500 Index is 2616.10, its Closing Level on January 16, 2019, and with respect to the
Russell 2000 Index is 1454.697, its Closing Level on January 16, 2019.

The “Ending
Level” of an Index will be its Closing Level on the Final Calculation Day.

The “Threshold
Level” with respect to the S&P 500 Index is 2092.88, which is equal to 80% of its Starting Level, and with respect
to the Russell 2000 Index is 1163.7576, which is equal to 80% of its Starting Level.

    	 	3	 

    	 

    

 

“Multiplier”
is 1.25.

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

The “Calculation
Days” shall be each of the Redemption Notice Date, the Automatic Call Date and the Final Calculation Day. If any Calculation
Day is not a Trading Day with respect to either Index, such Calculation Day for each Index will be postponed to the next succeeding
day that is a Trading Day with respect to each Index. A Calculation Day for an Index is also subject to postponement due to the
occurrence of a Market Disruption Event (as defined below) with respect to such Index on such Calculation Day. If a Market Disruption
Event occurs or is continuing with respect to an Index on any Calculation Day, then such Calculation Day for such Index will be
postponed to the first succeeding Trading Day for such Index on which a Market Disruption Event for such Index 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 Index
after the originally scheduled Calculation Day, that eighth Trading Day shall be deemed to be the Calculation Day for such Index.
If a Calculation Day has been postponed eight Trading Days for an Index after the originally scheduled Calculation Day and a Market
Disruption Event occurs or is continuing with respect to such Index on such eighth Trading Day, the Calculation Agent will determine
the Closing Level of such Index on such eighth Trading Day in accordance with the formula for and method of calculating the Closing
Level of such 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 Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual
closing time of the regular trading session of such Relevant Stock Exchange) on that day of each security included in such Index.
As used herein, “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 Scheduled Closing Time of the Relevant Stock Exchange for such security or, if
earlier, the actual closing time of the regular trading session of such Relevant Stock Exchange. Notwithstanding the postponement
of a Calculation Day for one Index due to a Market Disruption Event with respect to such Index on such Calculation Day, the originally
scheduled Calculation Day will remain the Calculation Day for the other Index if such other Index is not affected by a Market Disruption
Event on such day.

The “Final
Calculation Day” is July 17, 2020, subject to postponement with respect to one or both Indices as described above under
“Calculation Days”.

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of May 18, 2018 between the Company and the Calculation
Agent, as amended from time to time.

“Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among
other things, the determination of whether this Security will be automatically called on the Automatic Call Date, the Automatic
Call Price, if any, 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

    	 	4	 

    	 

    

 

of this Security without the consent
of the Holder of this Security and without notifying the Holder of this Security.

A “Trading
Day” with respect to an Index means a day, as determined by the Calculation Agent, on which (i) the Relevant Stock
Exchanges with respect to each security underlying such Index are scheduled to be open for trading for their respective regular
trading sessions and (ii) each Related Futures or Options Exchange with respect to such Index is scheduled to be open for
trading for its regular trading session.

The “Relevant
Stock Exchange” for any security underlying an 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 an 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 such Index.

Adjustments to an Index

If at any time the
method of calculating an Index or a Successor Equity Index, or the closing level thereof, is changed in a material respect, or
if an 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 such 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 such Index or Successor Equity Index with reference to such index, as
so adjusted. Accordingly, if the method of calculating an 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 such 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 an Index

If an Index Sponsor
discontinues publication of an Index, and such 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 such 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 relevant Index Sponsor or any other entity for purposes of calculating
the Closing Level of such 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
an Index Sponsor discontinues publication of an Index prior to, and the discontinuance is continuing on, a Calculation Day and
the Calculation Agent determines that no

    	 	5	 

    	 

    

 

Successor Equity Index is available
at such time, the Calculation Agent will calculate a substitute Closing Level for such Index in accordance with the formula for
and method of calculating such Index last in effect prior to the discontinuance, but using only those securities that comprised
such Index immediately prior to that discontinuance. If a Successor Equity Index is selected or the Calculation Agent calculates
a level as a substitute for such Index, the Successor Equity Index or level will be used as a substitute for such Index for all
purposes, including the purpose of determining whether a Market Disruption Event exists.

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

Market Disruption Events 

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

		(A)	The occurrence or existence of a material suspension of or limitation imposed on trading by the
Relevant Stock Exchanges or otherwise relating to securities which then comprise 20% or more of the level of such Index or any
Successor Equity Index 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 those Relevant Stock Exchanges 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 such Index or any 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 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, securities that
then comprise 20% or more of the level of such Index or any Successor Equity Index on their Relevant Stock Exchanges at any time
during the one-hour period that ends at the Close of Trading on that day.

 

		(D)	The occurrence or existence of any event, other than an early closure, that materially disrupts
or impairs the ability of market participants in general to effect transactions in, or obtain market values for, futures or options
contracts relating to such Index or any Successor Equity Index on any Related Futures or Options

 

    	 	6	 

    	 

    

 

Exchange at any time during the one-hour
period that ends at the Close of Trading on that day.

 

		(E)	The closure on any Exchange Business Day of the Relevant Stock Exchanges on which securities that
then comprise 20% or more of the level of such Index or any Successor Equity Index are traded or any Related Futures or Options
Exchange with respect to such Index or any Successor Equity Index 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 such actual closing time on that day.

 

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

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

 

		(1)	the relevant percentage contribution of a security to the level of such Index or any Successor
Equity Index will be based on a comparison of (x) the portion of the level of such Index attributable to that security and
(y) the overall level of such Index or Successor Equity Index, in each case immediately before the occurrence of the Market
Disruption Event;

 

		(2)	the “Close of Trading” on any Trading Day for such Index or any Successor Equity
Index means the Scheduled Closing Time of the Relevant Stock Exchanges with respect to the securities underlying such Index or
Successor Equity Index on such Trading Day; provided that, if the actual closing time of the regular trading session of any such
Relevant Stock Exchange is earlier than its Scheduled Closing Time on such Trading Day, then (x) for purposes of clauses (A)
and (C) of the definition of “Market Disruption Event” above, with respect to any security underlying such Index or
Successor Equity Index for which such Relevant Stock Exchange is its Relevant Stock Exchange, the “Close of Trading”
means such actual closing time and (y) for purposes of clauses (B) and (D) of the definition of “Market Disruption
Event” above, with respect to any futures or options contract relating to such Index or Successor Equity Index, the “Close
of Trading” means the latest actual closing time of the regular trading session of any of the Relevant Stock Exchanges, but
in no event later than the Scheduled Closing Time of the Relevant Stock Exchanges;

 

		(3)	the “Scheduled Closing Time” of any Relevant Stock Exchange or Related Futures
or Options Exchange on any Trading Day for such Index or any Successor Equity Index means the scheduled weekday closing time of
such Relevant Stock Exchange or

 

    	 	7	 

    	 

    

 

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

 

		(4)	an “Exchange Business Day” means any Trading Day for such Index or any Successor
Equity Index on which each Relevant Stock Exchange for the securities underlying such Index or any Successor Equity Index and each
Related Futures or Options Exchange with respect to such Index or any Successor Equity Index are open for trading during their
respective regular trading sessions, notwithstanding any such Relevant Stock Exchange or Related Futures or Options Exchange closing
prior to its Scheduled Closing Time.

 

Calculation Agent

The Calculation
Agent will determine whether this Security will be automatically called on the Automatic Call Date, the Automatic Call Price, if
any, and the Maturity Payment Amount. In addition, the Calculation Agent will (i) determine if adjustments are required to
the Closing Levels of the Indices under the circumstances described in this Security, (ii) if publication of an Index is discontinued,
select a Successor Equity Index or, if no Successor Equity Index is available, determine the Closing Level of that Index under
the circumstances described in this Security and (iii) determine whether a Market Disruption Event has occurred.

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

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

Tax Considerations

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

Redemption and Repayment

This Security is
not subject to repayment at the option of the Holder hereof prior to July 22, 2020. This Security is subject to redemption prior
to July 22, 2020 as set forth under “Optional Redemption” above and is subject to an automatic call prior to July 22,
2020 as set forth under “Automatic Call” above. 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

    	 	8	 

    	 

    

 

Indenture. The
amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Maturity Payment Amount,
calculated as provided herein as though the date of acceleration was the Final Calculation Day; provided that if the Closing Level
of the Lowest Performing Index on the date of acceleration is equal to or greater than its Starting Level, then the Maturity Payment
Amount will be calculated using a Maturity Date Premium that is prorated to the date of acceleration.

__________________

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

Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized
agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

 

 

[The remainder of this page has
been left intentionally blank]

 

    	 	9	 

    	 

    

 

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

	

DATED:

		 

 

	 	WELLS FARGO FINANCE LLC
	 	 	 
	 	 	 
	 	By:	 
	 	  	
	 	 	Its:	    
	 	 	 	
	 	 	 
	 	Attest:	 
	 	 	
	 	 	Its:	
	 	 	
	 	 	

 

TRUSTEE’S
CERTIFICATE OF

AUTHENTICATION

This
is one of the Securities of the 

series
designated therein described

in
the within-mentioned Indenture.

 

 

	CITIBANK, N.A.,	 
	 	as Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 
	 	 	 
	OR	 
	 	 	 
	WELLS FARGO BANK, N.A.,	 
	 	as Authenticating Agent for the Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 

 

 

 

    	 	10	 

    	 

    

[Reverse of Note]

 

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A

Fully and Unconditionally Guaranteed by Wells
Fargo & Company

 

Principal at Risk Securities Linked to the
Lowest Performing of the S&P 500® Index and
the Russell 2000® Index due July 22, 2020

 

This Security is
one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an indenture dated as of April 25, 2018, as amended or supplemented from time to time (herein
called the “Indenture”), among the Company, as issuer, Wells Fargo & Company, as guarantor (the “Guarantor”)
and Citibank, N.A., as trustee (herein called the “Trustee,” which term includes any successor trustee under
the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the
Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of
the series of the Securities designated as Medium-Term Notes, Series A, of the Company. The amount payable on the Securities
of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices,
exchange traded funds, securities, commodities, currencies, statistical measures of economic or financial performance, or a basket
comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate.
The Securities of this series may mature at different times, be redeemable at different times or not at all, be repayable at the
option of the Holder at different times or not at all and be denominated in different currencies.

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

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

Guarantee 

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

Modification and Waivers 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time
by the

    	 	11	 

    	 

    

 

Company, the Guarantor and the Trustee
with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be
affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority in principal
amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together
as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company or the Guarantor with
those provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture
by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders
of all Securities of such series. Solely for the
purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities
pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in the requisite aggregate principal
amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof as the “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 or the Guarantor with certain conditions set forth therein, shall not apply to this Security. The remaining
provisions of Section 401 of the Indenture shall apply to this Security.

Authorized Denominations

This Security is
issuable only in registered form without coupons in denominations of $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

    	 	12	 

    	 

    

 

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.

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

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

Obligation of the Company Absolute

No reference herein
to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the Maturity Payment Amount, the Optional Redemption Price or the Automatic Call Price, as
applicable, 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, the Optional Redemption Price or the Automatic Call Price, as applicable,
or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental
thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor
corporation or of the Guarantor or any successor corporation, whether by virtue of any constitution, statute or rule of law, or
by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of
the consideration for the issuance hereof, expressly waived and released.

Defined Terms

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

Governing Law

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

    	 	13	 

    	 

    

 

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)

 

 

 

    	 	14	 

    	 

    

 

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

 

 

Dated:
_________________________

  

 

	 	 
	 	 
	 	 
	 	 

  

 

 

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

 

    	 	15EX-10.1

 Exhibit 10.1 

Targa Resources Corp. 2019 Annual Incentive Compensation Plan Description 

On January 17, 2019, the Compensation Committee (the “Committee”) of the Board of Directors of Targa Resources Corp.
(the “Company”), the indirect parent of the general partner of Targa Resources Partners LP (the “Partnership”), approved the Company’s 2019 Annual Incentive Compensation Plan (the “Bonus
Plan”). The Bonus Plan is a discretionary annual cash bonus plan available to all of the Company’s employees, including its executive officers, who also serve as officers of the Partnership’s general partner. The purpose of the
Bonus Plan is to reward employees for contributions toward the Company’s business priorities (including business priorities with respect to the Partnership) approved by the Committee and to aid the Company in retaining and motivating employees.
Under the Bonus Plan, the level of funding of the discretionary cash bonus pool is based on the Company’s achievement of certain business priorities, including strategic, financial and operational objectives. 

The Committee has established the following eight key business priorities for 2019: 

 

	 	•	 	 execute on all business dimensions, including the 2019 business plan and public guidance, 

 

	 	•	 	 continue priority emphasis and strong performance relative to a safe workplace, 

 

	 	•	 	 reinforce business philosophy and mindset that promotes compliance in all aspects of our business including
environmental and regulatory compliance, 

  

	 	•	 	 continue to attract and retain the operational and professional talent needed in our businesses,

  

	 	•	 	 continue to control all costs—operating, capital and general and administrative—consistent with
existing business environment, 

  

	 	•	 	 execute on major capital and development projects—finalizing negotiations, completing projects on time and
on budget, optimizing economics and capital funding, and staffing for the new facilities, 

  

	 	•	 	 pursue selected growth opportunities including gathering and processing build outs, fee-based capex projects, and potential purchases of strategic assets, and 

  

	 	•	 	 pursue commercial and financial approaches to achieve maximum value and manage risks, including contract, credit,
inventory, interest rate and commodity price exposures. 

 The Committee has targeted a total cash bonus pool for
achievement of the business priorities based on the sum of individual employee market-based target bonus opportunities, which are based on a percentage of each employee’s eligible earnings. Generally, eligible earnings are an employee’s
base salary and overtime pay. Near or following the end of the year, the Chief Executive Officer (“CEO”) recommends to the Committee the total amount of cash to be allocated to the bonus pool based upon overall performance of the
Company relative to the established objectives, generally ranging from 0 to 2x the aggregate target bonus opportunities for all employees in the pool. Upon receipt of the CEO’s recommendation, the Committee, in its sole discretion, determines
the total amount of cash to be allocated to the bonus pool. The Committee has discretion to adjust the cash bonus pool attributable to the business priorities based on accomplishment of the applicable objectives as determined by the Committee and
the CEO. Additionally, the Committee, in its sole discretion, determines the amount of the cash bonus awards to each of the Company’s executive officers, including the CEO. The executive officers determine the amount of the cash bonus pool to
be allocated to the Company’s departments, groups and employees (other than the executive officers of the Company) based on performance and upon the recommendation of supervisors, managers and line officers.

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