Document:

Form of Note Linked to a Diversified Equity Basket due May 7, 2015

 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. 949746 QF1	 	FACE AMOUNT: $
	REGISTERED NO.	 	

 WELLS FARGO & COMPANY 
 Notes Linked to a Diversified Equity Basket 
 due May 7, 2015 
 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 May 7, 2015. If no Market Disruption Event (as defined below) occurs or is continuing with respect to a Basket Component (as defined below) on the
scheduled Valuation Date (as defined below), the Initial Stated Maturity Date will be the “Stated Maturity Date.” If a Market Disruption Event occurs or is continuing on the scheduled Valuation Date with respect to a Basket
Component, the “Stated Maturity Date” shall be the later of (i) three Business Days (as defined below) after the postponed Valuation Date with respect to such Basket Component (or, if the Valuation Date is postponed with
respect to more than one Basket Component, three Business Days after the latest postponed Valuation Date) and (ii) the Initial Stated Maturity Date. This Security shall not bear any interest. 

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

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 Determination of Maturity Payment Amount 
 “Maturity Payment Amount” shall mean, for each $1,000 Face Amount of this Security: 
  

	 	•	 	 if the Final Basket Level is greater than the Initial Basket Level, $1,000 plus the Additional Amount; 

  

	 	•	 	 if the Final Basket Level is equal to the Initial Basket Level or is at least 80% of the Initial Basket Level, $1,000; and

  

	 	•	 	 if the Final Basket Level is less than 80% of the Initial Basket Level, $1,000 minus the product of 

  

	 	•	 	 $1,000; and 

  

	 	•	 	 Initial Basket Level – Final Basket Level - .20 

 Initial Basket Level 
 “Additional Amount” shall mean, for each $1,000 Face Amount of this Security, an amount equal to the product of: 
  

	 	•	 	 $1,000; 

  

	 	•	 	 Participation Rate; and 

  

	 	•	 	 Final Basket Level – Initial Basket Level 

 Initial Basket Level 
 The “Participation Rate” is 1.08.

 The “Initial Basket Level” is 100. 
 The “Final Basket Level” shall be equal to the product of (i) 100 and (ii) an amount to equal to 1 plus the sum
of: (A) 50% of the Component Return of the S&P 500 Index; (B) 30% of the Component Return of the iShares MSCI EAFE Index Fund; and (C) 20% of the Component Return of the iShares MSCI Emerging Markets Index Fund. 
 The “Component Return” of a Basket Component shall be equal to: 
 Final Component Level – Initial Component Level 
 Initial Component Level 
 where, 
  

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	 	•	 	 the “Initial Component Level” is the Closing Level of such Basket Component on the Pricing Date; and 

  

	 	•	 	 the “Final Component Level” is the Closing Level of such Basket Component on the Valuation Date. 

 The Initial Component Levels of the Basket Components are as follows: S&P 500 Index (1036.19); iShares MSCI EAFE Index Fund (53.30); and iShares MSCI
Emerging Markets Index Fund (37.56). 
 “Adjustment Factor” means, with respect to a share of an iShares Fund,
1.0, subject to adjustment in the event of certain events affecting the shares of such iShares Fund as described in “—Anti-dilution Adjustments Relating To An iShares Fund; Discontinuance Of An iShares Fund; Alternate Calculation.”

 “Basket Component” shall mean the S&P 500 Index (50%); the iShares MSCI EAFE Index Fund (30%); and the
iShares MSCI Emerging Markets Index Fund (20%), with each Basket Component having the weighting noted parenthetically. 
 “Calculation Agency Agreement” shall mean the Calculation Agency Agreement dated as of November 6, 2009 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 Agency Agreement with the Company providing
for, among other things, the determination of the Final Basket Level, the Additional Amount, if any, and the Maturity Payment Amount, which term shall, unless the context otherwise requires, include its successors under such Calculation Agency
Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agency Agreement, the Company may appoint a different Calculation Agent from time to time after the initial issuance of the Securities of this
series without the consent of the Holders of the Securities of this series and without notifying the Holders of the Securities of this series. 
 The “Closing Level” on any Trading Day (as defined herein) means (A) with respect to the S&P 500 Index, the closing level of the S&P 500 Index as reported by
Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) (or of any successor index (as defined herein), as reported by the index sponsor of the successor index) and (B) with respect to an
iShares Fund (as defined herein) (or any successor fund (as defined herein)), the product of (i) the Closing Price (as defined herein) of one share of such iShares Fund on such Trading Day and (ii) the Adjustment Factor applicable to such
iShares Fund on such Trading Day, as determined by the Calculation Agent as described in “—Anti-dilution Adjustments Relating To An iShares Fund; Discontinuance Of An iShares Fund; Alternate Calculation.” 
 The “Closing Price” with respect to a share of an iShares Fund (or one unit of any other security for which a Closing Price
must be determined) on any Trading Day means: 
  

	 	•	 	 if the share (or any such other security) is listed or admitted to trading on a national securities exchange (other than The Nasdaq Stock Market), the
last reported sale price, regular way, of the principal trading session on such day on the principal United States securities exchange registered under the Securities Exchange Act of 1934, as amended, on which the share (or any such other security)
is listed or admitted to trading; 

  

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	 	•	 	 if the share (or any such other security) is a security of The Nasdaq Stock Market, the Nasdaq official closing price published by The Nasdaq Stock
Market, Inc. on such day; or 

  

	 	•	 	 if the share (or any such other security) is neither listed or admitted to trading on any national securities exchange but is included in the OTC
Bulletin Board Service operated by the National Association of Securities Dealers, Inc., the last reported sale price of the principal trading session on the OTC Bulletin Board on such day. 

 If the shares of an iShares Fund (or any such other security) are listed or admitted to trading on any national securities exchange or are securities of The
Nasdaq Stock Market but the last reported sale price or Nasdaq official closing price, as applicable, is not available pursuant to the preceding sentence, then the Closing Price for one share (or one unit of any such other security) on any Trading
Day will mean the last reported sale price of the principal trading session on the over-the-counter market as reported on The Nasdaq Stock Market or the OTC Bulletin Board on such day. If, because of a Market Disruption Event or otherwise, the last
reported sale price or Closing Price, as applicable, for the share (or any such other security) is not available pursuant to either of the two preceding sentences, then the Closing Price for any Trading Day will be the mean, as determined by the
Calculation Agent, of the bid prices for the share (or any such other security) obtained from as many recognized dealers in such security, but not exceeding three, as will make such bid prices available to the Calculation Agent. Bids of Wells Fargo
affiliates may be included in the calculation of such mean, but only to the extent that any such bid is the highest of the bids obtained. The term “security of The Nasdaq Stock Market” will include a security included in any
successor to such system, and the term OTC Bulletin Board Service will include any successor service thereto. See “—Anti-dilution Adjustments Relating To An iShares Fund; Discontinuance Of An iShares Fund; Alternate Calculation.”

 “Face Amount” shall mean, when used with respect to any Security or Securities of this series, the amount
set forth on the face of such Security or Securities as its or their “Face Amount.” 
 “iShares Fund”
shall mean the iShares MSCI EAFE Index Fund and the iShares MSCI Emerging Markets Index Fund individually, and “iShares Funds” shall mean the iShares MSCI EAFE Index Fund and the iShares MSCI Emerging Markets Index Fund
collectively. 
 The “Pricing Date” shall mean the date the notes were priced for initial sale to the public.

 A “Trading Day” is a day on which The New York Stock Exchange, The Nasdaq Stock Market, the American Stock
Exchange, the Chicago Mercantile Exchange, the Chicago Board of Options Exchange, or any successor thereto, and the over-the-counter market for securities in the United States are open for trading during regular trading sessions. 
  

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 The “Valuation Date” shall be the last Trading Day of April 2015, subject
to postponement due to the occurrence of a Market Disruption Event. If a Market Disruption Event occurs or is continuing with respect to a Basket Component on the scheduled Valuation Date, the Calculation Agent will determine the Closing Level of
such Basket Component by reference to the Closing Level of such Basket Component on the next Trading Day on which there is not a Market Disruption Event for such Basket Component; provided, however, if a Market Disruption Event occurs with respect
to a Basket Component on each of the five Trading Days following the originally scheduled Valuation Date, then (i) that fifth Trading Day will be deemed the Valuation Date for such Basket Component and (ii) the Calculation Agent will
determine the Closing Level of such Basket Component subject to a Market Disruption Event based on its good faith estimate of the Closing Level on that fifth Trading Day. Notwithstanding a postponement of the Valuation Date with respect to a Basket
Component that is subject to a Market Disruption Event, the originally scheduled Valuation Date will remain the Valuation Date for any Basket Component not subject to a Market Disruption Event. See “—Market Disruption Events.”

 Discontinuance Of The S&P 500 Index; Alteration Of Method Of Calculation 
 If S&P discontinues publication of the S&P 500 Index and S&P or another entity publishes a successor index or substitute index
(in any such case, referred to herein as a “successor index”) that the Calculation Agent determines, in its sole discretion, to be comparable to the discontinued S&P 500 Index, then any subsequent Closing Level of the S&P
500 Index will be determined by reference to the level of such successor index at 4:00 p.m., New York City time, on the date that any such subsequent Closing Level is to be determined. 
 Upon any selection by the Calculation Agent of a successor index, the Company will promptly give notice to the Holders of the Securities of
this series. 
 If S&P discontinues publication of the S&P 500 Index prior to, and such discontinuance is continuing on,
the date that any Closing Level of the S&P 500 Index is to be determined and the Calculation Agent determines that no successor index is available at such time, then, on such date, the Calculation Agent will determine the Closing Level of the
S&P 500 Index to be used in computing the amount payable at stated maturity. Such Closing Level will be computed by the Calculation Agent in accordance with the formula for and method of calculating the S&P 500 Index last in effect prior to
such discontinuance, using the Closing Price (or, if trading in the relevant security has been materially suspended or materially limited, its good faith estimate of the Closing Price that would have prevailed but for such suspension or limitation)
at the close of the principal trading session on such date of each security most recently comprising the S&P 500 Index on the primary organized exchange or Trading System (as defined herein). As used herein, “closing price”
means, with respect to any security on any date, the last reported sales price regular way on such date or, in case no such reported sale takes place on such date, the average of the reported closing bid and asked prices regular way on such date, in
either case on the primary organized exchange or Trading System on which such security is then listed or admitted to trading. 
  

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 If a successor index is selected or the Calculation Agent calculates a Closing Level as a
substitute for the S&P 500 Index, such successor index or Closing Level will be used as a substitute for the S&P 500 Index for all purposes, including for purposes of determining whether a Market Disruption Event exists. 
 If at any time the method of calculating the S&P 500 Index or a successor index, or the Closing Level thereof, is changed in a material
respect, or if the S&P 500 Index or a successor index is in any other way modified so that such index does not, in the opinion of the Calculation Agent, fairly represent the value of the S&P 500 Index or such successor index had such changes
or modifications not been made, then the Calculation Agent will, at the close of business in New York City on the date that any Closing Level of the S&P 500 Index 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 value of a stock index comparable to the S&P 500 Index or such successor index, as the case may be, as if such changes or modifications had not been made. The
Calculation Agent will calculate the Closing Level of the S&P 500 Index and the amount payable at stated maturity with reference to the S&P 500 Index or such successor index, as adjusted. Accordingly, if the method of calculating the S&P
500 Index or a successor index is modified so that the level of such index is a fraction of what it would have been if it had not been modified (for example, due to a split in the index), then the Calculation Agent will adjust such index in order to
arrive at a level of the S&P 500 Index or such successor index as if it had not been modified (for example, as if such split had not occurred). 
 Anti-dilution Adjustments Relating To An iShares Fund; Discontinuance Of An iShares Fund; Alternate Calculation 
 If the shares of an iShares Fund are subject to a stock split or reverse stock split, then once such split has become effective, the Adjustment Factor with respect to such shares will be adjusted to equal the product of the prior Adjustment
Factor for such shares and the number of shares issued in such stock split or reverse stock split with respect to one such share. 
 If an iShares 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 iShares Fund, then any subsequent Closing Level will be determined by reference to the Closing Price of the shares of such successor or substitute exchange traded fund (such exchange traded fund being referred to herein as a
“successor fund”). 
 Upon any selection by the Calculation Agent of a successor fund, the Calculation Agent
will give notice to the Holders of the Securities. 
 If an iShares Fund undergoes a Liquidation Event prior to, and such
Liquidation Event is continuing on, the date that the Closing Level of such iShares 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 Closing Price for such iShares Fund on such date by a computation methodology that the Calculation Agent determines will as closely as reasonably possible replicate such iShares Fund. 
  

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 If a successor fund is selected or the Calculation Agent calculates the Closing Price as a
substitute for an iShares Fund, such successor fund or Closing Price will be used as a substitute for such iShares Fund for all purposes, including for purposes of determining whether a Market Disruption Event exists. 
 If at any time the method of calculating an iShares Fund or a successor fund, or the underlying index, is changed in a material respect, or
if an iShares Fund or a successor fund is in any other way modified so that such exchange traded fund does not, in the opinion of the Calculation Agent, fairly represent the price of the shares of an iShares Fund or such successor fund had such
changes or modifications not been made, then the Calculation Agent will, at the close of business in New York City on the date that any Closing Level of such iShares Fund 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 price of an exchange traded fund comparable to such iShares Fund or such successor fund, as the case may be, as if such changes or modifications had not been made, and
calculate the Closing Level of such iShares Fund or such successor fund, as adjusted. 
 Market Disruption Events 
 S&P 500 Index 
 A “Market Disruption Event” with respect to the S&P 500 Index will occur on any day if the Calculation Agent determines, in its sole discretion, any of the following: 
  

	 	•	 	 A material suspension or material limitation of trading in 20% or more of the underlying stocks which then comprise the S&P 500 Index or any
successor or substitute index (in any such case, referred to herein as a “successor index”) has occurred on that day, in each case, during the one-hour period preceding the Close of Trading on the primary organized U.S. exchange or
Trading System on which those stocks are traded or, if in the case of a common stock not listed or quoted in the United States, on the primary non-U.S. exchange, Trading System or market for that security. Limitations on trading during significant
market fluctuations imposed pursuant to New York Stock Exchange Rule 80B or any applicable rule or regulation enacted or promulgated by The New York Stock Exchange, any other exchange, Trading System or market, any other self regulatory organization
or the Securities and Exchange Commission of similar scope or as a replacement for Rule 80B, may be considered material. For purposes of this Security, “Trading System” includes bulletin board services.

  

	 	•	 	 A material suspension or material limitation has occurred on that day, in each case during the one-hour period preceding the Close of Trading in
options or futures contracts related to the S&P 500 Index or any successor index, whether by reason of movements in price exceeding levels permitted by the exchange, Trading System or market on which those options or futures contracts are traded
or otherwise. 

  

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	 	•	 	 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, the securities that then comprise 20% or more of the S&P 500 Index or any successor index, at any time during the one-hour period preceding the Close of Trading on that day. 

  

	 	•	 	 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, the futures or options contracts relating to the S&P 500 Index or any successor index on the primary exchange or quotation system on which those futures or options contracts are traded, at any time during the one-hour
period preceding the Close of Trading on that day. 

  

	 	•	 	 The closure of an exchange, Trading System or market on which the securities that then comprise 20% or more of the S&P 500 Index or any successor
index are traded or which futures or options contracts relating to the S&P 500 Index or any successor index are traded prior to its scheduled closing time unless the earlier closing time is announced by such exchange, Trading System or market at
least one hour prior to the earlier of (i) the actual closing time for the regular trading session of the exchange, Trading System or market and (ii) the submission deadline for orders to be entered in the exchange, Trading System or
market for execution on such Trading Day. 

 For purposes of determining whether a Market Disruption Event has
occurred: 
  

	 	•	 	 the relevant percentage contribution of a security to the level of the S&P 500 Index or any successor index will be based on a comparison of
(x) the portion of the level of the S&P 500 Index attributable to that security and (y) the overall level of the S&P 500 Index, in each case immediately before the occurrence of the Market Disruption Event; and

  

	 	•	 	 “Close of Trading” means 4 p.m., New York City time. 

 iShares Funds 
 A “Market Disruption Event” with respect to an iShares Fund will occur on any day if the Calculation Agent determines any of the following: 
  

	 	•	 	 A material suspension or material limitation of trading of the shares of such iShares Fund or any successor fund or of 20% or more of the underlying
stocks which then comprise the related underlying index has occurred on that day, in each case, during the one-hour period preceding the Close of Trading on the Relevant Exchange(s). 

  

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	 	•	 	 A material suspension or material limitation of trading has occurred on that day, in each case during the one-hour period preceding the Close of
Trading in options or futures contracts related to the shares of such iShares Fund or any successor fund or the related underlying index on the primary exchange or quotation system on which those futures or options contracts are traded, whether by
reason of movements in price exceeding levels permitted by an exchange, Trading System or market on which those options or futures contracts are traded 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, the shares of such iShares Fund or any successor fund or the securities that then comprise 20% or more of the related underlying index, at any time during the one-hour period preceding the Close of Trading on that day.

  

	 	•	 	 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, the futures or options contracts relating to such iShares Fund or any successor fund or the related underlying index on the primary exchange or quotation system on which those futures or options contracts are traded, at any
time during the one-hour period preceding the Close of Trading on that day. 

  

	 	•	 	 The closure of the Relevant Exchange on which the shares of such iShares Fund or any successor fund or the securities that then comprise 20% or more of
the related underlying index are traded or on which futures or options contracts relating to such iShares Fund or any successor fund or the related underlying index are traded prior to its scheduled closing time unless the earlier closing time is
announced by the Relevant Exchange at least one hour prior to the earlier of (i) the actual closing time for the regular trading session of the Relevant Exchange and (ii) the submission deadline for orders to be entered in the Relevant
Exchange for execution at the Close of Trading on that day. 

 For purposes of determining whether a Market
Disruption Event has occurred: 
  

	 	•	 	 “Relevant Exchange” means the primary exchange or market of trading (which includes bulletin board services) for the shares of the
iShares Fund or any successor fund or for any security then included in the related underlying index; 

  

	 	•	 	 the relevant percentage contribution of a security to the level of the related underlying index will be based on a comparison of (x) the portion
of the level of such underlying index attributable to that security and (y) the overall level of such underlying index, in each case immediately before the occurrence of the Market Disruption Event; 

  

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	 	•	 	 a decision to permanently discontinue trading in the relevant futures or options contracts or exchange traded funds will not constitute a Market
Disruption Event; 

  

	 	•	 	 limitations on trading during significant market fluctuations imposed pursuant to New York Stock Exchange Rule 80B or any applicable rule or regulation
enacted or promulgated by The New York Stock Exchange, any other exchange, Trading System or market, any other self regulatory organization or the Securities and Exchange Commission of similar scope or as a replacement for Rule 80B, may be
considered material; and 

  

	 	•	 	 “Close of Trading” means, in respect of any Relevant Exchange, the scheduled weekday closing time on a day on which the Relevant
Exchange is scheduled to be open for trading for its respective regular trading session, without regard to after hours or any other trading outside the regular trading session hours. 

 Calculation Agent 
 The
Calculation Agent will determine the Maturity Payment Amount. In addition, the Calculation Agent will (i) determine if adjustments are required to the Closing Level of a Basket Component under the circumstances described in this Security,
(ii) if publication of the S&P 500 Index is discontinued, select a successor index or, if no successor index is available, determine the Closing Level under the circumstances described in this Security, (iii) if an iShares Fund
undergoes a Liquidation Event, select a successor fund or, if no successor fund is available, determine the Closing Level of such iShares Fund under the circumstances described in this Security and (iv) determine whether a Market Disruption
Event has occurred. 
 The Company covenants that, so long as any of the Securities of this series are Outstanding, there shall
at all times be a Calculation Agent (which shall be a broker-dealer, bank or other financial institution) with respect to the Securities of this series. 
 All determinations made by the Calculation Agent with respect to the Securities of this series 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 Holders of the Securities of this series. All percentages and other amounts resulting from any calculation with respect to the Securities of this series will be rounded at the
Calculation Agent’s discretion. 
 Reference is hereby made to the further provisions of this Security set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 [The remainder of this
page has been left intentionally blank] 
  

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

							
		 	WELLS FARGO & COMPANY
			
		 	By:	 	  

		 		 	Paul R. Ackerman
		 		 	Its:	 	Executive Vice President and
		 		 		 	Treasurer
	[SEAL]	 		 		 	
			
		 	Attest:	 	  

		 		 	Kerri L. Klemz
		 		 	Its:	 	Assistant Secretary

  

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	This is one of the Securities of the series designated therein described in the within-mentioned Indenture.
	
	 CITIBANK, N.A.,
as Trustee

		
	By:	 	  

		 	Authorized Signature
		
		 	 OR

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

		
	By:	 	  

		 	Authorized Signature

  

 12 

 [Reverse of Note] 
 WELLS FARGO & COMPANY 
 Notes Linked to a
Diversified Equity Basket 
 due May 7, 2015 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and
to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called
the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face
hereof, limited in aggregate Face Amount to $            ; provided, however, that the Company may, so long as no Event of Default has occurred and is continuing, without the consent
of the Holders of the Securities of this series, issue additional Securities with the same terms as the Securities of this series, and such additional Securities shall be considered part of the same series under the Indenture as the Securities of
this series. 
 The Securities of this series are not subject to redemption at the option of the Company or repayment at the
option of the Holder hereof prior to May 7, 2015. The Securities will not be entitled to any sinking fund. 
 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 Securities of this series. 
 If an Event of Default, as defined in the Indenture, with respect to Securities of this series shall occur and be continuing, the Maturity
Payment Amount (calculated as set forth in the next sentence) of the Securities of this series 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 though the date of acceleration was the Valuation Date; provided, however, if such date is not a Trading Day or if a Market Disruption Event has occurred
or is continuing on that day, the next Trading Day on which there is not a Market Disruption Event will be deemed to be the Valuation Date. Upon payment of the amount so declared due and payable, all of the Company’s obligations in respect of
payment of the Maturity Payment Amount shall terminate. The Securities of this series will not bear a default rate of interest after the occurrence of an Event of Default or an acceleration under the Indenture. 
 The Company agrees, and by acceptance of a beneficial ownership interest in this Security each beneficial owner of this Security will be
deemed to have agreed (in the absence of a statutory,

  

 13 

 
regulatory, administrative or judicial ruling to the contrary), for United States federal income tax purposes to characterize and treat this Security as a pre-paid cash-settled forward contract
with respect to the basket comprised of the Basket Components. 
 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. 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, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture.
Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities
of such series. 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. 
 Section 403 and Article Fifteen of the Indenture and the provisions of
clause (ii) of Section 401(1)(B) of the Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the
Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Article Sixteen of the Indenture shall not apply to this Security. 
 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 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 terms and of authorized
denominations aggregating a like amount. 
  

 14 

 This Security may not be transferred except as a whole by the Depositary to a nominee of the
Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of
beneficial interests in this 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. 
 No reference herein to the Indenture and no provision of 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 and place, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 
 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.

 No recourse shall be had for the payment of the Maturity Payment Amount, or for any claim based on this Security, 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. 
 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. 
 This Security shall be governed by and construed in
accordance with the laws of the State of New York. 
  

 15 

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

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

  

							
	UNIF GIFT MIN ACT --	 	  
	 	Custodian	 	  

		 	(Cust)	 		 	(Minor)

  

	
	Under Uniform Gifts to Minors Act
	
	  

	(State)

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

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 
 Please Insert Social Security or 
 Other
Identifying Number of Assignee 
  

	
	  

  

	
	  

	
	  

	
	  

 (PLEASE PRINT OR TYPE
NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE) 
  

 16 

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

			
	Dated:	 	  

  

	
	  

	
	  

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

 17Fifth Amendment to Loan and Security Agreement

 Exhibit 10.4 
 FIFTH AMENDMENT 
 TO 
 LOAN AND SECURITY AGREEMENT 
 THIS FIFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this
“Amendment”) is entered into this 4th of November, 2009, by and among RADISYS CORPORATION, an Oregon corporation (“Borrower”), and
SILICON VALLEY BANK (“Bank”). Capitalized terms used herein without definition shall have the same meanings given them in the Loan Agreement (as defined
below). 
 RECITALS 
 A. Borrower and Bank have entered into that certain Loan and Security Agreement dated as of August 7, 2008 (as may be amended, restated, or otherwise modified, the “Loan
Agreement”), pursuant to which the Bank has extended and will make available to Borrower certain advances of money. 
 B. Borrower desires that Bank amend the Loan Agreement upon the terms and conditions more fully set forth herein. 
 C. Subject to the representations and warranties of Borrower herein and upon the terms and conditions set forth in this Amendment, Bank is willing to provide the amendment contained herein. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing Recitals and intending to be legally bound, the parties hereto agree as follows: 
 1. AMENDMENTS TO THE LOAN AGREEMENT. 
 1.1 AMENDMENT TO SECTION 6.7 OF THE LOAN AGREEMENT. Subject to the terms of
Section 4 below, Section 6.7 of the Loan Agreement is amended and restated in its entirety and replaced with the following: 
 6.7 Financial Covenants. 
 Borrower shall maintain as of the last day of each fiscal quarter, unless otherwise
noted, on a consolidated basis with respect to Borrower and its Subsidiaries: 
 (a) Current Ratio. A ratio of Current
Assets to Current Liabilities plus the aggregate amount of all Credit Extensions of at least 1.5 to 1.0 on June 30, 2009 and each fiscal quarter thereafter. 
 (b) Minimum EBITDA. EBITDA greater than the amount set forth below opposite each period; provided however in no event shall EBITDA losses for any one quarter exceed $3,000,000. 

			
	 Fiscal Period
	  	Minimum EBITDA
	 Such period, measured on a rolling four quarter basis, ending June 30, 2009 and each quarter
thereafter
	  	$0

 (c) Maximum Capital Expenditures. Capital Expenditures not in excess of
$8,000,000 in any fiscal year. Any Capital Expenditures financed by purchase money security interest financing or financial leases to the extent permitted by Section 7.4 shall not count towards such $8,000,000 cap. 
 1.2 AMENDMENT TO SECTION 7.1(I) OF THE
LOAN AGREEMENT. Subject to the terms of Section 4 below, Section 7.1(i) of the Loan Agreement is amended and restated in its entirety and replaced with the following: 
 (i) Transfers not otherwise permitted in this Section 7.1, provided, that the aggregate book value of all such Transfers by
Borrower and its Subsidiaries, together, shall not exceed in any fiscal year, $1,000,000. 
 1.3 AMENDMENT
TO SECTION 7.3 OF THE LOAN AGREEMENT. Subject to the terms of Section 4 below, Section 7.3 of the Loan Agreement is amended and restated in
its entirety and replaced with the following: 
 7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of its
Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person; provided, however, Bank’s consent to the
foregoing shall not be required so long as Borrower (a) is the sole survivor upon the consummation of any transaction described hereunder, (b) no Event of Default has occurred or is likely to occur as a result of such transaction and
(c) so long as Borrower provides Bank satisfactory evidence that Borrower shall be in pro forma compliance with the financial covenants herein before and for the next four quarters after such transaction. A Subsidiary may merge or consolidate
into a Guarantor or into Borrower or a Subsidiary which is not a Guarantor may merge into another Subsidiary which is not a Guarantor. 
 1.4 AMENDMENT TO SECTION 8.4 OF THE LOAN AGREEMENT. Subject to the terms of Section 4 below, Section 8.4 of the
Loan Agreement is amended and restated in its entirety and replaced with the following: 
 8.4 Attachment. (a) Any
material portion of Borrower’s assets is attached, seized, levied on, or comes into possession of a trustee or receiver and the attachment, seizure or levy is not removed in ten (10) days; (b) the service of process upon Borrower
seeking to attach, by trustee or similar process, any funds of Borrower on deposit with Bank, or any entity under control of Bank (including a subsidiary); (c) Borrower is enjoined, restrained, or prevented by court order from conducting a
material part of its business; (d) a judgment or other claim in excess of $1,000,000 becomes a Lien on any of Borrower’s assets; or (e) a notice of lien, levy, or assessment is filed against any of Borrower’s assets by any
government agency and not paid 
  

 2 

 within ten (10) days after Borrower receives notice. These are not Events of Default, if cured, if
stayed or if a bond is posted in each case within thirty (30) days after such event pending contest or resolution by Borrower (but no Credit Extensions shall be made during the cure period); 
 1.5 AMENDMENT TO SECTION 8.7 OF THE LOAN
AGREEMENT. Subject to the terms of Section 4 below, Section 8.7 of the Loan Agreement is amended and restated in its entirety and replaced with the following: 
 8.7 Judgments. A judgment or judgments for the payment of money in an amount, individually or in the aggregate, of at least
$1,000,000 to the extent not covered by independent third-party insurance shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of ten (10) days after the entry thereof (provided that no Credit Extensions
will be made prior to the satisfaction or stay of such judgment); 
 1.6 AMENDMENT TO
SECTION 13.1. Subject to the terms of Section 4 below, the definition of “Revolving Line Maturity Date” in Section 13.1 of the Loan Agreement is amended and restated in its entirety and replaced with the
following: 
 “Revolving Line Maturity Date” is September 30, 2011. 
 1.7 AMENDMENT TO EXHIBIT F. Subject to the terms of Section 4 below, Exhibit F (the
Compliance Certificate) of the Loan Agreement is amended and restated in its entirety and replaced with the Exhibit A attached hereto. 
 2. BORROWER’S REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants that: 
 (a) immediately upon giving effect to this Amendment (i) the representations and warranties contained in the Loan Documents are
true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (ii) no Event of
Default has occurred and is continuing; 
 (b) Borrower has the corporate power and authority to execute and deliver
this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 
 (c) the
certificate of incorporation, bylaws and other organizational documents of Borrower delivered to Bank on the Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full
force and effect; 
 (d) the execution and delivery by Borrower of this Amendment and the performance by Borrower of its
obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized by all necessary corporate action on the part of Borrower; 
  

 3 

 (e) this Amendment has been duly executed and delivered by the Borrower and is the
binding obligation of Borrower, enforceable against it in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and
equitable principles relating to or affecting creditors’ rights; and 
 (f) as of the date hereof, it has no
defenses against the obligations to pay any amounts under the Obligations. Borrower acknowledges that Bank has acted in good faith and has conducted in a commercially reasonable manner its relationships with such Borrower in connection with this
Amendment and in connection with the Loan Documents. 
 Borrower understands and acknowledges that Bank is entering into this
Amendment in reliance upon, and in partial consideration for, the above representations and warranties, and agrees that such reliance is reasonable and appropriate. 
 3. LIMITATION. The amendment set forth in this Amendment shall be limited precisely as written and shall not be deemed (a) to be a forbearance, waiver or
modification of any other term or condition of the Loan Agreement or of any other instrument or agreement referred to therein or to prejudice any right or remedy which Bank may now have or may have in the future under or in connection with the Loan
Agreement or any instrument or agreement referred to therein; (b) to be a consent to any future consent or modification, forbearance or waiver to any instrument or agreement the execution and delivery of which is consented to hereby, or to any
waiver of any of the provisions thereof; or (c) to limit or impair Bank’s right to demand strict performance of all terms and covenants as of any date. 
 4. EFFECTIVENESS. This Amendment shall become effective upon the satisfaction of all the following conditions precedent: 
 4.1 Amendment. Borrower and Bank shall have duly executed and delivered this Amendment to Bank; and 
 4.2 Payment of Bank Expenses. Borrower shall have paid all Bank Expenses (including all reasonable attorneys’
fees and reasonable expenses) incurred through the date of this Amendment. 
 5.
COUNTERPARTS. This Amendment may be signed in any number of counterparts, and by different parties hereto in separate counterparts, with the same effect as if the signatures to each such counterpart were upon a
single instrument. All counterparts shall be deemed an original of this Amendment. 
 6.
INTEGRATION. This Amendment and any documents executed in connection herewith or pursuant hereto contain the entire agreement between the parties with respect to the subject matter hereof and supersede all prior
agreements, understandings, offers and negotiations, oral or written, with respect thereto and no extrinsic evidence whatsoever may be introduced in any judicial or arbitration proceeding, if any, involving this Amendment; except that any financing
statements or other agreements or instruments filed by Bank with respect to Borrower shall remain in full force and effect. 
  

 4 

 7. GOVERNING LAW; VENUE. THIS AMENDMENT
SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA. Borrower and Bank each submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara County, California.

 [signature page follows] 
  

 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the
date first written above. 
  

					
	 BORROWER:
	 	RADISYS CORPORATION
		 	an Oregon corporation
		
		 	By:         /s/ Brian
Bronson                                        
                                    
		
		 	Printed Name: Brian
Bronson                                        
                                
		
		 	Title:     Chief Financial Officer                            
                                         
 
		
	 BANK:
	 	SILICON VALLEY BANK
		
		 	By:         /s/ Ron
Sherman                                        
                                      
		
		 	Printed Name: Ron
Sherman                                        
                                  
		
		 	Title:     Senior Relationship
Manager                                        
                  

 EXHIBIT A 
 EXHIBIT F 
 FORM OF COMPLIANCE CERTIFICATE

  

					
	TO:     SILICON VALLEY BANK	  		    	Date:
	FROM:	  		    	

 The undersigned authorized officer of RadiSys Corporation (“Borrower”)
certifies that under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”), (1) Borrower is in complete compliance for the period ending
                     with all required covenants except as noted below, (2) there are no Events of Default, (3) all representations
and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are
qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date,
(4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except as
otherwise permitted pursuant to the terms of Section 5.9 of the Agreement, and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of which
Borrower has not previously provided written notification to Bank. Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with generally GAAP consistently applied from one
period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the
Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 
 Please indicate compliance status by circling Yes/No under “Complies” column. 
  

					
	 Reporting Covenant
	  	 Required
	  	 Complies

			
	 Quarterly financial statements
	  	Quarterly within 40 days	  	Yes    No
			
	 Annual financial statement
	  	FYE unaudited within 90 days and audited within 120 days	  	Yes    No
			
	 10-Q, 10-K and 8-K + CC
	  	Within 5 days after filing with SEC	  	Yes    No
			
	Borrowing Base Certificate A/R & A/P Agings + Deferred Revenue report	  	 Quarterly within 30 days
 (unless Credit Extensions are less than Threshold Amounts
	  	Yes    No
			
	 Material Litigation
	  	Prompt	  	Yes*  No
			
	 Annual board approved financial projections
	  	Annually within 60 days of fiscal year end	  	Yes    No

  

	*	If yes, attached is a summary of the Material Litigation not previously disclosed by Borrower or any of its Subsidiaries. 

							
	 Financial Covenant
	  	 Required
	  	 Actual
	  	 Complies

				
	 Maintain on an applicable quarterly basis:
	  		  		  	
				
	 Current Ratio
	  	1.5:1.00 on June 30, 2009 and each fiscal quarter thereafter	  	             :1.00	  	Yes    No
				
	 Minimum EBITDA
	  	$0 from such period, measured on a rolling four quarter basis, ending June 30, 2009 and each quarter thereafter	  		  	Yes*  No
				
	 Minimum Capital Expenditures
	  	No greater than $8,000,000 in any fiscal year	  	$                    	  	Yes    No

  

	*	In no event shall EBITDA losses for any one quarter exceed $3,000,000 

 The following financial covenant analys[is][es] and information set forth in Schedule 1 attached hereto are true and accurate as of the date of this Certificate. 
 The following are the exceptions with respect to the certification above: (If no exceptions exist, state “No exceptions to note.”)

  

			
	  
  

	  

	  
	 	

  

			
	RADISYS CORPORATION	  	BANK USE ONLY
		
	By:	  	Received
by:                                        
                       
		
	Name:	  	AUTHORIZED SIGNER
		
	Title:	  	Date:                                      
                                    
		
		  	Verified:                                      
                                
		
		  	AUTHORIZED SIGNER
		
		  	Date:                                      
                                
		
		  	Compliance Status:    Yes    No

  

 -2- 

 Schedule 1 to Compliance Certificate 
 Financial Covenants of Borrower 
 Dated:                                     

  

	I.	Current Ratio (Section 6.7(a)) 

  

	Required:	1.5:1.00 on June 30, 2009 and each fiscal quarter thereafter 

 Actual: 
  

						
	 A.
	  	Current Assets	  	$	            
	 B.
	  	Current Liabilities less Deferred Revenue	  	$	            
	 C.
	  	Aggregate amount of outstanding Advances and Letters of Credit	  	$	            
	 D.
	  	Current Ratio (line A divided by the sum of line B plus line C)	  		

 Is line D equal to or greater than the applicable required ratio set forth above? 
  

			
	                     
No, not in compliance
	  	                     Yes, in compliance

  

	II.	Minimum EBITDA (Section 6.7(b)) 

  

	Required:	The minimum EBITDA set forth below opposite each period; provided however in no event shall EBITDA losses for any one quarter exceed $3,000,000.

  

				
	 Fiscal Period
	  	Minimum EBITDA
	 Such period, measured on a rolling four quarter basis, ending June 30, 2009 and each quarter thereafter
	  	$	0

 Actual: 
  

						
	A.	  	Net Income	  	$	            
	B.	  	To the extent included in the determination of Net Income	  		
			
		  	 1.      Net Interest Expense
	  	$	            
		  	 2.      The provision for income taxes
	  	$	            
		  	 3.      Depreciation expense
	  	$	            
		  	 4.      Amortization expense
	  	$	            
		  	 5.      Income tax expense
	  	$	            
		  	 6.      non-cash stock based compensation to the extent reflected as a charge in the statement
of Net Income for such period; provided however, to the extent that the Borrower took (1) an impairment charge on the goodwill as required by FAS 142 fair value testing for the fiscal quarter ending December 31, 2008, such charge shall be added back
to EBITDA in an amount not to exceed $67,256,000 and (2) a FAS 109 Deferred Tax Asset write down for the fiscal quarter ending March 31, 2009, such write down shall be added back to EBITDA for such quarter in an amount not to exceed
$39,172,475
	  	$	            
		  	 7.      The sum of lines 1 through 6
	  	$	            
	C.	  	 EBITDA(line A plus line B.7)
	  	$	 

 Is line C equal to or greater than the required minimum EBITDA set forth opposite the fiscal period above?

  

			
	                      No, not
in compliance
	  	                     Yes, in compliance

 Are EBITDA losses for any quarter less than $3,000,000? 

 

			
	                      No, not
in compliance
	  	                     Yes, in compliance

  

 -2-

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