Document:

WELLS FARGO & COMPANY 8-K 

 

Exhibit
4.7

 

[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. 95001HE31	 	FACE AMOUNT: 
    $____________
	REGISTERED NO. __	 	 

                                                     

WELLS
FARGO FINANCE LLC

 

MEDIUM-TERM
NOTE, SERIES A

Fully
and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal
at Risk Securities Linked to a Basket of Three Financial Sector Stocks

due
March 31, 2021

 

           
WELLS FARGO FINANCE LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under and as defined in the Indenture hereinafter
referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the
Maturity Payment Amount (as defined below), in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts, on the Stated Maturity Date.  The “Initial Stated Maturity
Date“ shall be March 31, 2021.  If the Calculation Day (as defined below) is not postponed for any Basket
Component (as defined below), the Initial Stated Maturity Date will be the “Stated Maturity Date.”  If
the Calculation Day is postponed for any Basket Component, the “Stated Maturity Date” shall be the later of
(i) the Initial Stated Maturity Date and (ii) three Business Days (as defined below) after the last Calculation Day
as postponed.  This Security shall not bear any interest. 

 

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

 

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

 

     

     

    
 

Determination
of Maturity Payment Amount

 

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

 

	 

	●

	if
the Ending Price is greater than the Starting Price: the Face Amount plus the lesser of:

 

	 	(i)	 
	 	 	 
		(ii)	the
Maximum Return;

 

	 

	●

	if
the Ending Price is less than or equal to the Starting Price: the Face Amount minus:

 

 

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.

 

           
The “Basket” shall mean a basket comprised of the following Basket Components, with the return of each Basket
Component having the weighting noted parenthetically:  the common stock of Citigroup Inc. (1/3); the common stock of Morgan
Stanley (1/3); and the common stock of JPMorgan Chase & Co. (1/3).

 

           
“Basket Component” shall mean each of the common stock of Citigroup Inc., the common stock of Morgan Stanley
and the common stock of JPMorgan Chase & Co.

 

           
“Basket Component Issuer” shall mean the issuer of each Basket Component.

           

           
The “Pricing Date” shall mean January 28, 2020. 

 

           
The “Starting Price” is 100.

 

           The
“Ending Price” will be calculated based on the weighted returns of the Basket Components and will be equal
to the product of (i) 100 and (ii) an amount equal to 1 plus the sum of: (A) 1/3 of the Component Return of the common stock
of Citigroup Inc.; (B) 1/3 of the Component Return of the common stock of Morgan Stanley; and (C) 1/3 of the Component
Return of the common stock of JPMorgan Chase & Co.

 

    2 

     

    

 

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

 

Final
Component Price – Initial Component Price

Initial
Component Price

 

where,

 

	 

	●

	 

	the
“Initial Component Price” is the Stock Closing Price of such Basket Component on the Pricing Date, as set forth
below; and

	 

	 

	 

	 

	 

	●

	 

	the
“Final Component Price” will be the Stock Closing Price of such Basket Component on the Calculation Day.

	 

	 

	 

	 

	 

	 

	 

	The
Initial Component Prices of the Basket Components are as follows: the common stock of Citigroup Inc. ($77.24); the common stock
of Morgan Stanley ($54.02); and the common stock of JPMorgan Chase & Co. ($134.43). 

 

           
The
“Maximum Return” is 21.90% of the Face Amount of this Security.

 

           
The
“Participation Rate” is 300%

 

           
The
“Stock Closing Price” with respect to each Basket Component on any Trading Day, means the product of the Closing
Price of such Basket Component and the Adjustment Factor for such Basket Component, each on such Trading Day.

 

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

 

           
“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 Day” shall be March 26, 2021.  If such day is not a Trading Day with respect to
any Basket Component, the Calculation Day for each Basket Component will be postponed to the next succeeding day that is a Trading
Day with respect to each Basket Component.  The Calculation Day for a Basket Component is also subject to postponement due
to the occurrence of a Market Disruption Event (as defined below) with respect to such Basket Component. If a Market Disruption
Event occurs or is continuing with respect to a Basket Component on the Calculation Day, then the Calculation Day for such Basket
Component will be postponed to the first succeeding Trading Day for such Basket Component on which a Market Disruption Event for
such Basket Component has not occurred and is not continuing; however, if such first succeeding Trading Day has not occurred as
of the eighth Trading Day for such Basket Component after the originally scheduled Calculation Day, that eighth Trading Day shall
be deemed to be the Calculation Day for such Basket Component.  If the Calculation Day has been postponed eight Trading Days
for a Basket Component after the originally scheduled Calculation 

 

    3 

     

    
 

Day and a Market Disruption Event occurs or is continuing with
respect to such Basket Component on such eighth Trading Day, the Calculation Agent will determine the Closing Price (as defined
below) of such Basket Component on such eighth Trading Day by using its good faith estimate of the Closing Price that would have
prevailed for such Basket Component on such day.  Notwithstanding the postponement of the Calculation Day for a Basket Component
due to a Market Disruption Event with respect to such Basket Component on such Calculation Day, the originally scheduled Calculation
Day will remain the Calculation Day for any Basket Component not affected by a Market Disruption Event on such day.  See
“—Market Disruption Events.”

 

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

 

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

 

Certain
Definitions 

 

A
“Trading Day” with respect to a Basket Component means a day, as determined by the Calculation Agent, on which
trading is generally conducted on the principal trading market for such Basket Component (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 a Basket Component (or one unit of any other security for which a Closing
Price must be determined) on any Trading Day means:

 

	 

	●

	if
such Basket Component (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 Basket Component (or any such other security) is
listed or admitted to trading; or

 

	 

	●

	if
such Basket Component (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 operated by the Financial Industry Regulatory Authority, Inc. (“FINRA”),
the last reported sale price of the principal trading session on the OTC Bulletin Board Service on such day.

 

If
such Basket Component (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 Basket
Component (or one unit of any such other security) on any Trading Day will mean the last reported sale price of the principal
trading

 

    4 

     

    
 

session on the over-the-counter market as reported on the OTC Bulletin Board Service on such day.

 

If
the official closing price or the last reported sale price, as applicable, for such Basket Component (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 Basket Component (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 a Basket Component, means the occurrence or existence of any of
the following events:

 

	 

	●

	a
suspension, absence or material limitation of trading in such Basket Component 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 Basket Component, 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
Basket Component 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 Basket Component, 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.

 

The
following events will not be a Market Disruption Event with respect to a Basket Component:

 

	 

	●

	a
limitation on the hours or number of days of trading in such Basket Component 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 Basket Component.

 

    5 

     

    

 

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 Basket Component or option or futures contracts relating
to such Basket Component, as applicable, by reason of any of:

 

	 

	●

	a
price change exceeding limits set by that market;

 

	 

	●

	an
imbalance of orders relating to such Basket Component or those contracts; or

 

	 

	●

	a
disparity in bid and asked quotes relating to such Basket Component or those contracts

 

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

 

Adjustment
Events

 

The
Adjustment Factor for each Basket Component is initially 1.0. However, the Adjustment Factor for each Basket Component 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 a Basket Component and the Calculation Agent determines that the event
has a dilutive or concentrative effect on the market price of such Basket Component, the Calculation Agent will calculate a corresponding
adjustment to the Adjustment Factor for such Basket Component 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 Basket Component 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 Basket Component outstanding immediately after the stock split and whose denominator
is the number of shares of such Basket Component outstanding immediately prior to the stock split. Consequently, the Adjustment
Factor for such Basket Component will be adjusted to double the prior Adjustment Factor, due to the corresponding decrease in
the market price of such Basket Component.  Adjustments to the Adjustment Factor for a Basket Component 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 Calculation Day for such Basket Component (the “Adjustment Period”).

 

The
Calculation Agent will also determine the effective date of that adjustment, and the replacement of a Basket Component, if applicable,
in the event of a consolidation or merger or certain other events in respect of the applicable Basket Component 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 Basket Component. The Calculation Agent will not be required to make any adjustments
to the Adjustment Factor for purposes of calculating the Stock Closing Price for the Calculation Day after the close of business
on the Calculation Day. In no event, however, will an antidilution adjustment to the Adjustment

 

    6 

     

    
 

Factor of a Basket Component 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 a Basket Component, 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 Basket Component for the second event, applying the required
adjustment to the Adjustment Factor for such Basket Component 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 a Basket Component unless the adjustment would result in a change to the Adjustment Factor of such Basket Component
then in effect of at least 0.10%. The Adjustment Factor of such Basket Component 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 a Basket Component, 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 a Basket Component, as to the nature of the adjustment required for
such Basket Component 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 a Basket Component Issuer organized outside the United States, such amount or value will be converted to
U.S. dollars, as 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 Basket Component 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 a Basket Component Issuer for cash or
in connection with the occurrence of a partial tender or exchange offer for a Basket Component by the Basket Component Issuer
of such Basket Component or any other person.

 

    7 

     

    
 

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
a Basket Component 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 Basket Component to equal the product of the prior Adjustment Factor of such
Basket Component and the number of shares issued in such stock split or reverse stock split with respect to one share of such
Basket Component.

 

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

 

	 

	●

	the
number of shares issued with respect to one share of such Basket Component, and

 

	 

	●

	the
prior Adjustment Factor for such Basket Component.

 

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

 

No
Adjustments for Other Dividends and Distributions

 

The
Adjustment Factor for a Basket Component will not be adjusted to reflect dividends, including cash dividends, or other distributions
paid with respect to such Basket Component, 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

 

    8 

     

    
	 

	●

	Extraordinary
Dividends described below.

 

An
“Extraordinary Dividend” means each of (a) the full amount per share of a Basket Component of any cash dividend
or special dividend or distribution that is identified by the applicable Basket Component 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 Basket Component Issuer as an extraordinary or special dividend or distribution) distributed per share of such
Basket Component over the immediately preceding cash dividend or other cash distribution, if any, per share of such Basket Component
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 Basket Component 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 Basket Component (excluding Marketable
Securities, as defined below).

 

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

 

	 

	●

	the
prior Adjustment Factor for such Basket Component, and

 

	 

	●

	a
fraction, the numerator of which is the Extraordinary Dividend Base Closing Price of such Basket Component 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 Basket Component on the Trading Day preceding the Ex-Dividend Date exceeds the Extraordinary Dividend.

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

 

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 a Basket
Component that is a dividend payable in shares of such Basket Component, 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 Basket Component 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
a Basket Component Issuer issues transferable rights or warrants to all holders of such Basket Component to subscribe for or purchase
such Basket Component at an exercise price per share that is less than the Closing Price of such Basket Component on the Trading
Day before the 

 

    9 

     

    

 

Ex-Dividend Date
for the issuance, then the Adjustment Factor for such Basket Component will be adjusted to equal the product of:

 

	 

	●

	the
prior Adjustment Factor for such Basket Component, and

 

	 

	●

	a
fraction, (1) the numerator of which will be the number of shares of such Basket Component 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 Basket Component 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 Basket Component 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 Basket Component (referred to herein as the “Additional Shares”) that the aggregate
offering price of the total number of shares of such Basket Component 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 Basket Component 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 Basket Component on the Trading Day before the Ex-Dividend Date for the issuance.

 

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

 

Reorganization
Events

 

Each
of the following is a “Reorganization Event” with respect to a Basket Component:

 

	 

	●

	such
Basket Component is reclassified or changed (other than in a stock split or reverse stock split),

 

	 

	●

	the
applicable Basket Component 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 Basket Component are exchanged for or converted into other
property,

 

    10 

     

    
	 

	●

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

 

	 

	●

	the
applicable Basket Component Issuer sells or otherwise transfers its property and assets as an entirety or substantially as an
entirety to another entity,

 

	 

	●

	the
applicable Basket Component 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 Basket Component 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
Basket Component.

 

Adjustments
for Reorganization Events

 

If
a Reorganization Event occurs with respect to a Basket Component, then the Calculation Agent will adjust the Adjustment Factor
for such Basket Component 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 Basket Component 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 Basket Component; 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 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 Basket Component and (ii) the Adjustment Factor for the applicable Basket
Component on the Trading Day immediately prior to the effective date of the Reorganization Event.

 

    11 

     

    
If
a holder of shares of the applicable Basket Component 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 Basket Component that makes no election, as determined by the Calculation Agent in its sole discretion.

 

If
any Reorganization Event occurs with respect to a Basket Component, 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 “Basket Component” herein will be deemed to mean the following with respect to such Basket Component,
and for each share of such Basket Component, New Stock and/or Replacement Stock so deemed to constitute such Basket Component,
the Adjustment Factor for such Basket Component will be equal to the applicable number indicated:

 

	 

	(a)

	if
such Basket Component continues to be outstanding:

 

	 

	(1)

	that
Basket Component (if applicable, as reclassified upon the issuance of any tracking stock) at the Adjustment Factor for such Basket
Component 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 Basket Component 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 Basket Component exceeds the value
of the Non-Stock Reorganization Property received per share of such Basket Component as determined by the Calculation Agent as
of the close of trading on such Trading Day; or

 

	 

	(b)

	if
such Basket Component 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”) 

 

    12 

     

    
	 

	 

	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 Basket Component 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 Basket Component 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 Basket Component 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 a Basket Component and the Calculation Agent adjusts the Adjustment
Factor of such Basket Component 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 Basket Component. The Calculation Agent will do so to the
same extent that it would make adjustments if the shares of such Basket Component were outstanding and were affected by the same
kinds of events. If a subsequent Reorganization Event affects only a particular component of the number of shares of such Basket
Component, the required adjustment will be made with respect to that component as if it alone were the number of shares of such
Basket Component.

 

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 

 

    13 

     

    
Receipt Facility”
below with respect to a Basket Component, the Stock Closing Price of the applicable Basket Component on the 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 Basket Component 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 Basket Component 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 Basket Component, (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 Basket Component, 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 Basket Component and (b) the Adjustment Factor of such Basket
Component in effect on the Trading Day immediately prior to the effective date of such Reorganization Event.  If a 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 Basket Component 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 Basket Component 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 Basket Component 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 Basket Component Issuer.  If no GICS Code has been assigned to
such original Basket Component Issuer,

 

    14 

     

    

 

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 Basket Component 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
a Basket Component is an American Depositary Share and such Basket Component 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 Basket Component Issuer and the depositary is terminated for any reason
(each, an “ADS Termination Event”), then, on the last Trading Day on which the applicable Basket Component
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 the Maturity Payment Amount.  In addition, the Calculation Agent will (i) determine
the Closing Prices of the Basket Components under the circumstances described in this Security, (ii) determine if adjustments
are required to the Closing Price or Adjustment Factor of a Basket Component under the circumstances described in this Security,
(iii) select a 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. 

 

Tax
Considerations

 

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

 

Redemption
and Repayment

 

           
This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior
to March 31, 2021.  This Security is not entitled to any sinking fund.

 

    15 

     

    

 

Acceleration

 

           
If an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Maturity
Payment Amount (calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and
with the effect provided in the Indenture.  The amount payable to the Holder hereof upon any acceleration
permitted under the Indenture will be equal to the Maturity
Payment Amount hereof calculated as provided herein as though the date of acceleration were the Calculation
Day.

 

__________________

 

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]

 

    16 

     

    
 

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

 

DATED: 

 

	 

	WELLS
FARGO FINANCE LLC

	 

	 

	 

	 

	 

	By:

	 

	 

	 

	 

	 

	 

	 

	 

	Its:

	 

 

	 

	Attest:

	 

	 

	 

	 

	 

	 

	 

	 

	Its:

	 

 

TRUSTEE’S
CERTIFICATE OF
AUTHENTICATION
This is one of the Securities of the 
series designated therein described
in the within-mentioned
Indenture.

 

	CITIBANK,
N.A.,

	 

	 

	as
Trustee

	 

	 

	 

	 

	By:

	 

	 

	 

	Authorized
Signature

	 

	 

	 

	 

	 

	OR

	 

	 

	 

	 

	 

	WELLS
FARGO BANK, N.A.,

	 

	 

	as
Authenticating Agent for the Trustee

	 

	 

	 

	 

	By:

	 

	 

	 

	Authorized
Signature

	 

 

    17 

     

    
 

[Reverse
of Note]

 

WELLS
FARGO FINANCE LLC

 

MEDIUM-TERM NOTE,
SERIES A

Fully and Unconditionally
Guaranteed by Wells Fargo & Company

 

Principal
at Risk Securities Linked to a Basket of Three Financial Sector Stocks 

due
March 31, 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 April 25, 2018, as amended or supplemented from time
to time (herein called the “Indenture”), among the Company, as issuer, Wells Fargo & Company, as guarantor
(the “Guarantor”) and Citibank, N.A., as trustee (herein called the “Trustee,” which term
includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor,
the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and
delivered.  This Security is one of the series of the Securities designated as Medium-Term Notes, Series A, of the Company. 
The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-,
commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic
or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest
at a fixed rate or a floating rate.  The Securities of this series may mature at different times, be redeemable at different
times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different
currencies.

 

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

 

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

 

Guarantee

 

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

 

Modification
and Waivers

 

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

 

    18 

     

    
 

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

 

Defeasance

 

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

 

Authorized
Denominations

 

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

 

Registration
of Transfer

 

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

 

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

 

    19 

     

    
 

represented hereby has occurred and is continuing.  If this Security is
exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having
the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount.

 

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

 

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

 

Obligation
of the Company Absolute

 

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

 

No
Personal Recourse

 

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

 

Defined
Terms

 

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

 

Governing
Law

 

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

 

    20 

     

    
 

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)

 

    21 

     

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

 

	Dated:
_________________________

	 

	 

	 

	 

	 

	 

	 

	 

	 

 

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

 

    22WELLS FARGO & COMPANY 8-K 

 

Exhibit 4.8

 

[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. 95001HE98

	
FACE AMOUNT:  $___________ 

REGISTERED NO. ___

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM
NOTE, SERIES A
Fully and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal at Risk Securities Linked to the Lowest Performing of the
Nasdaq-100 Index®, the Russell 2000® Index and
the EURO STOXX 50® Index due February 6, 2030

 

WELLS FARGO FINANCE, LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term includes any successor corporation under and as defined in the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Maturity Payment Amount (as defined below) on the Stated Maturity Date (as defined below), unless this Security is 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 February 6, 2030.  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 Closing Level (as defined below) of the Lowest Performing Index (as defined below) on any of the quarterly Call Dates (as
defined below) from February 2021 to November 2029, inclusive, is greater than or equal to its Starting Level (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 Call Date shall be three Business Days after such Call Date, as such Call Date may be postponed as provided herein.  If a Call Date is postponed with respect to one or more Indices, the related Call Settlement Date will be three Business Days after the last Call Date as postponed.

 

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

 

On each monthly Contingent Coupon Payment Date, the Company shall pay a Contingent Coupon Payment if, and only if, the Closing Level of the Lowest Performing Index on the related Calculation Day (as defined below) is greater than or equal to its Coupon Threshold Level (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 12.  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 Indices, the related Contingent Coupon Payment Date will be three Business Days after the last Calculation Day as postponed.  The “Contingent Coupon Rate” is 8.50% 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 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 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. 

     2

     

    
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 Level of the Lowest Performing Index on the Final Calculation Day  is greater than or equal to its Downside Threshold Level: the Face Amount; or

 

	
 

	
●

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

 

 

 

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.

 

“Index” shall mean each of the Nasdaq-100 Index, the Russell 2000 Index and the EURO STOXX 50 Index.

 

The “Pricing Date” shall mean January 28, 2020.

 

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

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The “Performance Factor” with respect to an Index on any Calculation Day (including the Call Dates) is its Closing Level on such Calculation Day divided by its Starting Level (expressed as a percentage).

 

The “Starting Level” with respect to the Nasdaq-100 Index is 9090.933, its Closing Level on the Pricing Date, with respect to the Russell 2000 Index is 1658.314, its Closing Level on the Pricing Date, and with respect to the EURO STOXX 50 Index is 3719.22, its Closing Level on the Pricing Date.

 

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

 

The “Coupon Threshold Level” with respect to the Nasdaq-100 Index is 7272.7464, which is equal to 80% of its Starting Level, with respect to the Russell 2000 Index is 1326.6512, which is equal to 80% of its Starting Level, and with respect to the EURO STOXX 50 Index is 2975.376, which is equal to 80% of its Starting Level.

 

The “Downside Threshold Level” with respect to the Nasdaq-100 Index is 5454.5598, which is equal to 60% of its Starting Level, with respect to the Russell 2000 Index is 994.9884, which is equal to 60% of its Starting Level, and with respect to the EURO STOXX 50 Index is 2231.532, which is equal to 60% of its Starting Level.

 

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

 

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

 

“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 1st day of each month, commencing March 2020 and ending January
2030, and the Final Calculation Day. The Call Dates are the same dates as the Calculation Days occurring in February, May, August
and November of each year, commencing February 2021 and ending November 2029, and for purposes of postponement are also referred
to herein as a “Calculation Day.” If any such day is not a Trading Day with respect to any Index, such Calculation
Day for each Index will be postponed to the next succeeding day that is a Trading Day with respect to each Index.  A Calculation
Day for an Index is also subject to postponement due to the occurrence of a Market Disruption Event (as defined below) with respect
to such Index on such Calculation Day.  The “Final Calculation Day” is February 1, 2030.  If a Market
Disruption Event occurs or is continuing with respect to an Index on any Calculation Day, then such Calculation Day for such Index
will be postponed to the first succeeding Trading Day for such Index on which a Market Disruption Event for such Index has not
occurred and is not continuing; however, if such first succeeding Trading Day has not occurred as of the eighth Trading Day for
 

     4

     

    

 

such Index after the originally scheduled Calculation Day, that eighth Trading Day shall be deemed to be the Calculation Day for
such Index.  If a Calculation Day has been postponed eight Trading Days for an Index after the originally scheduled Calculation
Day and a Market Disruption Event occurs or is continuing with respect to such Index on such eighth Trading Day, the Calculation
Agent will determine the Closing Level of such Index on such eighth Trading Day in accordance with the formula for and method
of calculating the Closing Level of such Index last in effect prior to commencement of the Market Disruption Event, using the
closing price (or, with respect to any relevant security, if a Market Disruption Event has occurred with respect to such security,
its good faith estimate of the value of such security at (i) with respect to the Nasdaq-100 Index or the Russell 2000 Index, the
Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the regular
trading session of such Relevant Stock Exchange or (ii) with respect to the EURO STOXX 50 Index, the time at which the official
Closing Level of such Index is calculated and published by the relevant Index Sponsor) on such date of each security included
in such Index.  As used herein, “closing price” means, with respect to any security on any date, the Relevant
Stock Exchange traded or quoted price of such security as of (i) with respect to the  Nasdaq-100 Index or the Russell 2000
Index, the Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of
the regular trading session of such Relevant Stock Exchange or (ii) with respect to the EURO STOXX 50 Index, the time at which
the official Closing Level of such Index is calculated and published by the relevant Index Sponsor.  Notwithstanding the
postponement of a Calculation Day for an Index due to a Market Disruption Event with respect to such Index on such Calculation
Day, the originally scheduled Calculation Day will remain the Calculation Day for any Index not affected by a Market Disruption
Event on such day.

 

The “Call Dates” shall be the Calculation Days occurring in each February, May, August and November, commencing February 2021 and ending November 2029, each subject to postponement as provided in the definition of “Calculation Days” above.

 

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

 

“Calculation Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among other things, the determination of whether this Security will be automatically called 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 the Nasdaq-100 Index or the Russell 2000 Index means a day, as determined by the Calculation Agent, on which (i) the Relevant Stock Exchanges with respect to each security underlying such Index are scheduled to be open for trading for their  

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respective regular trading sessions and (ii) each Related Futures or Options Exchange with respect to such Index is scheduled to be open for trading for its regular trading session.

 

A “Trading Day” with respect to the EURO STOXX 50 Index means a day, as determined by the Calculation Agent, on which (i) the relevant Index Sponsor is scheduled to publish the level of the EURO STOXX 50 Index and (ii) each Related Futures or Options Exchange with respect to the EURO STOXX 50 Index is scheduled to be open for trading for its regular trading session.

 

The “Relevant Stock Exchange” for any security underlying an Index means the primary exchange or quotation system on which such security is traded, as determined by the Calculation Agent.

 

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

 

Adjustments to an Index

 

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

 

Discontinuance of an Index

 

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

 

In the event that an Index Sponsor discontinues publication of an Index prior to, and the discontinuance is continuing on, a Calculation Day and the Calculation Agent determines that no Successor Equity Index is available at such time, the Calculation Agent will calculate a substitute 

     6

     

    

 

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

 

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

 

Market
Disruption Events 

 

A
“Market Disruption Event” with respect to the Nasdaq-100 Index or the Russell 2000 Index means any of the following
events as determined by the Calculation Agent in its sole discretion:

 

	
 

	
(A)

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

 

	
 

	
(B)

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

 

	
 

	
(C)

	
The occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market values for, securities that then comprise 20% or more of the level of such Index or any Successor Equity Index on their Relevant Stock Exchanges at any time during the one-hour period that ends at the Close of Trading on that day.

 

	
 

	
(D)

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

 

     7

     

    

 

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

 

	
 

	
(E)

	
The closure on any Exchange Business Day of the Relevant Stock Exchanges on which securities that then comprise 20% or more of the level of such Index or any Successor Equity Index are traded or any Related Futures or Options Exchange with respect to such Index or any Successor Equity Index prior to its Scheduled Closing Time unless the earlier closing time is announced by the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, at least one hour prior to the earlier of (1) the actual closing time for the regular trading session on such Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, and (2) the submission deadline for orders to be entered into the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, system for execution at such actual closing time on that day.

 

	
 

	
(F)

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

 

For purposes of determining whether a Market Disruption Event has occurred with respect to the Nasdaq-100 Index or the Russell 2000 Index :

 

	
 

	
(1)

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

 

	
 

	
(2)

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

 

	
 

	
(3)

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

     8

     

    
 

Futures or Options Exchange on such Trading Day, without regard to after hours or any other trading outside the regular trading session hours; and

 

	
 

	
(4)

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

 

   A “Market Disruption Event” with respect to the EURO STOXX 50 Index means any of (A), (B), (C) or (D) below, as determined by the Calculation Agent in its sole discretion:

 

	
 

	
(A)

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

 

	
 

	
●

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

 

	
 

	
●

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

 

	
 

	
●

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

 

	
 

	
(B)

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

 

	
 

	
●

	
a material suspension of or limitation imposed on trading by any Related Futures or Options Exchange or otherwise at any time during the one-hour period that ends at the close of trading on such Related Futures or Options 

     9

     

    
 

Exchange on that day, whether by reason of movements in price exceeding limits permitted by the Related Futures or Options Exchange or otherwise;

 

	
 

	
●

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

 

	
 

	
●

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

 

	
 

	
(C)

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

 

	
 

	
(D)

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

 

For purposes of determining whether a Market Disruption Event has occurred with respect to the EURO STOXX 50 Index:

 

	
 

	
(1)

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

 

	
 

	
(2)

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

 

	
 

	
(3)

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

 

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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 if adjustments are required to the Closing Level of an Index under the circumstances described in this Security, (ii) if publication of an Index is discontinued, select a Successor Equity Index or, if no Successor Equity Index is available, determine the Closing Level of such Index under the circumstances described in this Security, and (iii) determine whether a Market Disruption Event has occurred. 

 

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

 

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

 

Redemption and Repayment

 

This Security is not subject to repayment at the option of the Holder hereof prior to February 6, 2030.  Except as set forth above under “Automatic Call,” this Security is not subject to redemption prior to February 6, 2030.  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 FINANCE LLC

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
 

	
 

	
Its:

	
 

	
 

	
 

	
 

	
Attest:

	
 

	
 

	
 

	
 

	
 

	
 

	
Its:

 

	
TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 

This is one of the Securities of the 

series designated therein described 

in the within-mentioned Indenture. 

	
 

	
 

	
 

	
 

	
CITIBANK, N.A.,

	
 

	
 

	
as Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Authorized Signature

	
 

	
 

	
 

	
 

	
 

	
OR

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, N.A.,

	
 

	
as Authenticating Agent for the Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Authorized Signature

	
 

 

     12

     

    

 

[Reverse of Note]

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A
Fully and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal at Risk Securities Linked to the Lowest Performing of the
Nasdaq-100 Index®, the Russell 2000® Index and
the EURO STOXX 50® Index due February 6, 2030

 

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

 

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

 

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

 

Guarantee

 

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

 

Modification and Waivers 

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the Guarantor and the rights   

     13

     

    
 

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

 

Defeasance

 

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

 

Authorized Denominations

 

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

 

Registration of Transfer

 

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

 

This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered  

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form and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing.  If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, bearing interest at the same rate, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

 

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

 

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

 

Obligation of the Company Absolute

 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the 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 or of the Guarantor or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 

Defined Terms

 

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

 

Governing Law

 

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

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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) 

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

 

	
Dated:

	
 

	
 

	
 

 

	
 

	
 

	
 

	
 

 

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

 

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