Document:

WELLS FARGO & COMPANY 8-K

 

Exhibit 4.2

 

[Face
of Note]

 

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

	CUSIP
NO. 95001BA95	FACE AMOUNT: $__________

REGISTERED
NO. __

 

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES S

 

Due
Nine Months or More From Date of Issue

 

Principal
at Risk Securities Linked to the Lowest Performing of the

Energy
Select Sector SPDR® Fund, the Consumer Discretionary Select Sector SPDR® Fund, 

the Financial Select Sector SPDR® Fund and the Technology Select Sector
SPDR® Fund 

due
October 31, 2022

 

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) on the Stated Maturity Date (as defined below), unless this Security is redeemed prior to the Stated
Maturity Date as provided below under “Optional Redemption,” and to pay Contingent Coupon Payments (as defined below)
on the Face Amount of this Security to the extent provided herein on the Contingent Coupon
Payment Dates specified herein at the Contingent Coupon Rate (as defined below) until the earlier of the Stated Maturity Date
and the Optional Redemption Date (as defined below), if any.  The “Initial Stated Maturity Date” shall
be October 31, 2022. 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 (as defined below) after the
last Final Calculation Day as postponed.

“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 any Optional Redemption Date (as defined below)
by giving notice to the Holder hereof on or before the Calculation Day (as defined below) immediately preceding that Optional
Redemption Date. If this Security is redeemed, the Holder hereof will receive the Optional Redemption Price (as defined below)
plus a final Contingent Coupon Payment (as defined below), if any, on the applicable Optional Redemption Date. Unless the Company
defaults in the payment of the Optional Redemption Price plus the final Contingent Coupon Payment, if any, this Security will
cease to be outstanding on such Optional Redemption Date, no additional Contingent Coupon Payments will be payable on this Security
and the Holder hereof will have no further rights under this Security after such Optional Redemption Date. The “Optional
Redemption Price” is equal to the Face Amount of this Security. The “Optional Redemption Dates” shall
be the Contingent Coupon Payment Dates (as defined below) following each Calculation Day scheduled to occur from April 2019 to
July 2022, inclusive.

Payment
of Contingent Coupon Payments, the Maturity Payment Amount and the Optional Redemption Price

On
each quarterly Contingent Coupon Payment Date, the Company shall pay a Contingent Coupon Payment if, and only if, the Fund Closing
Price (as defined below) of the Lowest Performing Fund (as defined below) on the related Calculation Day is greater than or equal
to its Threshold Price (as defined below). A “Contingent Coupon Payment,” if payable as provided herein, shall
be equal to (i) the product of the Face Amount of this Security and the Contingent Coupon Rate, (ii) divided by 4. The “Contingent
Coupon Payment Dates” shall be the third Business Day following each Calculation Day, as each such Calculation Day may
be postponed as herein provided, provided that the Contingent Coupon Payment Date with respect to the Final Calculation Day will
be the Stated Maturity Date. If a Calculation Day is postponed with respect to one or more Funds, the related Contingent Coupon
Payment Date will be three Business Days after the last Calculation Day as postponed. The “Contingent Coupon Rate”
is 6.45% per annum. Any Contingent Coupon Payments will be rounded to the nearest cent, with one-half cent rounded upward. If
a Contingent Coupon Payment Date is postponed, the Contingent Coupon Payment, if any, due on that Contingent Coupon Payment Date
will be made on that Contingent Coupon Payment Date as so postponed with the same force and effect as if it had been made on the
originally scheduled Contingent Coupon Payment Date, with no additional amount accruing or payable as a result of the postponement.

Any
Contingent Coupon Payment so payable, and punctually paid or duly provided for, on any Contingent Coupon Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such Contingent Coupon Payment next preceding such Contingent Coupon Payment
Date. The Regular Record Date for a Contingent Coupon Payment Date shall be the date one Business Day prior to such Contingent
Coupon Payment Date. 

Any
Contingent Coupon Payment not punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of

    	 	2	 

    	 

    

business
on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given
to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in
any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series
may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

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

Payment
of the Maturity Payment Amount or the Optional Redemption Price, as applicable, and any Contingent Coupon Payments on this Security
will be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts.

Definitions
Relating to Maturity Payment Amount, the Optional Redemption Price and Contingent Coupon Payments

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

		•	if
                                         the Ending Price of the Lowest Performing Fund on the Final Calculation Day is greater
                                         than or equal to its Threshold Price: the Face Amount; or

 

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

 

	 		Face Amount  x	 	Performance
                                         Factor of the Lowest Performing

        Fund
        on the Final Calculation Day
		 

 

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

    	 	3	 

    	 

    

“Fund”
shall mean each of the Energy Select Sector SPDR Fund, the Consumer Discretionary Select
Sector SPDR Fund, the Financial Select Sector SPDR Fund and the Technology Select Sector SPDR Fund.

 

The
“Pricing Date” shall mean October 26, 2018.

The
“Lowest Performing Fund” for any Calculation Day will be the Fund with the lowest Performance Factor on that
Calculation Day (as such Calculation Day may be postponed for one or more Funds as provided herein).

The
“Performance Factor” with respect to a Fund on any Calculation Day, is its Fund Closing Price on such Calculation
Day divided by its Starting Price (expressed as a percentage).

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

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

The
“Adjustment Factor” means, with respect to a share of a Fund (or one unit of any other security for which a
Fund Closing Price must be determined), 1.0, subject to adjustment in the event of certain events affecting the shares of such
Fund. See “Anti-dilution Adjustments Relating To A Fund; Alternate Calculation” below.

The
“Starting Price” with respect to the Energy Select Sector SPDR Fund
is $66.48, its Fund Closing Price on the Pricing Date, with respect to the Consumer Discretionary
Select Sector SPDR Fund is $103.41, its Fund Closing Price on the Pricing Date, with respect to the Financial
Select Sector SPDR Fund is $25.26, its Fund Closing Price on the Pricing Date, and with respect to the Technology
Select Sector SPDR Fund is $68.09, its Fund Closing Price on the Pricing Date.

The
“Ending Price” of a Fund will be its Fund Closing Price on the Final Calculation Day.

The
“Threshold Price” with respect to the Energy Select Sector SPDR Fund
is $39.888, which is equal to 60% of its Starting Price, with respect to the Consumer
Discretionary Select Sector SPDR Fund is $62.046, which is equal to 60% of its Starting Price, with respect to the Financial
Select Sector SPDR Fund is $15.156, which is equal to 60% of its Starting Price, and with respect to the Technology
Select Sector SPDR Fund is $40.854, which is equal to 60% of its Starting Price.

“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.

    	 	4	 

    	 

    

The
“Calculation Days” shall be the 26th day of each January, April, July and October, commencing January
2019 and ending July 2022, and the Final Calculation Day. If any Calculation Day is not a Trading Day with respect to any Fund,
such Calculation Day for each Fund will be postponed to the next succeeding day that is a Trading Day with respect to each Fund.
A Calculation Day for a Fund is also subject to postponement due to the occurrence of a Market Disruption Event (as defined below)
with respect to such Fund on such Calculation Day. If a Market Disruption Event occurs or is continuing with respect to a Fund
on any Calculation Day, then such Calculation Day for such Fund will be postponed to the first succeeding Trading Day for such
Fund on which a Market Disruption Event for such Fund 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 Fund after the originally scheduled Calculation Day, that eighth
Trading Day shall be deemed to be the Calculation Day for such Fund. If a Calculation Day has been postponed eight Trading Days
for a Fund after the originally scheduled Calculation Day and a Market Disruption Event occurs or is continuing with respect to
such Fund on such eighth Trading Day, the Calculation Agent will determine the Closing Price of such Fund on such eighth Trading
Day based on its good faith estimate of the value of the shares (or other applicable securities) of such Fund as of the Close
of Trading (as defined below) on such eighth Trading Day. Notwithstanding the postponement of a Calculation Day for a Fund due
to a Market Disruption Event with respect to such Fund on such Calculation Day, the originally scheduled Calculation Day will
remain the Calculation Day for any Fund not affected by a Market Disruption Event on such day.

The
“Final Calculation Day” is October 26, 2022, subject to postponement as provided herein.

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

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

A
“Trading Day” with respect to a Fund means a day, as determined by the Calculation Agent, on which the Relevant
Stock Exchange and each Related Futures or Options Exchange with respect to such Fund or any successor thereto, if applicable,
are scheduled to be open for trading for their respective regular trading sessions.

The
“Relevant Stock Exchange” for a Fund means the primary exchange or quotation system on which shares (or other
applicable securities) of such Fund are traded, as determined by the Calculation Agent.

    	 	5	 

    	 

    

The
“Related Futures or Options Exchange” for a Fund means each exchange or quotation system where trading has
a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to
such Fund.

Anti-dilution
Adjustments Relating To A Fund; Alternate Calculation 

Anti-dilution
Adjustments 

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

The
adjustments specified below do not cover all events that could affect a Fund. The Calculation Agent may, in its sole discretion,
make additional adjustments to any terms of this Security upon the occurrence of other events that affect or could potentially
affect the market price of, or shareholder rights in, a Fund, with a view to offsetting, to the extent practical, any such change,
and preserving the relative investment risks of this Security. In addition, the Calculation Agent may, in its sole discretion,
make adjustments or a series of adjustments that differ from those described herein if the Calculation Agent determines that such
adjustments do not properly reflect the economic consequences of the events specified herein or would not preserve the relative
investment risks of this Security. All determinations made by the Calculation Agent in making any adjustments to the terms of
this Security, including adjustments that are in addition to, or that differ from, those described herein, will be made in good
faith and a commercially reasonable manner, with the aim of ensuring an equitable result. In determining whether to make any adjustment
to the terms of this Security, the Calculation Agent may consider any adjustment made by the Options Clearing Corporation or any
other equity derivatives clearing organization on options contracts on the affected Fund.

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

		(A)	Stock
                                         Splits and Reverse Stock Splits

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

		(B)	Stock
                                         Dividends

If
a dividend or distribution of shares (or other applicable securities) of a Fund has been made by such Fund ratably to all holders
of record of such shares (or

    	 	6	 

    	 

    

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

		(C)	Extraordinary
                                         Dividends

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

For
purposes of determining whether an Extraordinary Dividend has occurred:

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

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

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

		(D)	Other
                                         Distributions

If
a Fund declares or makes a distribution to all holders of the shares (or other applicable security) of such Fund of any non-cash
assets, excluding dividends or distributions described under the section entitled “—Stock Dividends” above,
then the Calculation Agent may, in its sole discretion, make such adjustment (if any) to the Adjustment Factor for such Fund as
it deems appropriate in the circumstances. If the Calculation Agent determines to make an adjustment

    	 	7	 

    	 

    

pursuant
to this paragraph, it will do so with a view to offsetting, to the extent practical, any change in the economic position of a
holder of this Security that results solely from the applicable event.

		(E)	Reorganization
                                         Events

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

Liquidation
Events 

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

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

If
a Successor Fund is selected or the Calculation Agent calculates the Fund Closing Price as a substitute for a Fund, such Successor
Fund or Fund Closing Price will be used as a

    	 	8	 

    	 

    

substitute
for such Fund for all purposes, including for purposes of determining whether a Market Disruption Event exists with respect to
such Fund.

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

Alternate
Calculation

If
at any time the method of calculating a Fund or a Successor Fund, or the related index underlying the Fund or Successor Fund,
is changed in a material respect, or if a Fund or a Successor Fund is in any other way modified so that such Fund does not, in
the opinion of the Calculation Agent, fairly represent the price of the securities of such Fund or a Successor Fund had such changes
or modifications not been made, then the Calculation Agent may, at the close of business in New York City on the date that any
Fund Closing Price is to be determined, make such calculations and adjustments as, in the good faith judgment of the Calculation
Agent, may be necessary in order to arrive at a Closing Price of an exchange traded fund comparable to such Fund or such Successor
Fund, as the case may be, as if such changes or modifications had not been made, and calculate the Fund Closing Price of such
Fund and the Maturity Payment Amount and determine whether a Contingent Coupon Payment will be made with reference to such adjusted
Closing Price of such Fund or such Successor Fund, as applicable.

Market
Disruption Events 

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

 

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

 

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

 

		(C)	The
                                         occurrence or existence of any event, other than an early closure, that materially disrupts
                                         or impairs the ability of market participants in general to effect transactions in, or
                                         obtain market values for, shares (or other applicable securities)

 

    	 	9	 

    	 

    

of
such Fund or any Successor Fund on the Relevant Stock Exchange at any time during the one-hour period that ends at the Close of
Trading on that day.

 

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

 

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

 

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

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

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

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

Calculation
Agent

The
Calculation Agent will determine the Optional Redemption Price, if any, and the Maturity Payment Amount, if any, and the Contingent
Coupon Payments, if any. In addition, the Calculation Agent will (i) determine if adjustments are required to the Fund Closing
Prices of the Funds under the circumstances described in this Security, (ii) if a Fund undergoes a Liquidation Event, select
a Successor Fund or, if no Successor Fund is available, determine the Fund Closing Price of such Fund and (iii) determine
whether a Market Disruption Event has occurred.

    	 	10	 

    	 

    

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

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

Redemption
and Repayment

This
Security is not subject to repayment at the option of the Holder hereof prior to October 31, 2022. This Security is subject to
redemption prior to October 31, 2022 as set forth under “Optional Redemption” 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 two sentences) of this Security may
be declared due and payable in the manner and with the effect provided in the Indenture. The
amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Maturity Payment
Amount hereof, calculated as provided herein, plus a portion of a final Contingent Coupon Payment,
if any. The Maturity Payment Amount and any final Contingent Coupon Payment will be calculated
as though the date of acceleration were the Final Calculation Day. The final Contingent Coupon Payment, if any, will be
prorated from and including the immediately preceding Contingent Coupon Payment Date to but excluding 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.

    	 	11	 

    	 

    

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

DATED:

 

	 	WELLS FARGO & COMPANY
	 	 	 
	 	By:	 
	 	 	 
	 	 	Its:
	 	 	 
	 	 	 
	 	Attest:	 
	 	 	 
	 	 	Its:

 

TRUSTEE’S
CERTIFICATE OF

AUTHENTICATION

This
is one of the Securities of the 

series
designated therein described

in
the within-mentioned Indenture.

 

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

 

 

    	 	12	 

    	 

    

[Reverse
of Note]

 

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES S

 

Due
Nine Months or More From Date of Issue

 

Principal
at Risk Securities Linked to the Lowest Performing of the

Energy
Select Sector SPDR® Fund, the Consumer Discretionary Select Sector SPDR® Fund, 

the Financial Select Sector SPDR® Fund and the Technology Select Sector
SPDR® Fund 

due
October 31, 2022

 

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

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

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

Modification
and Waivers 

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

    	 	13	 

    	 

    

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

Defeasance

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

Authorized
Denominations

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

Registration
of Transfer

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

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

    	 	14	 

    	 

    

form,
bearing interest at the same rate, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations
aggregating a like amount. 

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

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

Obligation
of the Company Absolute

No
reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the Contingent Coupon Payments, if any, and the Maturity Payment Amount or
the Optional Redemption Price, as applicable, on this Security at the times, place and rate, and in the coin or currency, herein
prescribed, except as otherwise provided in this Security.

No
Personal Recourse

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

Defined
Terms

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

Governing
Law

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

    	 	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.

 

 

 

    	 	17WELLS FARGO & COMPANY 8-K 

 

 Exhibit
4.3

 

 

[Face
of Note]

 

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

	CUSIP
NO. 95001BAJ3	FACE AMOUNT: $________

REGISTERED
NO. ___

 

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES S

 

Due
Nine Months or More From Date of Issue

 

Principal
at Risk Securities Linked to the Lowest Performing of the

Common Stock of Honeywell International Inc. and the Common Stock of General Electric

Company due November 3, 2021

 

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) on the Stated Maturity Date (as defined below), unless this Security is automatically called prior to
the Stated Maturity Date as provided below under “Automatic Call,” and to pay Contingent Coupon Payments (as defined
below) on the Face Amount of this Security to the extent provided herein on the Contingent Coupon Payment Dates specified herein
at the Contingent Coupon Rate (as defined below) until the earlier of the Stated Maturity Date and the Call Settlement Date (as
defined below), if any. The “Initial Stated Maturity Date” shall be November 3, 2021. 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 (as defined below) after the last Final Calculation Day as postponed.

“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.”

Automatic
Call

If
the Stock Closing Price (as defined below) of the Lowest Performing Underlying Stock (as defined below) on any of the quarterly
Calculation Days (as defined below) from April 2019 to

    	 	 	 

    	 

    

July
2021, inclusive, is greater than or equal to its Starting Price (as defined below), this Security will be automatically called
by the Company, and on the related Call Settlement Date the Holder hereof will receive the Call Price (as defined below) plus
a final Contingent Coupon Payment. Unless the Company defaults in the payment of the Call Price plus the final Contingent Coupon
Payment, this Security will cease to be outstanding on such Call Settlement Date, no additional Contingent Coupon Payments will
be payable on this Security 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 “Call Price” is equal to the Face Amount of this Security. The “Call Settlement
Date” for a Calculation Day shall be three Business Days after such Calculation Day, as such Calculation Day may be
postponed as provided herein. If a Calculation Day is postponed with respect to one or both Underlying Stocks, the related Call
Settlement Date will be three Business Days after the last Calculation Day as postponed.

Payment
of Contingent Coupon Payments, the Maturity Payment Amount and the Call Price

On
each quarterly Contingent Coupon Payment Date, the Company shall pay a Contingent Coupon Payment if, and only if, the Stock Closing
Price of the Lowest Performing Underlying Stock on the related Calculation Day is greater than or equal to its Threshold Price
(as defined below). A “Contingent Coupon Payment,” if payable as provided herein, shall be equal to (i) the
product of the Face Amount of this Security and the Contingent Coupon Rate, (ii) divided by 4. The “Contingent Coupon
Payment Dates” shall be the third Business Day following each Calculation Day, as each such Calculation Day may be postponed
as herein provided, provided that the Contingent Coupon Payment Date with respect to the Final Calculation Day will be the Stated
Maturity Date. If a Calculation Day is postponed with respect to one or both Underlying Stocks, the related Contingent Coupon
Payment Date will be three Business Days after the last Calculation Day as postponed. The “Contingent Coupon Rate”
is 9.50% per annum. Any Contingent Coupon Payments will be rounded to the nearest cent, with one-half cent rounded upward. If
a Contingent Coupon Payment Date is postponed, the Contingent Coupon Payment, if any, due on that Contingent Coupon Payment Date
will be made on that Contingent Coupon Payment Date as so postponed with the same force and effect as if it had been made on the
originally scheduled Contingent Coupon Payment Date, with no additional amount accruing or payment as a result of the postponement.

Any
Contingent Coupon Payment so payable, and punctually paid or duly provided for, on any Contingent Coupon Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such Contingent Coupon Payment next preceding such Contingent Coupon Payment
Date. The Regular Record Date for a Contingent Coupon Payment Date shall be the date one Business Day prior to such Contingent
Coupon Payment Date. 

Any
Contingent Coupon Payment not punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series not less than 10 days

    	 	2	 

    	 

    

prior
to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in the Indenture.

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

Payment
of the Maturity Payment Amount or the Call Price, as applicable, and any Contingent Coupon Payments on this Security will be made
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts.

Definitions
Relating to Maturity Payment Amount, the Call Price and Contingent Coupon Payments

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

		•	if
                                         the Ending Price of the Lowest Performing Underlying Stock on the Final Calculation Day
                                         is greater than or equal to its Threshold Price: the Face Amount; or

 

		•	if
                                         the Ending Price of the Lowest Performing Underlying Stock on the Final Calculation Day
                                         is less than its Threshold Price:

 

	 		Face Amount  x	 	Performance
                                         Factor of the Lowest Performing

        Underlying Stock
        on the Final Calculation Day
		 

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

“Underlying
Stock” shall mean each of the common stock of Honeywell International Inc. and the common stock of General Electric
Company.

    	 	3	 

    	 

    

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

The
“Lowest Performing Underlying Stock” for any Calculation Day will be the Underlying Stock with the lowest Performance
Factor on that Calculation Day (as such Calculation Day may be postponed for one or both Underlying Stocks).

The
“Performance Factor” with respect to an Underlying Stock on any Calculation Day is its Stock Closing Price
on such Calculation Day divided by its Starting Price (expressed as a percentage).

The
“Starting Price” with respect to the common stock of Honeywell International Inc. is $141.06, its Stock Closing
Price on the Pricing Date; and with respect to the common stock of General Electric Company is $11.16, its Stock Closing Price
on the Pricing Date.

The
“Ending Price” of an Underlying Stock will be its Stock Closing Price on the Final Calculation Day.

The
“Threshold Price” with respect to the common stock of Honeywell International Inc. is $70.53, which is equal
to 50% of its Starting Price; and with respect to the common stock of General Electric Company is $5.58, which is equal to 50%
of its Starting Price.

The
“Stock Closing Price” with respect to each Underlying Stock on a Calculation Day, means the product of the
Closing Price of such Underlying Stock and the Adjustment Factor for such Underlying Stock, each on such Calculation Day.

The
“Adjustment Factor” for each Underlying Stock is initially 1.0. The Adjustment Factor for each Underlying Stock
will remain constant for the term of this Security, subject to adjustment for certain corporate events relating to the applicable
Underlying Stock Issuer as set forth below under “—Adjustment Events.”

“Underlying
Stock Issuer” shall mean the issuer of each Underlying Stock.

“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.

The
“Calculation Days” shall be the 29th day of each January, April, July and October, commencing
January 2019 and ending July 2021, and the Final Calculation Day. If any such day is not a Trading Day with respect to
either Underlying Stock, that Calculation Day for each Underlying Stock will be postponed to the next succeeding day that is a
Trading Day with respect to each Underlying Stock. A Calculation Day for an Underlying
Stock is also subject to postponement due to the occurrence of a Market Disruption Event (as defined below) with respect to such
Underlying Stock on such Calculation Day. The “Final Calculation Day” is October 29, 2021. If a Market Disruption
Event occurs or is continuing with respect to an Underlying Stock on any Calculation Day, then such Calculation Day for such Underlying
Stock will be postponed to the first succeeding Trading Day for such Underlying Stock on which a Market Disruption Event for such
Underlying Stock has not occurred and is not continuing; however, if such first succeeding Trading Day has not occurred as of
the eighth Trading Day for

    	 	4	 

    	 

    

such
Underlying Stock after the originally scheduled Calculation Day, that eighth Trading Day shall be deemed to be the Calculation
Day for such Underlying Stock. If a Calculation Day has been postponed eight Trading Days for an Underlying Stock after the originally
scheduled Calculation Day and a Market Disruption Event occurs or is continuing with respect to such Underlying Stock on such
eighth Trading Day, the Calculation Agent will determine the Closing Price (as defined below) of such Underlying Stock on such
eighth Trading Day by using its good faith estimate of the Closing Price that would have prevailed for such Underlying Stock on
such day. Notwithstanding the postponement of a Calculation Day for an Underlying Stock due to a Market Disruption Event with
respect to such Underlying Stock on such Calculation Day, the originally scheduled Calculation Day will remain the Calculation
Day for the other Underlying Stock if such other Underlying Stock is not affected by a Market Disruption Event on such day.

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

“Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among
other things, the determination of whether this Security will be automatically called
prior to stated maturity and whether a Contingent Coupon Payment will be made, the Call Price, if any, and the Maturity Payment
Amount, if any, which term shall, unless the context otherwise requires, include its successors under such Calculation Agent Agreement.
The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may
appoint a different Calculation Agent from time to time after the initial issuance of this Security without the consent of the
Holder of this Security and without notifying the Holder of this Security.

Certain
Definitions 

A
“Trading Day” with respect to an Underlying Stock means a day, as determined by the Calculation Agent, on which
trading is generally conducted on the principal trading market for such Underlying Stock (as determined by the Calculation
Agent, in its sole discretion), the Chicago Mercantile Exchange and the Chicago Board Options Exchange and in the over-the-counter
market for equity securities in the United States.

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

		•	if
                                         such Underlying Stock (or any such other security) is listed or admitted to trading on
                                         a national securities exchange, the official closing price on such day published by the
                                         principal United States securities exchange registered under the Securities Exchange
                                         Act of 1934, as amended (the “Exchange Act”), on which such Underlying
                                         Stock (or any such other security) is listed or admitted to trading; or

 

		•	if
                                         such Underlying Stock (or any such other security) is not listed or admitted to trading
                                         on any national securities exchange but is included in the OTC Bulletin Board Service
                                         (the “OTC Bulletin Board”) operated by the Financial Industry Regulatory
                                         Authority,

 

    	 	5	 

    	 

    

Inc.
(“FINRA”), the last reported sale price of the principal trading session on the OTC Bulletin Board on such
day.

If
such Underlying Stock (or any such other security) is listed or admitted to trading on any national securities exchange but the
official closing price is not available pursuant to the preceding sentence, then the Closing Price for one share of such Underlying
Stock (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 OTC Bulletin Board on such day.

If
the official closing price or the last reported sale price, as applicable, for such Underlying Stock (or any such other security)
is not available pursuant to either of the two preceding sentences, then the Closing Price per share for any Trading Day will
be the mean, as determined by the Calculation Agent, of the bid price for such Underlying Stock (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 Securities, LLC or any of its 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 “OTC Bulletin Board Service”
will include any successor service thereto or, if the OTC Bulletin Board Service is discontinued and there is no successor service
thereto, the OTC Reporting Facility operated by FINRA.

Market
Disruption Events 

 

A
“Market Disruption Event,” with respect to an Underlying Stock, means the occurrence or existence of any of
the following events:

 

		•	a
                                         suspension, absence or material limitation of trading in such Underlying Stock on its
                                         primary market for more than two hours of trading or during the one-half hour before
                                         the close of trading in that market, as determined by the Calculation Agent in its sole
                                         discretion;

 

		•	a
                                         suspension, absence or material limitation of trading in option or futures contracts
                                         relating to such Underlying Stock, if available, in the primary market for those contracts
                                         for more than two hours of trading or during the one-half hour before the close of trading
                                         in that market, as determined by the Calculation Agent in its sole discretion;

 

		•	such
                                         Underlying Stock does not trade on the New York Stock Exchange, the NASDAQ Global Select
                                         Market, the NASDAQ Global Market or what was the primary market for such Underlying Stock,
                                         as determined by the Calculation Agent in its sole discretion; or

 

		•	any
                                         other event, if the Calculation Agent determines in its sole discretion that the event
                                         materially interferes with the Company’s ability or the ability of any of its affiliates
                                         to unwind all or a material portion of a hedge with respect to this Security that the
                                         Company or its affiliates have effected or may effect.

 

    	 	6	 

    	 

    

The
following events will not be Market Disruption Events:

 

		•	a
                                         limitation on the hours or number of days of trading in such Underlying Stock in its
                                         primary market, but only if the limitation results from an announced change in the regular
                                         business hours of the relevant market; and

 

		•	a
                                         decision to permanently discontinue trading in the option or futures contracts relating
                                         to such Underlying Stock.

 

For
this purpose, a “suspension, absence or material limitation of trading” in the applicable market will not include
any time when that market is itself closed for trading under ordinary circumstances. In contrast, a “suspension, absence
or material limitation of trading” in the applicable market for such Underlying Stock or option or futures contracts relating
to such Underlying Stock, as applicable, by reason of any of:

 

		•	a
                                         price change exceeding limits set by that market;

 

		•	an
                                         imbalance of orders relating to such Underlying Stock or those contracts; or

 

		•	a
                                         disparity in bid and asked quotes relating to such Underlying Stock or those contracts

 

will
constitute a “suspension, absence or material limitation of trading” in such Underlying Stock or those contracts,
as the case may be, in the applicable market.

Adjustment
Events

The
Adjustment Factor for each Underlying Stock is initially 1.0. However, the Adjustment Factor for each Underlying Stock is subject
to adjustment by the Calculation Agent as a result of the dilution and reorganization events described in this section.

How
adjustments will be made

If
one of the events described below occurs with respect to an Underlying Stock and the Calculation Agent determines that the event
has a dilutive or concentrative effect on the market price of such Underlying Stock, the Calculation Agent will calculate a corresponding
adjustment to the Adjustment Factor for such Underlying Stock as the Calculation Agent deems appropriate to account for that dilutive
or concentrative effect. For example, if an adjustment is required because of a two-for-one stock split, then the Adjustment Factor
for such Underlying Stock will be adjusted by the Calculation Agent by multiplying the existing Adjustment Factor by a fraction
whose numerator is the number of shares of such Underlying Stock outstanding immediately after the stock split and whose denominator
is the number of shares of such Underlying Stock outstanding immediately prior to the stock split. Consequently, the Adjustment
Factor for such Underlying Stock will be adjusted to double the prior Adjustment Factor, due to the corresponding decrease in
the market price of such Underlying Stock. Adjustments will be made for events with an effective date or Ex-Dividend Date (as
defined below), as applicable, from but excluding the Pricing Date to and including the applicable Calculation Day (the “Adjustment
Period”).

    	 	7	 

    	 

    

The
Calculation Agent will also determine the effective date of that adjustment, and the replacement of an Underlying Stock, if applicable,
in the event of a consolidation or merger or certain other events in respect of the applicable Underlying Stock Issuer. Upon making
any such adjustment, the Calculation Agent will give notice as soon as practicable to the Trustee and the Paying Agent, stating
the adjustment to the Adjustment Factor of such Underlying Stock. The Calculation Agent will not be required to make any adjustments
to the Adjustment Factor for purposes of calculating the Stock Closing Price for a Calculation Day after the close of business
on the such Calculation Day; provided that any such adjustments to the Adjustment Factor will be taken into account for
purposes of determining the Stock Closing Price for any subsequent Calculation Day. In no event, however, will an antidilution
adjustment to the Adjustment Factor of an Underlying Stock during the term of this Security be deemed to change the Face Amount
of this Security.

If
more than one event requiring adjustment occurs with respect to an Underlying Stock, the Calculation Agent will make an adjustment
for each event in the order in which the events occur, and on a cumulative basis. Thus, having made an adjustment for the first
event, the Calculation Agent will adjust the Adjustment Factor for such Underlying Stock for the second event, applying the required
adjustment to the Adjustment Factor for such Underlying Stock as already adjusted for the first event, and so on for any subsequent
events.

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

If
an event requiring an antidilution adjustment occurs with respect to an Underlying Stock, the Calculation Agent will make the
adjustment with a view to offsetting, to the extent practical, any change in the economic position of the Holder of this Security
relative to this Security that results solely from that event. The Calculation Agent may, in its sole discretion, modify the antidilution
adjustments as necessary to ensure an equitable result.

The
Calculation Agent will make all determinations with respect to antidilution adjustments, including any determination as to whether
an event requiring adjustment has occurred with respect to an Underlying Stock, as to the nature of the adjustment required for
such Underlying Stock and how it will be made or as to the value of any property distributed in a Reorganization Event (as defined
below), and will do so in its sole discretion. In the absence of manifest error, those determinations will be conclusive for all
purposes and will be binding on the Holder of this Security and the Company, without any liability on the part of the Calculation
Agent. The Holder of this Security will not be entitled to any compensation from the Company for any loss suffered as a result
of any of these determinations by the Calculation Agent. The Calculation Agent will provide information about the adjustments
that it makes upon the written request of the Holder of this Security.

If
any of the adjustments specified below is required to be made with respect to an amount or value of any cash or other property
that is distributed by an Underlying Stock Issuer organized outside the United States, such amount or value will be converted
to U.S. dollars, as

    	 	8	 

    	 

    

applicable,
and will be reduced by any applicable foreign withholding taxes that would apply to such distribution if such distribution were
paid to a U.S. person that is eligible for the benefits of an applicable income tax treaty, if any, between the United States
and the jurisdiction of organization of such Underlying Stock Issuer, as determined by the Calculation Agent, in its sole discretion.

No
adjustments will be made for certain other events, such as offerings of common stock by an Underlying Stock Issuer for cash or
in connection with the occurrence of a partial tender or exchange offer for an Underlying Stock by the Underlying Stock Issuer
of such Underlying Stock or any other person.

Stock
Splits and Reverse Stock Splits

A
stock split is an increase in the number of a corporation’s outstanding shares of stock without any change in its stockholders’
equity. Each outstanding share will be worth less as a result of a stock split.

A
reverse stock split is a decrease in the number of a corporation’s outstanding shares of stock without any change in its
stockholders’ equity. Each outstanding share will be worth more as a result of a reverse stock split.

If
an Underlying Stock is subject to a stock split or a reverse stock split, then once the split has become effective the Calculation
Agent will adjust the Adjustment Factor for such Underlying Stock to equal the product of the prior Adjustment Factor of such
Underlying Stock and the number of shares issued in such stock split or reverse stock split with respect to one share of such
Underlying Stock.

Stock
Dividends

In
a stock dividend, a corporation issues additional shares of its stock to all holders of its outstanding stock in proportion to
the shares they own. Each outstanding share will be worth less as a result of a stock dividend.

If
an Underlying Stock is subject to a stock dividend payable in shares of such Underlying Stock that is given ratably to all holders
of shares of such Underlying Stock, then once the dividend has become effective the Calculation Agent will adjust the Adjustment
Factor for such Underlying Stock on the Ex-Dividend Date to equal the sum of the prior Adjustment Factor for such Underlying Stock
and the product of:

		•	the
number of shares issued with respect to one share of such Underlying Stock, and

		•	the
prior Adjustment Factor for such Underlying Stock.

The
“Ex-Dividend Date” for any dividend or other distribution is the first day on and after which such Underlying
Stock trades without the right to receive that dividend or distribution.

    	 	9	 

    	 

    

No
Adjustments for Other Dividends and Distributions

The
Adjustment Factor for an Underlying Stock will not be adjusted to reflect dividends, including cash dividends, or other distributions
paid with respect to such Underlying Stock, other than:

		•	stock
dividends described above,

 

		•	issuances
of transferable rights and warrants as described in “ —Transferable Rights and Warrants” below,

 

		•	distributions
that are spin-off events described in “ —Reorganization Events” below, and

 

		•	Extraordinary
Dividends described below.

An
“Extraordinary Dividend” means each of (a) the full amount per share of an Underlying Stock of any cash dividend
or special dividend or distribution that is identified by the applicable Underlying Stock Issuer as an extraordinary or special
dividend or distribution, (b) the excess of any cash dividend or other cash distribution (that is not otherwise identified by
the applicable Underlying Stock Issuer as an extraordinary or special dividend or distribution) distributed per share of such
Underlying Stock over the immediately preceding cash dividend or other cash distribution, if any, per share of such Underlying
Stock that did not include an extraordinary or special dividend (as adjusted for any subsequent corporate event requiring an adjustment
as described herein, such as a stock split or reverse stock split) if such excess portion of the dividend or distribution is more
than 5.00% of the Closing Price of such Underlying Stock on the Trading Day preceding the Ex-Dividend Date for the payment of
such cash dividend or other cash distribution (such Closing Price, the “Extraordinary Dividend Base Closing Price”)
and (c) the full cash value of any non-cash dividend or distribution per share of such Underlying Stock (excluding Marketable
Securities, as defined below).

If
an Underlying Stock is subject to an Extraordinary Dividend, then once the Extraordinary Dividend has become effective the Calculation
Agent will adjust the Adjustment Factor for such Underlying Stock on the Ex-Dividend Date to equal the product of:

		•	the
prior Adjustment Factor for such Underlying Stock, and

 

		•	a
fraction, the numerator of which is the Extraordinary Dividend Base Closing Price of such Underlying Stock on the Trading Day
preceding the Ex-Dividend Date and the denominator of which is the amount by which the Extraordinary Dividend Base Closing
Price of such Underlying Stock on the Trading Day preceding the Ex-Dividend Date exceeds the Extraordinary Dividend.

Notwithstanding
anything herein, the initiation by an Underlying Stock Issuer of an ordinary dividend on such Underlying Stock or any announced
increase in the ordinary dividend on such Underlying Stock will not constitute an Extraordinary Dividend requiring an adjustment.

    	 	10	 

    	 

    

To
the extent an Extraordinary Dividend is not paid in cash or is paid in a currency other than U.S. dollars, the value of the non-cash
component or non-U.S. currency will be determined by the Calculation Agent, in its sole discretion. A distribution on an Underlying
Stock that is a dividend payable in shares of such Underlying Stock, an issuance of rights or warrants or a spin-off event and
also an Extraordinary Dividend will result in an adjustment to the number of shares of such Underlying Stock only as described
in “—Stock Dividends” above, “—Transferable Rights and Warrants” below or “—Reorganization
Events” below, as the case may be, and not as described here.

Transferable
Rights and Warrants

If
an Underlying Stock Issuer issues transferable rights or warrants to all holders of such Underlying Stock to subscribe for or
purchase such Underlying Stock at an exercise price per share that is less than the Closing Price of such Underlying Stock on
the Trading Day before the Ex-Dividend Date for the issuance, then the Adjustment Factor for such Underlying Stock will be adjusted
to equal the product of:

		•	the
prior Adjustment Factor for such Underlying Stock, and

 

		•	a
fraction, (1) the numerator of which will be the number of shares of such Underlying Stock outstanding at the close of trading
on the Trading Day before the Ex-Dividend Date (as adjusted for any subsequent event requiring an adjustment hereunder) plus the
number of additional shares of such Underlying Stock offered for subscription or purchase pursuant to the rights or warrants and
(2) the denominator of which will be the number of shares of such Underlying Stock outstanding at the close of trading on the
Trading Day before the Ex-Dividend Date (as adjusted for any subsequent event requiring an adjustment hereunder) plus the number
of additional shares of such Underlying Stock (referred to herein as the “Additional Shares”) that the aggregate
offering price of the total number of shares of such Underlying Stock so offered for subscription or purchase pursuant to the
rights or warrants would purchase at the Closing Price on the Trading Day before the Ex-Dividend Date for the issuance.

 

The
number of Additional Shares will be equal to:

 

		•	the product
of (1) the total number of additional shares of such Underlying Stock offered for subscription or purchase pursuant to the rights
or warrants and (2) the exercise price of the rights or warrants, divided by

 

		•	the
Closing Price of such Underlying Stock on the Trading Day before the Ex-Dividend Date for the issuance.

 

If
the number of shares of such Underlying Stock actually delivered in respect of the rights or warrants differs from the number
of shares of such Underlying Stock offered in respect of the rights or warrants, then the Adjustment Factor for such Underlying
Stock will promptly be readjusted to the Adjustment Factor for such Underlying Stock that would have been in effect had the adjustment
been made on the basis of the number of shares of such Underlying Stock actually delivered in respect of the rights or warrants.

    	 	11	 

    	 

    

Reorganization
Events

Each
of the following is a “Reorganization Event” with respect to an Underlying Stock:

		•	such Underlying
Stock is reclassified or changed (other than in a stock split or reverse stock split),

 

		•	the applicable
Underlying Stock Issuer has been subject to a merger, consolidation or other combination and either is not the surviving entity
or is the surviving entity but all outstanding shares of such Underlying Stock are exchanged for or converted into other property,

 

		•	a statutory
share exchange involving outstanding shares of such Underlying Stock and the securities of another entity occurs, other than as
part of an event described above,

 

		•	the applicable
Underlying Stock Issuer sells or otherwise transfers its property and assets as an entirety or substantially as an entirety to
another entity,

 

		•	the applicable
Underlying Stock Issuer effects a spin-off, other than as part of an event described above (in a spin-off, a corporation issues
to all holders of its common stock equity securities of another issuer), or

 

		•	the
applicable Underlying Stock Issuer is liquidated, dissolved or wound up or is subject to a proceeding under any applicable bankruptcy,
insolvency or other similar law, or another entity completes a tender or exchange offer for all the outstanding shares of such
Underlying Stock.

 

Adjustments
for Reorganization Events

If
a Reorganization Event occurs with respect to an Underlying Stock, then the Calculation Agent will adjust the Adjustment Factor
for such Underlying Stock to reflect the amount and type of property or properties—whether cash, securities, other property
or a combination thereof—that a holder of one share of such Underlying Stock would have been entitled to receive in relation
to the Reorganization Event. This new property is referred to as the “Reorganization Property.”

Reorganization
Property can be classified into two categories:

		•	an
equity security listed on a national securities exchange, which is referred to generally as a “Marketable Security”
and, in connection with a particular Reorganization Event, “New Stock,” which may include any tracking stock,
any stock received in a spin-off (“Spin-Off Stock”) or any Marketable Security received in exchange for the
applicable Underlying Stock; and

 

		•	cash
and any other property, assets or securities other than Marketable Securities (including equity securities that are not listed,
that are traded over the counter or that are

 

    	 	12	 

    	 

    

			listed
on a non-U.S. securities exchange), which is referred to as “Non-Stock Reorganization Property.”

 

For
the purpose of making an adjustment required by a Reorganization Event, the Calculation Agent, in its sole discretion, will determine
the value of each type of the Reorganization Property. For purposes of valuing any New Stock, the Calculation Agent will use the
Closing Price of the security on the relevant Trading Day. The Calculation Agent will value Non-Stock Reorganization Property
in any manner it determines, in its sole discretion, to be appropriate. In connection with a Reorganization Event in which Reorganization
Property includes New Stock, for the purpose of determining the Adjustment Factor for any New Stock as described below, the term
“New Stock Reorganization Ratio” means the product of (i) the number of shares of the New Stock received
with respect to one share of such Underlying Stock and (ii) the Adjustment Factor for the applicable Underlying Stock on the Trading
Day immediately prior to the effective date of the Reorganization Event.

If
a holder of shares of the applicable Underlying Stock may elect to receive different types or combinations of types of Reorganization
Property in the Reorganization Event, the Reorganization Property will consist of the types and amounts of each type distributed
to a holder of shares of such Underlying Stock that makes no election, as determined by the Calculation Agent in its sole discretion.

If
any Reorganization Event occurs with respect to an Underlying Stock, then on and after the effective date for such Reorganization
Event (or, if applicable, in the case of Spin-Off Stock, the Ex-Dividend Date for the distribution of such Spin-Off Stock) the
term “Underlying Stock” herein will be deemed to mean the following with respect to such Underlying Stock,
and for each share of such Underlying Stock, New Stock and/or Replacement Stock so deemed to constitute such Underlying Stock,
the Adjustment Factor for such Underlying Stock will be equal to the applicable number indicated:

		(a)	if
                                         such Underlying Stock continues to be outstanding:

		(1)	that
                                         Underlying Stock (if applicable, as reclassified upon the issuance of any tracking stock)
                                         at the Adjustment Factor for such Underlying Stock in effect on the Trading Day immediately
                                         prior to the effective date of the Reorganization Event; and

		(2)	if
                                         the Reorganization Property includes New Stock, a number of shares of New Stock equal
                                         to the New Stock Reorganization Ratio;

provided
that, if any Non-Stock Reorganization Property is received in the Reorganization Event, the results of (a)(1) and (a)(2) above
will each be multiplied by the “Gross-Up Multiplier,” which will be equal to a fraction, the numerator of which
is the Closing Price of the original Underlying Stock on the Trading Day immediately prior to the effective date of the Reorganization
Event and the denominator of which is the amount by which such Closing Price of the original Underlying Stock exceeds the value
of the Non-Stock Reorganization Property received per share of such Underlying

    	 	13	 

    	 

    

Stock
as determined by the Calculation Agent as of the close of trading on such Trading Day; or

		(b)	if
                                         such Underlying Stock is surrendered for Reorganization Property:

		(1)	that
                                         includes New Stock, a number of shares of New Stock equal to the New Stock Reorganization
                                         Ratio; provided that, if any Non-Stock Reorganization Property is received in the Reorganization
                                         Event, such number will be multiplied by the Gross-Up Multiplier; or

		(2)	that
                                         consists exclusively of Non-Stock Reorganization Property:

		(i)	if
                                         the surviving entity has Marketable Securities outstanding following the Reorganization
                                         Event and either (A) such Marketable Securities were in existence prior to such Reorganization
                                         Event or (B) such Marketable Securities were exchanged for previously outstanding Marketable
                                         Securities of the surviving entity or its predecessor (“Predecessor Stock”)
                                         in connection with such Reorganization Event (in either case of (A) or (B), the “Successor
                                         Stock”), a number of shares of the Successor Stock determined by the Calculation
                                         Agent on the Trading Day immediately prior to the effective date of such Reorganization
                                         Event equal to the Adjustment Factor for such Underlying Stock in effect on the Trading
                                         Day immediately prior to the effective date of such Reorganization Event multiplied by
                                         a fraction, the numerator of which is the value of the Non-Stock Reorganization Property
                                         per share of such Underlying Stock on such Trading Day and the denominator of which is
                                         the Closing Price of the Successor Stock on such Trading Day (or, in the case of Predecessor
                                         Stock, the Closing Price of the Predecessor Stock multiplied by the number of shares
                                         of the Successor Stock received with respect to one share of the Predecessor Stock);
                                         or

		(ii)	if
                                         the surviving entity does not have Marketable Securities outstanding, or if there is
                                         no surviving entity (in each case, a “Replacement Stock Event”), a
                                         number of shares of Replacement Stock (selected as defined below) with an aggregate value
                                         on the effective date of such Reorganization Event equal to the value of the Non-Stock
                                         Reorganization Property multiplied by the Adjustment Factor for such Underlying Stock
                                         in effect on the Trading Day immediately prior to the effective date of such Reorganization
                                         Event.

If
a Reorganization Event occurs with respect to the shares of an Underlying Stock and the Calculation Agent adjusts the Adjustment
Factor of such Underlying Stock to reflect the Reorganization Property in the event as described above, the Calculation Agent
will make further antidilution adjustments for any later events that affect the Reorganization Property, or any component of the
Reorganization Property, comprising the new Adjustment Factor of such Underlying Stock. The Calculation Agent will do so to the
same extent that it would make adjustments if the shares of such Underlying Stock were outstanding and were affected by the same
kinds of events. If a subsequent Reorganization Event affects only a particular component

    	 	14	 

    	 

    

of
the number of shares of such Underlying Stock, the required adjustment will be made with respect to that component as if it alone
were the number of shares of such Underlying Stock.

For
purposes of adjustments for Reorganization Events, in the case of a consummated tender or exchange offer or going-private transaction
involving Reorganization Property of a particular type, Reorganization Property will be deemed to include the amount of cash or
other property paid by the offeror in the tender or exchange offer with respect to such Reorganization Property (in an amount
determined on the basis of the rate of exchange in such tender or exchange offer or going-private transaction). In the event of
a tender or exchange offer or a going-private transaction with respect to Reorganization Property in which an offeree may elect
to receive cash or other property, Reorganization Property will be deemed to include the kind and amount of cash and other property
received by offerees who elect to receive cash.

Replacement
Stock Events

Following
the occurrence of a Replacement Stock Event described in paragraph (b)(2)(ii) above or in “—Delisting of American
Depositary Shares or Termination of American Depositary Receipt Facility” below with respect to an Underlying Stock, the
Stock Closing Price of the applicable Underlying Stock on any Calculation Day on or after the effective date of the Replacement
Stock Event will be determined by reference to a Replacement Stock and an Adjustment Factor (subject to any further antidilution
adjustments) for such Replacement Stock as determined in accordance with the following paragraphs.

The
“Replacement Stock” will be the stock having the closest “Option Period Volatility” to the
applicable original Underlying Stock among the stocks that then comprise the Replacement Stock Selection Index (or, if publication
of such index is discontinued, any successor or substitute index selected by the Calculation Agent in its sole discretion) with
the same GICS Code (as defined below) as the applicable original Underlying Stock Issuer; provided, however, that a Replacement
Stock will not include (i) any stock that is subject to a trading restriction under the trading restriction policies of the Company,
the hedging counterparties of the Company or any of their affiliates that would materially limit the ability of the Company, the
hedging counterparties of the Company or any of their affiliates to hedge this Security with respect to such stock or (ii) any
stock for which the aggregate number of shares to be referenced by this Security (equal to the product of (a) (i) $100 divided
by (ii) the Starting Price of the applicable Underlying Stock, (b) the Adjustment Factor that would be in effect immediately
after selection of such stock as the Replacement Stock and (c) (i) the aggregate face amount outstanding divided by (ii)
$1,000) exceeds 25% of the ADTV (as defined in Rule 100(b) of Regulation M under the Exchange Act) for such stock as of the effective
date of the Replacement Stock Event (an “Excess ADTV Stock”).

If
a Replacement Stock is selected in connection with a Reorganization Event for an original Underlying Stock, the Adjustment Factor
with respect to such Replacement Stock will be equal to the number of shares of such Replacement Stock with an aggregate value,
based on the Closing Price on the effective date of such Reorganization Event, equal to the product of (a) the value of the
Non-Stock Reorganization Property received per share of such original Underlying Stock and (b) the Adjustment Factor of such Underlying
Stock in effect on the Trading Day immediately prior to the effective date of such Reorganization Event. If a

    	 	15	 

    	 

    

Replacement
Stock is selected in connection with an ADS Termination Event (as defined below), the Adjustment Factor with respect to such Replacement
Stock will be equal to the number of shares of such Replacement Stock with an aggregate value, based on the Closing Price on the
Change Date (as defined below), equal to the product of (x) the Closing Price of the original Underlying Stock on the Change Date
and (y) the Adjustment Factor in effect on the Trading Day immediately prior to the Change Date.

The
“Option Period Volatility” means, in respect of any Trading Day, the volatility (calculated by referring to
the Closing Price of the applicable Underlying Stock on its primary exchange) for a period equal to the 125 Trading Days immediately
preceding the announcement date of the Reorganization Event, as determined by the Calculation Agent.

“GICS
Code” means the Global Industry Classification Standard (“GICS”) sub-industry code assigned to the
applicable Underlying Stock Issuer; provided, however, if (i) there is no other stock in the Replacement Stock Selection Index
in the same GICS sub-industry or (ii) a Replacement Stock (a) for which there is no trading restriction and (b) that is not
an Excess ADTV Stock cannot be identified from the Replacement Stock Selection Index in the same GICS sub-industry, the GICS Code
will mean the GICS industry code assigned to such original Underlying Stock Issuer. If no GICS Code has been assigned to such
original Underlying Stock Issuer, the applicable GICS Code will be determined by the Calculation Agent to be the GICS sub-industry
code assigned to companies in the same sub-industry (or, subject to the proviso in the preceding sentence, industry, as applicable)
as such original Underlying Stock Issuer at the time of the relevant Replacement Stock Event.

The
“Replacement Stock Selection Index” means the S&P 500® Index.

Delisting
of American Depositary Shares or Termination of American Depositary Receipt Facility.

If
an Underlying Stock is an American Depositary Share and such Underlying Stock is no longer listed or admitted to trading on a
U.S. securities exchange registered under the Exchange Act or included in the OTC Bulletin Board Service operated by FINRA, or
if the American depositary receipt facility between the applicable Underlying Stock Issuer and the depositary is terminated for
any reason (each, an “ADS Termination Event”), then, on the last Trading Day on which the applicable Underlying
Stock is listed or admitted to trading or the last Trading Day immediately prior to the date of such termination, as applicable
(the “Change Date”), a Replacement Stock Event shall be deemed to occur.

Calculation
Agent

The
Calculation Agent will determine whether this Security will be automatically called prior to stated maturity and whether a Contingent
Coupon Payment will be made, the Call Price, if any, and the Maturity Payment Amount, if any. In addition, the Calculation Agent
will (i) determine the Closing Prices of the Underlying Stocks under the circumstances described in this Security, (ii) determine
if adjustments are required to the Closing Price or Adjustment Factor of an Underlying Stock under the circumstances described
in this Security, (iii) select a

    	 	16	 

    	 

    

Replacement
Stock under the circumstances described in this Security and (iv) 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.

Redemption
and Repayment

This
Security is not subject to repayment at the option of the Holder hereof prior to November 3, 2021. Except as set forth above under
“Automatic Call,” this Security is not subject to redemption prior to November 3, 2021. 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 two sentences) of this Security may be declared due and payable in the manner and
with the effect provided in the Indenture. The
amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Maturity Payment
Amount hereof calculated as provided herein, plus a portion of a final Contingent Coupon Payment, if any. The Maturity Payment
Amount and any final Contingent Coupon Payment will be calculated as though the date of acceleration were the Final Calculation
Day. The final Contingent Coupon Payment, if any, will be prorated from and including the immediately preceding Contingent Coupon
Payment Date to but excluding 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]

 

    	 	17	 

    	 

    

 

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

 

DATED:

 

	 	WELLS FARGO & COMPANY
	 	 
	 	By:	 
	 	 	

	 	 	Its: 

 

 

	 	Attest:	 
	 	 	

	 	 	Its: 

 

	TRUSTEE’S CERTIFICATE OF

AUTHENTICATION	 
	This is one of the Securities of the

series
designated therein described

in the within-mentioned Indenture.	 
	 	 	 
	CITIBANK, N.A.,

as Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 
	 	 	 
	OR	 
	 	 	 
	WELLS FARGO BANK, N.A.,

as
Authenticating Agent for the Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 

 

    	 	18	 

    	 

    

[Reverse
of Note]

 

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES S

 

Due
Nine Months or More From Date of Issue

 

Principal
at Risk Securities Linked to the Lowest Performing of the

Common Stock of Honeywell International Inc. and the Common Stock of General Electric

Company due November 3, 2021

 

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

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

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

Modification
and Waivers 

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

    	 	19	 

    	 

    

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

Defeasance

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

Authorized
Denominations

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

Registration
of Transfer

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

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

    	 	20	 

    	 

    

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

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

Obligation
of the Company Absolute

No
reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the Contingent Coupon Payments, if any, and the Maturity Payment Amount or
the Call Price, as applicable, on this Security at the times, place and rate, and in the coin or currency, herein prescribed,
except as otherwise provided in this Security.

No
Personal Recourse

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

Defined
Terms

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

Governing
Law

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

    	 	21	 

    	 

    

 

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)

 

    	 	22	 

    	 

    

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.

 

 

    	 	23

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