Document:

Exhibit 10.10

 Exhibit 10.10 

Rules of the LOMBARD MEDICAL, INC. Global Share Option Plan (2014) 

 CONTENTS 
  

							
	1.	  	Definitions	  	 	4	  
			
	2.	  	Eligibility	  	 	7	  
			
	3.	  	Administration	  	 	7	  
			
	4.	  	Grant of Awards	  	 	7	  
			
	5.	  	Overall Limits on Awards	  	 	9	  
			
	6.	  	Performance Targets	  	 	9	  
			
	7.	  	Lapse of Awards	  	 	9	  
			
	8.	  	Manner of Exercise	  	 	10	  
			
	9.	  	Relevant Transactions	  	 	10	  
			
	10.	  	Adjustments with Respect to Share Capital	  	 	11	  
			
	11.	  	Conditions on Delivery	  	 	12	  
			
	12.	  	Sub-Plans	  	 	12	  
			
	13.	  	Tax	  	 	12	  
			
	14.	  	Data Protection	  	 	13	  
			
	15.	  	Variation and Termination	  	 	13	  
			
	16.	  	Relationship with Employment Arrangements	  	 	14	  
			
	17.	  	Term	  	 	15	  
			
	18.	  	Governing Law	  	 	15	  
		
	APPENDIX A	  	 	16	  
			
	1.	  	Interpretation	  	 	16	  
			
	2.	  	Grant of Approved Options	  	 	18	  
			
	3.	  	Individual Grant Limits	  	 	20	  
			
	4.	  	Manner of Exercise of Approved Options	  	 	21	  
			
	5.	  	Lapse of Award	  	 	21	  
			
	6.	  	Tax Liabilities	  	 	21	  
			
	7.	  	Variation of Share Capital	  	 	23	  
			
	8.	  	Change of Control and Option Rollover	  	 	23	  
			
	9.	  	Administration and Variation	  	 	23	  

  
 2 

					
		
	APPENDIX B	  	24
			
	1.	  	Interpretation	  	24
			
	2.	  	Eligibility	  	24
			
	3.	  	Limitations on Awards Under the Plan	  	24
			
	4.	  	Rules Applicable to Awards	  	25
			
	5.	  	Amendment of Appendix B	  	28
			
	6.	  	Miscellaneous	  	28
		
	APPENDIX C	  	29
			
	1.	  	Interpretation	  	29
			
	2.	  	Miscellaneous	  	29
		
	APPENDIX D	  	30
			
	1.	  	Interpretation	  	30
			
	2.	  	Participant’s Tax Indemnity	  	30

  
 3 

 Rules of the Lombard Medical, Inc. Global Share Option Plan (2014) 

(as may be amended from time to time) (the “Plan”) 
  

	1.	DEFINITIONS 

  

	1.1	In this Plan, unless the context requires otherwise, the following words and expressions have the following meanings: 

 

			
	“Administrator”	  	means the Committee, except that the Committee may delegate, in accordance with applicable law: (i) to one or more of its members (or one or more other members of the Board (including the full Board)) such of its duties, powers and
responsibilities as it may determine; (ii) to one or more officers of the Company the power to grant Awards to the extent permitted by applicable law; and (iii) to such Employees or other persons as it determines such administrative tasks as it
deems appropriate. In the event of any delegation described in the preceding sentence, the term “Administrator” will include the person or persons so delegated to the extent of such delegation.
		
	“Award”	  	means a grant in accordance with this Plan of a beneficial interest in Shares or an option or other right to acquire Shares including, but not limited to, Shares, Options, Restricted Shares, SARs, Share Units (including Restricted
Share Units), Performance Awards, Awards (other than the foregoing Awards) that are convertible into or otherwise based on Shares, and Awards under a joint share ownership plan.
		
	“Board”	  	means the board of directors of the Company from time to time.
		
	“Code”	  	means the U.S. Internal Revenue Code of 1986, as amended, and any applicable United States Treasury Regulations under the Code and other binding regulatory guidance thereunder.
		
	“Committee”	  	means the Compensation Committee of the Board.
		
	“Company” 	  	means Lombard Medical, Inc.
		
	“Control”	  	has the meaning given by sections 450 and 451 of the Corporation Tax Act 2010.
		
	“Date of Adoption”	  	means the earlier of the date the Plan was approved by the Company’s stockholders or adopted by the Board.
		
	“Date of Grant”	  	means in relation to any Award, the date on which such Award is granted in accordance with applicable law.
		
	“Eligible Person”	  	means any person who is eligible to participate in the Plan according to Rule 2. Unless otherwise provided by the Administrator, a Participant’s status as an Eligible Person will be deemed to continue, so long as the
Participant is employed by, or otherwise is providing services to, the Company or a member of the Group. If a Participant’s employment or other service relationship is with a member of the Group other than the Company and that entity ceases to
be a member of the Group, the Participant’s status as an Eligible Person will be deemed to have terminated when the entity ceases to be a member of the Group unless the Participant transfers his or her employment or service to the Company or
its remaining members of the Group.
		
	“Employee”	  	means any person who is employed by the Company or a member of the Group.

  
 4 

			
	“Exercise Period”	  	means in respect of any Award requiring exercise, the period commencing on the date or dates set out in the Award agreement evidencing such Award and ending no later than on the tenth anniversary of its Date of Grant (or, if
earlier, upon it lapsing or terminating in accordance with these Rules or such Award agreement).
		
	“Grantor”	  	means a person granting an Option that may be: (a) the Company; or (b) the trustees of an employee benefit trust authorized by the Administrator or the Board to grant Options at the relevant time; or (c) any other person so
authorized.
		
	“Group”	  	means the Company and every other company of which it has Control.
		
	“ISO”	  	means an Option intended to be an “incentive stock option” within the meaning of Section 422 of the Code. Each Option granted pursuant to the Plan will be treated as providing by its terms that it is to be an NSO
unless, as of the date of grant, it is expressly designated as an ISO.
		
	“Option”	  	means an option entitling the holder to acquire Shares upon payment of the exercise price in accordance with the terms of this Plan.
		
	“NSO”	  	means any Option that is not intended to be an “incentive stock option” within the meaning of Section 422 of the Code.
		
	“Participant”	  	means the recipient of an Award under the Plan.
		
	“Performance Award”	  	means an Award subject to Performance Targets. The Administrator in its discretion may grant Performance Awards that are intended to qualify for the performance-based compensation exception under Section 162(m) of the Code and
Performance Awards that are not intended so to qualify.
		
	“Performance Target”	  	means any specified performance target, other than the mere continuation of employment or service or the mere passage of time, the satisfaction of which is a condition for the grant, exercisability, vesting or full enjoyment of an
Award, as set by the Administrator pursuant to Rule 6.1, and, for purposes of Awards that are intended to qualify for the performance-based compensation exception under Section 162(m) of the Code, a Performance Target will mean an objectively
determinable measure or measures of performance relating to any or any combination of the following (measured either absolutely or by reference to an index or indices and determined either on a consolidated basis or, as the context permits, on a
divisional, subsidiary, line of business, project or geographical basis or in combinations thereof): sales; revenues; assets; expenses; earnings before or after deduction for all or any portion of interest, taxes, depreciation, amortization or
equity expense, whether or not on a continuing operations or an aggregate or per share basis; return on equity, investment, capital, capital employed or assets; one or more operating ratios; operating income or profit, including on an after-tax
basis; net income; borrowing levels, leverage ratios or credit rating; market share; capital expenditures; cash flow; share price; shareholder return; sales of particular products or services; customer acquisition or retention; acquisitions and
divestitures (in whole or in part); joint ventures, strategic alliances, licenses or collaborations; spin-offs, split-ups and the like; reorganizations; recapitalizations, restructurings, financings (issuance of debt or equity) or
refinancings;

  
 5 

			
		  	manufacturing or process development; or achievement of clinical trial or research objectives, regulatory or other filings or approvals or other product development milestones; a Performance Target and any goals with respect thereto
determined by the Administrator need not be based upon an increase, a positive or improved result or avoidance of loss.
		
	“Personal Data”	  	means any personal information that could identify a Participant, including but not limited to, the Participant’s date of birth, home address, telephone number, e-mail address, National Insurance number (or equivalent), Awards
under the Plan or awards under any other employee share scheme operated by the Company.
		
	“Relevant Transaction”	  	means any of (i) a consolidation, merger, or similar transaction or series of related transactions, including a sale or other disposition of shares, in which the Company is not the surviving corporation or which results in the
acquisition of all or substantially all of the Company’s then outstanding shares by a single person or entity or by a group of persons and/or entities acting in concert, (ii) a sale or transfer of all or substantially all the Company’s
assets, or (iii) a dissolution or liquidation of the Company. Where a Relevant Transaction involves a tender offer that is reasonably expected to be followed by a merger described in (i) above (as determined by the Administrator), the Relevant
Transaction will be deemed to have occurred upon consummation of the tender offer.
		
	“Restricted Shares”	  	means Shares that are subject to restrictions on transfer, a risk of forfeiture or a right of repurchase by the Company under certain circumstances.
		
	“Restricted Share Unit”	  	means a Share Unit that is, or as to which the delivery of Shares or cash in lieu of Shares is, subject to the satisfaction of specified performance or other vesting conditions.
		
	“Rules”	  	means the Rules of this Plan in place from time to time and “Rule” shall be construed accordingly.
		
	“SAR”	  	means a right entitling the holder upon exercise to receive an amount (payable in cash or in Shares of equivalent value) equal to the excess of the fair market value of the Shares subject to the right over the base value from which
appreciation under the SAR is to be measured.
		
	“Shares”	  	means ordinary shares in the capital of the Company.
		
	“Share Pool”	  	has the meaning set forth in Rule 5.1.
		
	“Share Unit”	  	means an unfunded and unsecured promise, denominated in Shares, to deliver Shares or cash measured by the value of Shares in the future.
		
	“U.S. Participant”	  	means a Participant the grant of an Award to whom or the exercise of an Award by whom is subject to taxation in the United States.

  

	1.2	Where the context permits, the singular includes the plural and vice versa and the masculine gender shall include the feminine and vice versa. 

 

	1.3	A reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time and shall include all subordinate legislation made from time to time under that statute or
statutory provision. 

  
 6 

	1.4	A reference to writing or written includes fax and e-mail. 

  

	1.5	Any obligation on a party not to do something includes an obligation not to allow that thing to be done. 

  

	1.6	A reference to the Plan or to any other agreement or document referred to in the Plan is a reference to the Plan or such other agreement or document as varied or novated (in each case, other than in breach of the
provisions of the Plan) from time to time. 

  

	1.7	Headings are for convenience only and shall not affect the construction of the Rules set out in this Plan. 

  

	1.8	Any words following the terms including, include, in particular, for example or any similar expression shall be construed as illustrative and shall not limit the sense of the words,
description, definition, phrase or term preceding those terms. 

  

	2.	ELIGIBILITY 

 The Administrator will select Participants from among
employees and directors of, and consultants and advisors to, the Company or a member of the Group. 
  

	3.	ADMINISTRATION 

  

	3.1	The Administrator shall administer the Plan and shall have discretionary authority, subject only to the express provisions of the Plan, to: 

 

	 	3.1.1	interpret the Plan and any Award; 

  

	 	3.1.2	determine eligibility for and grant Awards; 

  

	 	3.1.3	determine, modify or waive the terms and conditions of any Award; 

  

	 	3.1.4	prescribe forms, rules and procedures relating to the Plan; and 

  

	 	3.1.5	otherwise do all things necessary or appropriate to carry out the purposes of the Plan. 

  

	3.2	The Administrator’s decision on the construction of the Rules and on any disputes arising under the Plan will be conclusive and will bind all persons having or claiming any interest in the Plan or in any Award.

  

	3.3	No director or person acting pursuant to the authority delegated by the Board or the Committee shall be liable for any action or determination relating to or under the Plan made in good faith. 

 

	4.	GRANT OF AWARDS 

  

	4.1	The Administrator will determine the Eligible Persons to whom Awards are granted and terms of all Awards as set forth in an Award agreement, subject to the limitations provided herein. 

 

	4.2	The Administrator will determine the time or times at which an Award will vest or become exercisable and the terms on which an Option or SAR will remain exercisable. 

 

	4.3	By accepting (or, under such rules as the Administrator may prescribe, being deemed to have accepted) an Award, the Participant will be deemed to have agreed to the terms of the Award and the Plan. 

  
 7 

	4.4	Notwithstanding any provision of this Plan to the contrary, awards of an acquired company that are converted, replaced or adjusted in connection with the acquisition may contain terms and conditions that are
inconsistent with the terms and conditions specified herein, as determined by the Administrator. 

  

	4.5	An Award agreement shall be in such form as the Administrator may determine from time to time provided that each Award shall state: 

  

	 	4.5.1	the Date of Grant; 

  

	 	4.5.2	the maximum number of Shares subject to the Award; 

  

	 	4.5.3	the exercise price, if any, which in respect of any Option or SAR granted hereunder shall not be less than the fair market value of a Share on the Date of Grant; 

 

	 	4.5.4	in the case of an Award requiring exercise, the Exercise Period and the date or dates on which it will ordinarily become exercisable, and the number of Shares in respect of which it may then be exercised;

  

	 	4.5.5	the date or dates on which the Award will vest, if applicable, and the number of Shares in respect of which it vests; and 

  

	 	4.5.6	or have attached to it in the form of a schedule, any Performance Target or other conditions applicable to the Award and the Shares subject to it. 

 

	4.6	Where an Award is intended to qualify as an Approved Option (as defined in the Approved Company Share Option Plan, the rules of which are set out in Appendix A), such Award shall be subject to the provisions of the
Approved Company Share Option Plan. 

  

	4.7	Where an Award is granted to a U.S. Participant, such Award shall be subject to the provisions of Appendix B to the Plan (Special Provisions Applicable to Participants Subject to the United States Internal Revenue
Code). 

  

	4.8	The Administrator may provide for the payment of amounts (on terms and subject to conditions established by the Administrator) in lieu of cash dividends or other cash distributions with respect to Shares subject to an
Award whether or not the holder of such Award is otherwise entitled to share in the actual dividend or distribution in respect of such Award. Dividends or dividend equivalent amounts payable in respect of Awards that are subject to restrictions may
be subject to such limits or restrictions as the Administrator may impose. 

  

	4.9	Awards under the Plan may be granted in tandem with, or in satisfaction of or substitution for, other Awards under the Plan or awards made under other compensatory plans or programs of the Group. 

 

	4.10	The Administrator may cancel, rescind, withhold or otherwise limit or restrict any Award at any time if the Participant is not in compliance with all applicable provisions of the Award agreement and the Plan, or if the
Participant breaches any agreement with the Company or any member of the Group with respect to non-competition, non-solicitation or confidentiality. Without limiting the generality of the foregoing, the Administrator may recover Awards made under
the Plan and payments under or gain in respect of any Award in accordance with any applicable Company clawback or recoupment policy, as such policy may be amended and in effect from time to time, or as otherwise required by applicable law or
applicable stock exchange listing standards, including, without limitation, Section 10D of the Securities Exchange Act of 1934, as amended. 

  
 8 

	5.	OVERALL LIMITS ON AWARDS 

  

	5.1	Subject to adjustment as provided in Rule 10, the maximum number of Shares that may be delivered in satisfaction of Awards under the Plan is 2,305,135 (the “Share Pool”). 

 

	5.2	The Share Pool shall automatically increase annually on the first day of January each year until January 1, 2024 in an amount equal to 4% of the number of Shares outstanding as of the close of business on the
immediately preceding December 31. 

  

	5.3	Notwithstanding Rule 5.2 above, the Board may act prior to the first day of January in a given year to provide that there will be no increase in the Share Pool for such year or that the increase in the Share Pool for
such year will be a lesser number of Shares than would otherwise occur pursuant to the preceding sentence. 

  

	5.4	The Shares available for issuance under the Plan may consist, in whole or in part, of authorized and unissued Shares or treasury Shares. 

 

	6.	PERFORMANCE TARGETS 

  

	6.1	The exercise or vesting of any Award may by its terms be conditional upon, and/or the number of Shares which may be acquired on exercise or vesting of an Award and/or the number of Restricted Shares which may be
forfeited may be determined by, the attainment of one or more objective Performance Targets. The terms of each Performance Target shall be determined by the Administrator in its discretion and shall be specified to the relevant Participant in the
Award agreement. 

  

	6.2	If an event or circumstance that occurs during an applicable performance period (including, without limitation, a change in accounting policies or practice, a change in the length of the Company’s accounting period
or a change in the Company’s capital structure, including any issue of shares or securities or any reduction of capital or a share split (including a reverse share split)) causes the Administrator reasonably to consider that a different
Performance Target or Targets would be a more appropriate or fairer measure of performance or that any amended Performance Target or Targets will provide a more effective incentive to the applicable Participant, the Administrator may determine that
a new Performance Target or Targets shall be substituted for the existing Performance Target or Targets applicable to such Award. 

  

	6.3	Where an Award is subject to the satisfaction of a Performance Target, that Award may not be exercised or vest (and any Restricted Shares comprised in that Award may not cease to be subject to forfeiture) except in
accordance with or to the extent provided in the Award agreement and as determined by the Administrator after taking into account any adjustment pursuant to Rule 6.2. 

 

	7.	LAPSE OF AWARDS 

  

	7.1	No Award shall be capable of vesting or being exercised after the expiry of the Exercise Period. Any Award which has not vested or been exercised or that has lapsed or terminated before the expiry of the Exercise Period
shall lapse and terminate upon the expiry of the Exercise Period. 

  

	7.2	Unless the Administrator expressly provides otherwise, the following rules will apply if a Participant ceases to be an Eligible Person: 

 

	 	7.2.1	Immediately upon the Participant ceasing to be an Eligible Person and except as provided in Rule 7.2.2, each Award that is then held by the Participant will cease to be exercisable and will lapse and terminate and all
other Awards that are then held by the Participant to the extent not already vested will be forfeited. 

  
 9 

	 	7.2.2	All Awards held by the Participant immediately prior to the Participant ceasing to be an Eligible Person, to the extent then exercisable, will remain exercisable for the lesser of (i) a period of 90 days; or
(ii) until the expiry of the Exercise Period determined without regard to this Rule 7.2, and will thereupon immediately lapse and terminate. 

  

	7.3	Awards (and any rights arising under them) may not be transferred or assigned, or have any charge or other security interest created over them. An Award shall lapse if the relevant Participant attempts to do any of
those things. The transfer of an Award to a Participant’s personal representatives on the death of the Participant will not cause an Award to lapse. 

  

	8.	MANNER OF EXERCISE 

  

	8.1	Awards that require exercise may be exercised in accordance with their terms (and subject to satisfaction of any Performance Targets) at any time during the Exercise Period. Awards that do not require exercise shall
(provided they have not lapsed or terminated and subject to satisfaction of any Performance Targets) vest (and Restricted Shares shall cease to be subject to forfeiture) on the date or dates and/or subject to satisfaction of any Performance Targets
set out in the Award agreement. 

  

	8.2	The Administrator may at its discretion, accelerate the vesting or the commencement of the Exercise Period (or the date on which Restricted Shares shall cease to be subject to forfeiture) of any Awards if it considers
it appropriate. 

  

	8.3	Exercise of an Award shall be by application in writing addressed to the Company and specifying the number of Shares in respect of which the Award is being exercised on that occasion and accompanied by payment in full
of the aggregate exercise price (if any) for such Shares (or an undertaking in a form acceptable to the Company to pay the same). 

  

	8.4	An application pursuant to Rule 8.3 must be delivered or sent by prepaid post or in such other manner as Administrator may approve to the registered office for the time being of the Company (or to such other office as
may from time to time be specified for the purpose). An Option or SAR exercised by any person other than the Participant will not be deemed to have been exercised until the Administrator has received such evidence as it may require that the person
exercising the Award has the right to do so. 

  

	8.5	Where the exercise of an Award is to be accompanied by payment, payment of the exercise price will be by cash or check acceptable to the Administrator or by such other legally permissible means, if any, as may be
acceptable to the Administrator. 

  

	9.	RELEVANT TRANSACTIONS 

  

	9.1	The provisions if this Rule 9 apply in the event of a Relevant Transaction unless particular Award agreements provide for otherwise. 

 

	9.2	If the Relevant Transaction is one in which there is an acquiring or surviving entity, the Administrator may (but, for the avoidance of doubt, need not) provide (i) for the assumption or continuation of some or all
outstanding Awards or any portion thereof or (ii) for the grant of new awards in substitution therefor by the acquiror or survivor or an affiliate of the acquiror or survivor. 

  
 10 

	9.3	Subject to Rule 9.6 below the Administrator may with the consent of the Participant (but, for the avoidance of doubt, need not) provide for payment (a “cash-out”), with respect to some or all Awards or
any portion thereof, equal in the case of each affected Award or portion thereof to the excess, if any, of (A) the fair market value of one Share (as determined by the Administrator in its reasonable discretion) times the number of Shares
subject to the Award or such portion, over (B) the aggregate exercise or purchase price, if any, under the Award or such portion (in the case of an SAR, the aggregate base value above which appreciation is measured), in each case on such
payment terms (which need not be the same as the terms of payment to holders of Shares) and other terms, and subject to such conditions, as the Administrator determines, it being understood that if the exercise or purchase price (or base value) of
an Award is equal to or greater than the fair market value of one Share, the Award may be cancelled with no payment due hereunder. 

  

	9.4	Subject to Rule 9.6 below, the Administrator may (but, for the avoidance of doubt, need not) provide that any Award requiring exercise will become exercisable, in full or in part and/or that the delivery of any Shares
remaining deliverable under any outstanding Award of Share Units (including Restricted Share Units and Performance Awards to the extent consisting of Share Units) will be accelerated in full or in part, in each case on a basis that gives the holder
of the Award a reasonable opportunity, as determined by the Administrator, following exercise of the Award or the delivery of the Shares, as the case may be, to participate as a shareholder in the Relevant Transaction. 

 

	9.5	Except as the Administrator may otherwise determine in any case, each Award will automatically lapse and terminate (and in the case of outstanding Restricted Shares, will automatically be forfeited) upon consummation of
the Relevant Transaction, other than Awards assumed pursuant to Rule 9.2 above. 

  

	9.6	Any Share and any cash or other property delivered pursuant to Rule 9.3 or Rule 9.4 with respect to an Award may, in the discretion of the Administrator, contain such restrictions, if any, as the Administrator deems
appropriate to reflect any performance or other vesting conditions to which the Award was subject and that did not lapse (and were not satisfied) in connection with the Relevant Transaction. For purposes of the immediately preceding sentence, a
cash-out under Rule 9.3 or acceleration under Rule 9.4 will not, in and of itself, be treated as the lapsing (or satisfaction) of a performance or other vesting condition. In the case of Restricted Shares that do not vest and are not forfeited in
connection with the Relevant Transaction, the Administrator may require that any amounts delivered, exchanged or otherwise paid in respect of such Shares in connection with the Relevant Transaction be placed in escrow or otherwise made subject to
such restrictions as the Administrator deems appropriate to carry out the intent of the Plan. 

  

	10.	ADJUSTMENTS WITH RESPECT TO SHARE CAPITAL 

 

	10.1	In the event of a share dividend, share split or combination of shares (including a reverse share split), recapitalization or other similar change in the Company’s capital structure, the Administrator will make
appropriate adjustments to the maximum share limits described in Rule 5 and the limits described in Paragraphs 3.1 and 3.2 of Appendix B of the Plan, and will also make appropriate adjustments to the number and kind of shares or securities subject
to Awards then outstanding or subsequently granted, any exercise or purchase prices (or base values) relating to Awards and any other provision of Awards affected by such change. 

 

	10.2	The Administrator may also make adjustments of the type described in Rule 10.1 to take into account distributions to shareholders other than those provided for in Rule 9 and 10.1, or any other event, if the
Administrator determines that adjustments are appropriate to avoid distortion in the operation of the Plan. 

  
 11 

	10.3	References in the Plan to Shares will be construed to include any shares or securities resulting from an adjustment pursuant to this Rule 10. 

 

	10.4	Any adjustment by the Administrator pursuant to this Rule 10 will be conclusive and will bind all persons having or claiming any interest in the Plan or in any Award. 

 

	11.	CONDITIONS ON DELIVERY 

  

	11.1	The Company will not be obligated to deliver any Shares pursuant to the Plan or to remove any restriction from Shares previously delivered under the Plan until: 

 

	 	11.1.1	the Company is satisfied that all legal matters in connection with the issuance, allotment and delivery of such Shares have been addressed and resolved; 

 

	 	11.1.2	if the outstanding Shares are at the time of delivery listed on any stock exchange or national market system, the Shares to be delivered have been listed or authorized to be listed on such exchange or system upon
official notice of issuance; and 

  

	 	11.1.3	all conditions of the Award have been satisfied or waived. 

  

	11.2	The Company may require, as a condition to exercise of the Award, such representations or agreements as counsel for the Company may consider appropriate to avoid violation of applicable law. Any Shares required to be
issued to Participants under the Plan will be evidenced in such manner as the Administrator may deem appropriate, including book-entry registration or delivery of Share certificates, or in such other manner as may be required by law. In the event
that the Administrator determines that Share certificates will be issued to Participants under the Plan, the Administrator may require that certificates evidencing Shares issued under the Plan bear an appropriate legend reflecting any restriction on
transfer applicable to such Shares, and the Company may hold the certificates pending lapse of the applicable restrictions. 

  

	12.	SUB-PLANS 

  

	12.1	The Administrator may from time to time establish one or more sub-plans under the Plan for purposes of satisfying applicable blue sky, securities or tax laws of various jurisdictions. The Administrator will establish
such sub-plans by adopting supplements or appendices to the Plan setting forth: 

  

	 	12.1.1	such limitations on the Administrator’s discretion under the Plan as it deems necessary or desirable; and 

  

	 	12.1.2	such additional terms and conditions not otherwise inconsistent with the Plan as it deems necessary or desirable. 

  

	12.2	All supplements or appendices so established in accordance with Rule 12.1 will be deemed to be part of the Plan, but each supplement or appendix will apply only to Participants within the affected jurisdiction (as
determined by the Administrator). 

  

	13.	TAX 

  

	13.1	If the Company or any other member of the Group is obliged under any applicable law to withhold an amount in respect of tax, social security or any like sum or to account for such an amount to any governmental or other
authority in respect of the grant, exercise, vesting or settlement of an Award then: 

  

	 	13.1.1	it shall be a condition of exercise, vesting or settlement that the Participant put the Company or any other member of the Group, as applicable, in funds to account for such amounts to such governmental or other
authority or otherwise enter into such arrangements with the Company or other member of the Group, as applicable, as are satisfactory to the Company or other member of the Group, as applicable, with regard to the obligation to withhold or account;
or 

  
 12 

	 	13.1.2	the Company or other member of the Group, as applicable, shall be authorised to arrange for the sale of such number of Shares subject to the Award as are necessary to realise funds to pay the amount to be withheld
and/or accounted for and transfer the balance to the Participant, or to hold back from the Award that same number of Shares (but not in excess of the minimum withholding required by law). 

 

	13.2	If permitted by law, the Administrator may upon grant of an Award direct that the Participant will be required as a condition of exercise or vesting at or before the time of exercise or vesting of the Award to enter
into an agreement with the Company or other member of the Group, as applicable, to allow the Company or other member of the Group, as applicable, to recover the applicable national insurance contribution liability relating to the exercise or vesting
of the Award or to enter into a joint election with the Company or other member of the Group, as applicable, that the applicable national insurance contribution liability shall be transferred to the Participant. 

 

	13.3	Notwithstanding any provision of this Plan, each Participant is solely responsible and liable for the satisfaction of all taxes and penalties of any kind that may be imposed on or for the account of such Participant in
connection with the Plan. 

  

	14.	DATA PROTECTION 

  

	14.1	In accepting the grant of an Award each Participant consents to the collection, holding, processing and transfer of the Participant’s Personal Data by the Company or a member of the Group for all purposes connected
with the operation of the Plan. 

  

	14.2	The purposes of the Plan referred to in Rule 14.1 include, but are not limited to: 

  

	 	14.2.1	holding and maintaining details of the Participant’s Awards; 

  

	 	14.2.2	transferring the Participant’s Personal Data to the trustee of an employee benefit trust, the Company’s registrars or brokers or any administrators of the Plan; 

 

	 	14.2.3	transferring the Participant’s Personal Data to a bona fide prospective buyer of the Company or the Participant’s employer company or business unit (or the prospective buyer’s advisers), provided that the
prospective buyer, and its advisers, irrevocably agree to use the Participant’s Personal Data only in connection with the proposed transaction and in accordance with the data protection principles set out in the Data Protection Act 1998; and

  

	 	14.2.4	transferring the Participant’s Personal Data under rule 14.2.2 or rule 14.2.3 to a person who is resident in a country or territory outside the European Economic Area that may not provide the same statutory
protection for the information as countries within the European Economic Area. 

  

	15.	VARIATION AND TERMINATION 

  

	15.1	 Subject to Rule 15.2 and where applicable Rule 9 of the Appendix A Plan, the Administrator may at any time amend the Plan or any outstanding Award for
any purpose (including to 

  
 13 

	 	
obtain or maintain favourable tax, exchange control or regulatory treatment for Participants, the Company or any member of the Group), which may at the time be permitted by law, and may at any
time terminate the Plan as to any future grants of Awards 

  

	15.2	Notwithstanding Rule 15.1, except as otherwise expressly provided in the Plan, the Administrator may not, without the Participant’s consent, alter the terms of an Award so as to affect materially and adversely the
Participant’s rights under the Award, unless the Administrator expressly reserved the right to do so at the time the Award was granted. 

  

	15.3	Any amendments to the Plan will be conditioned upon shareholder approval only to the extent, if any, such approval is required by law (including applicable stock exchange requirements), as determined by the
Administrator. 

  

	16.	RELATIONSHIP WITH EMPLOYMENT ARRANGEMENTS 

  

	16.1	Participation in the Plan does not: 

  

	 	16.1.1	confer upon any person any right to participate in the Plan at any time in the future either at all or on any particular basis; 

  

	 	16.1.2	confer upon any person any right to continue in employment or service with any member of the Group; 

  

	 	16.1.3	restrict the right of any member of the Group to terminate the employment or service of any Participant without liability at any time; 

 

	 	16.1.4	impose upon the Board or the Committee any duty to exercise any power or discretion under the Plan to the advantage of the Participant; or 

 

	 	16.1.5	impose upon any member of the Group, the Board or the Committee or their representatives, agents and employees any liability whatsoever (whether in contract, tort, or otherwise howsoever) in connection with:

  

	 	(a)	the loss of a Participant’s right to receive Shares under the Plan or any lost value in respect of any such Shares or any Awards held by the Participant; 

 

	 	(b)	the loss of an individual’s eligibility to be granted Awards under the Plan; and/or 

  

	 	(c)	the manner in which any power or discretion under the Plan is exercised or the failure or refusal of any person to exercise any power or discretion under the Plan. 

 

	16.2	Awards under the Plan shall not afford to a Participant any additional right to compensation on the termination of the Participant’s employment or service which would not have existed had the Plan not existed and,
accordingly, any individual who participates in the Plan shall waive any rights to compensation or damages in consequence of the termination of such individual’s employment or service with a company in the Group for any reason whatsoever
insofar as these rights arise or may arise from the Participant ceasing to have rights under the Plan as a result of such termination or cessation or from the loss or diminution in value of such rights and/or entitlements notwithstanding any
provision to the contrary in the Participant’s contract of employment or service. 

  
 14 

	17.	TERM 

 No Awards may be made after ten years from the Date of Adoption,
but previously granted Awards may continue beyond that date in accordance with their terms. 
  

	18.	GOVERNING LAW 

 This Plan and any dispute or claim arising
out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales. 

  
 15 

 APPENDIX A 

Sub-Plan to the Lombard Medical, Inc. Global Share Option Plan (2014) 

Approved Company Share Option Plan (2014) 
  

	1.	INTERPRETATION 

  

	1.1	This Appendix A sets out the special provisions applicable to Approved Options granted pursuant to this Approved Company Share Option Plan, as a sub-plan to the Lombard Medical, Inc. Global Share Option Plan
(2014) (the “Appendix A Plan”). 

  

	1.2	When used in this Appendix A Plan, the following words and expressions shall have the meanings set out below. Capitalized terms used herein but not defined herein shall have the meanings set forth in the Plan:

  

					
	“Appropriate Period”	  	has the meaning given by paragraph 26(3) of Schedule 4 to ITEPA.
		
	“Approved Option”	  	means a right to acquire Shares granted under the Plan which complies with the applicable requirements of Schedule 4.
		
	“Approved Option Certificate”	  	means a certificate setting out the terms of an Approved Option.
		
	“Approved Option Holder”	  	means an individual who holds an Approved Option or, where applicable, his personal representatives.
		
	“Associate”	  	has the meaning given to “associate” in paragraph 12 of Schedule 4.
		
	“Associated Company”	  	has the meaning given to it in paragraph 35(1) to Schedule 4.
		
	“Control”	  	has the meaning given in section 719 and paragraph 35(2) to Schedule 4 of ITEPA 2003 and “Controlled” shall be construed accordingly.
		
	“CTA 2010”	  	means the Corporation Tax Act 2010 as amended and in force from time to time.
		
	“Dealing Day”	  	means a day on which the NASDAQ Global Market is open for the transaction of business.
		
	“Eligible Person”	  	means an individual who is:
			
		  	a.	  	an Employee; or
			
		  	b.	  	a director of the Company or an Associated Company participating in the Plan who is contracted to work at least 25 hours per week for the Company or any Associated Company and its subsidiaries or any of them (exclusive of meal
breaks),
		
		  	who, in either case, does not have at the Date of Grant of an Option, and has not had during the preceding twelve months, a Material Interest in a Close Company (as defined in section 439 CTA 2010) which is the Company
or any Associated Company or a company which has Control of the Company or a member of a Consortium (as defined in paragraph 36(2) to Schedule 4 to ITEPA) which owns the Company.

 
							
	“Exercise Price”	  	means the price at which each Share subject to an Approved Option may be acquired on the exercise of that Approved Option, which:
			
		  	a.	  	if Shares are to be newly issued to satisfy the exercise of the Option, may not be less than the nominal value of a Share; and
			
		  	b.	  	 may not be less than the Market Value of a Share on the Date of Grant.

		
	“HMRC”	  	means HM Revenue & Customs.
		
	“ITEPA” or “ITEPA 2003”	  	means the Income Tax (Earnings and Pensions) Act 2003.
		
	“Key Feature”	  	means any provision of the Plan that is necessary to meet the requirements of Schedule 4.
		
	“Market Value”	  	means in the case of an Option granted under this Appendix A Plan:
			
		  	a.	  	if at the relevant time Shares are listed on a recognised stock exchange as defined in section 1005 of the Income Tax Act 2007 the closing price of a Share on the relevant recognised stock exchange as reported in the
Wall Street Journal on the Date of Grant of the Option; or
			
		  	b.	  	if paragraph (a) does not apply, the market value of a Share as determined in accordance with Part VIII of the Taxation of Chargeable Gains Act 1992 and agreed in advance for the purposes of the Plan with HMRC Shares and
Assets Valuation on the Date of Grant of the Option or such earlier date or dates as may be agreed with HMRC Shares and Assets Valuation.
		
	“Material Interest”	  	has the meaning given in paragraph 10 of Schedule 4.
		
	“Relevant Restriction”	  	means any provision included in any contract, agreement, arrangement or condition to which any of sections 423(2), 423(3) and 423(4) of ITEPA 2003 would apply if references in those sections to employment-related
securities were references to Shares.
		
	“Schedule 4”	  	means Schedule 4 to ITEPA 2003.
		
	“Shares”	  	means ordinary shares in the Company that meet the requirements of paragraphs 16 to 18 and paragraph 20 of Schedule 4.
		
	“Tax Liability”	  	means the total of:
			
		  	a.	  	any PAYE income tax and primary class 1 (employee) national insurance contributions (or any similar liability to withhold amounts in respect of income tax or social security contribution in any jurisdiction) that any
employer (or former employer) of an Approved Option Holder is liable to account for as a result of the exercise of an Approved Option; and
			
		  	b.	  	if:
				
		  		  	i.	  	such amounts may be lawfully recovered from the relevant Approved Option Holder; and
				
		  		  	ii.	  	the relevant Option includes the requirement specified in Rule 5.3 of this Appendix A Plan,
			
		  		  	any secondary class 1 (employer) national insurance contributions (or any similar liability for social security contribution in any jurisdiction) that any employer (or former employer) of an Approved Option Holder is
liable to pay as a result of the exercise of an Approved Option.

  
 17 

	1.3	Approved Options granted under this Appendix A Plan shall be subject to the terms of this Appendix A Plan and the Plan, except: 

  

	 	1.3.1	if and to the extent that any provision of this Appendix A Plan conflicts with provisions set out elsewhere in the Plan, the provisions of this Appendix A Plan shall prevail; and 

 

	 	1.3.2	the following Rules of the Plan shall specifically be disapplied in relation to Approved Options: Rule 2, Rule 3.2, Rule 4.5, Rule 4.8, Rule 4.10, Rule 7.2, Rule 7.3, Rule 8.2, Rule 9.3, Rule 10.1, Rule 10.2 and Rule
13. 

  

	1.4	For the avoidance of doubt, the provisions of any other Appendices to the Plan (including Appendix B and any Appendices adopted from time to time) and any of the Rules relating specifically to Restricted Shares,
Restricted Share Units, Share Units, and SARs shall not apply to any Approved Options granted under this Appendix A Plan. 

  

	2.	GRANT OF APPROVED OPTIONS 

  

	2.1	An Approved Option may not be granted: 

  

	 	2.1.1	at any time when that grant would be prohibited by, or in breach of any: 

  

	 	(a)	law; or 

  

	 	(b)	regulation with the force of law; or 

  

	 	(c)	non-statutory set of guidelines or code that applies to the Company or with which the Board or the Committee wishes to comply; or 

  

	 	2.1.2	to any person who is not an Eligible Person; or 

  

	 	2.1.3	over any Share which does not form part of the Ordinary Share Capital of the Company, as defined in section 989 of the Income Tax Act 2007 (and such Shares shall at all times satisfy the requirements of paragraphs 15 to
20 of Schedule 4 to ITEPA). 

  

	2.2	For an Award to qualify as an Approved Option the following requirements must be met: 

  

	 	2.2.1	The Approved Option Certificate granting the Award must, while the Plan is approved under Schedule 4, be in a form approved by the Administrator. 

 

	 	2.2.2	The Approved Option Certificate granting the Award must include a statement that: 

  

	 	(a)	the Approved Option is subject to the Plan (as modified by this Appendix A Plan), Schedule 4 and any other legislation applying to share option plans approved under Schedule 4; and 

 

	 	(b)	the provisions listed in the foregoing Rule 2.2.2(a) of this Appendix A Plan shall prevail over any conflicting statement relating to the Option’s terms. 

 

	 	2.2.3	The Approved Option Certificate granting the Approved Option must: 

  

	 	(a)	specify the Date of Grant; 

  
 18 

	 	(b)	specify the Exercise Price (which shall not be manifestly less than Market Value); 

  

	 	(c)	the number and a description of the Shares subject to the Approved Option; 

  

	 	(d)	specify whether or not the shares are subject to any Relevant Restrictions and, if so, the nature of the Relevant Restrictions; 

  

	 	(e)	be executed as a deed on behalf of the Company; 

  

	 	(f)	the times at which the Approved Option may be exercised (in whole or in part); and 

  

	 	(g)	specify the circumstances under which the Approved Option will lapse or be cancelled (in whole or in part). 

  

	 	2.2.4	The date(s) after which the Approved Option, or part of the Approved Option, is exercised, (unless an earlier event occurs to cause the Approved Option to lapse or to become exercisable, in whole or in part) may not be
earlier than the third anniversary of the Date of Grant or later than the ninth anniversary of the Date of Grant. 

  

	 	2.2.5	The date when the Approved Option will lapse, assuming that the Approved Option is not exercised earlier and no event occurs to cause the Approved Option to lapse earlier may not be: 

 

	 	(a)	earlier than the date falling one year after the latest date specified under the foregoing Rule 2.2.4 of this Appendix A Plan; or 

  

	 	(b)	later than the tenth anniversary of the Date of Grant. 

  

	 	2.2.6	The Approved Option shall be exercisable over 100% of the Shares over which it has been granted, unless a performance target or other condition has been imposed under Rule 2.4 of this Appendix A Plan and such
performance target or condition has not been satisfied or has been satisfied in part only, in which event the Approved Option shall not be exercisable or shall only be exercisable in part in accordance with such performance target or condition.

  

	2.3	Transferability. An Approved Option shall not be transferable and shall be exercisable during the lifetime of the Approved Option Holder only by the Approved Option Holder. An Approved Option shall be
personal to the Eligible Person to whom it is granted and, subject to Rule 7.2 of the Plan, shall not be capable of being transferred, charged or otherwise alienated and shall lapse immediately if the Approved Option Holder purports to transfer,
charge or otherwise alienate the Approved Option. 

  

	2.4	Performance targets and other conditions. Any performance target or other condition consistent with Schedule 4 of ITEPA imposed on the exercise of an Approved Option shall be: 

 

	 	2.4.1	objective; 

  

	 	2.4.2	such that, once satisfied, the exercise of the Approved Option is not subject to the discretion of any person; and 

  

	 	2.4.3	stated on the Date of Grant. 

  
 19 

	2.5	If an event occurs as a result of which the Board or the Committee considers that a performance target or other condition imposed on the exercise of an Approved Option is no longer appropriate and substitutes, varies or
waives under Rule 6.2 of the Plan, the performance target or condition, such substitution, variation or waiver shall: 

  

	 	2.5.1	be reasonable in the circumstances and result in a fairer measure of performance; and 

  

	 	2.5.2	except in the case of waiver, produce a fairer measure of performance and be materially neither more nor less difficult to satisfy than the original performance condition when first set. 

 

	2.6	Discretion of the Board. In exercising any discretion which it may have under this Appendix A Plan, the Board or, where relevant, the Committee, shall act fairly and reasonably. 

 

	2.7	Approved Options shall only be granted under and subject to this Appendix A Plan. For the avoidance of doubt, any other sub-plan established under Rule 12 of the Plan shall not form part of this Appendix A Plan for the
purposes of grants of Approved Options under Schedule 4. 

  

	3.	INDIVIDUAL GRANT LIMITS 

  

	3.1	For the purposes of this Rule 3.1 of the Appendix A Plan, “Existing CSOP Option” means all: 

  

	 	3.1.1	Approved Options; and 

  

	 	3.1.2	options granted under any other share option plan approved under Schedule 4 that has been established by the Company or any of its Associated Companies, 

that can still be exercised. 
  

	3.2	References to Market Value in this Rule 3 of this Appendix A Plan are to the Market Value on the date on which the relevant option was granted. 

 

	3.3	An Approved Option may not be granted to an Eligible Employee if the grant (referred to in this Rule 3.3 as the “Excess Option”) would cause the total Market Value of shares subject to:

  

	 	3.3.1	the Excess Option; and 

  

	 	3.3.2	all Existing CSOP Options held by the relevant Eligible Person, 

 to exceed £30,000 (or
any other amount specified in paragraph 6 of Schedule 4 at the relevant time). 
  

	3.4	No Approved Option shall be granted to an Eligible Employee if the aggregate Market Value of shares which may be acquired under any Existing CSOP Option, or any subsisting qualifying options (as defined in section 527
of ITEPA) granted to him under the Enterprise Management Incentive (“EMI”) legislation by a member of the Group, would exceed, or further exceed, £250,000 or such other limit as may apply from time to time under the EMI
legislation. For the purposes of this Rule 3.4, the Market Value shall be as determined at the time of grant of options under the terms of the relevant share option schemes and/or agreement. 

  
 20 

	3.5	No Approved Option may be exercised when its exercise is prohibited by, or would be a breach of, any of the following that then apply: 

 

	 	3.5.1	the NASDAQ stock market rules; or 

  

	 	3.5.2	any other rule, code or set of guidelines (such as a personal dealing code adopted by the Company) with a similar purpose and effect to any part of the NASDAQ stock market rules; or 

 

	 	3.5.3	any law or regulation with the force of law. 

  

	3.6	No Approved Option may be exercised at any time when the Approved Option Holder: 

  

	 	3.6.1	has a Material Interest (any interests of the Approved Option Holder’s Associates being treated as belonging to the Approved Option Holder for this purpose); or 

 

	 	3.6.2	had a Material Interest in the 12 months before that time (any interests of the Approved Option Holder’s Associates being treated as having belonged to the Approved Option Holder for this purpose).

  

	4.	MANNER OF EXERCISE OF APPROVED OPTIONS 

 

	4.1	An Approved Option shall be exercised by the Approved Option Holder giving a written exercise notice to the Company that shall be made using a form that the Administrator will approve. 

 

	4.2	Shares shall be allotted and issued (or transferred, as appropriate) within 30 days after a valid Approved Option exercise, subject to the other rules of the Appendix A Plan. Shares allotted and issued in satisfaction
of the exercise of an Approved Option shall rank equally in all respects with the other shares of the same class in issue at the date of allotment. 

  

	5.	LAPSE OF AWARD 

  

	5.1	The following rules will apply if an Approved Option Holder ceases to be an Eligible Person: 

  

	 	5.1.1	Immediately upon the Approved Option Holder ceasing to be an Eligible Person and except as provided in Rule 5.1.2 of this Appendix A Plan, each Approved Option that is then held by the Approved Option Holder will
cease to be exercisable and will lapse and terminate. 

  

	 	5.1.2	All Approved Options held by the Approved Option Holder immediately prior to the Approved Option Holder ceasing to be an Eligible Person, to the extent then exercisable, will remain exercisable for the lesser of
(i) a period of 90 days; or (ii) until the expiry of the Exercise Period determined without regard to this Rule 5.1, and will thereupon immediately lapse and terminate. 

 

	6.	TAX LIABILITIES 

  

	6.1	The definitions in this Rule 6.1 apply in this Rule 5 of this Appendix A Plan: 

  

			
	“Employer NICs”	  	Secondary class 1 (employer) NICs (or any similar liability for social security contribution in any jurisdiction) that are included in any Tax Liability (or that would be included in any Tax Liability if an election of the type
referred to in Rule 6.3.2 of this Appendix A Plan had not been made) and that may be lawfully recovered from the Approved Option Holder.
		
	“Sufficient Shares”	  	The smallest number of Shares that, when sold, will produce an amount at least equal to the relevant Tax Liability (after deduction of brokerage and any other charges or taxes on the sale).

  
 21 

	6.2	Each Approved Option shall include a requirement that as a condition of exercise the Approved Option Holder irrevocably agrees to: 

  

	 	6.2.1	pay to the Company, his employer or former employer (as appropriate) the amount of any Tax Liability; or 

  

	 	6.2.2	enter into arrangements to the satisfaction of the Company, his employer or former employer (as appropriate) for payment of any Tax Liability. 

 

	6.3	Each Approved Option shall include a requirement that as a condition of exercise the Approved Option Holder irrevocably agrees that: 

 

	 	6.3.1	the Company, his employer or former employer (as appropriate) may recover the whole or any part of any Employer NICs from the Approved Option Holder; or 

 

	 	6.3.2	at the request of the Company, his employer or former employer, the Approved Option Holder shall elect (using a form approved by HMRC) that the whole or any part of the liability for Employer NICs shall be transferred
to the Approved Option Holder. 

  

	6.4	An Approved Option Holder’s employer or former employer may decide to release the Approved Option Holder from, or not to enforce, any part of the Approved Option Holder’s obligations in respect of Employer
NICs under Rules 0 and 6.3 of this Appendix A Plan. 

  

	6.5	If an Approved Option Holder does not fulfil his obligations under either Rule 6.2.1 or Rule 6.2.2 of this Appendix A Plan in respect of any Tax Liability arising from the exercise of an Approved Option within seven
days after the date of exercise and Shares are readily saleable at that time, the Administrator shall withhold Sufficient Shares from the Shares that would otherwise be delivered to the Approved Option Holder. From the net proceeds of sale of those
withheld Shares, the Administrator shall pay to the Company, employer or former employer an amount equal to the Tax Liability and shall pay any balance to the Approved Option Holder. 

 

	6.6	Approved Option Holders shall have no rights to compensation or damages on account of any loss in respect of Approved Options or the Plan where such loss arises (or is claimed to arise), in whole or in part, from any
loss of approval under Schedule 4 that affects the Plan or any Approved Option, however such a loss of approval may be caused. 

  

	6.7	Each Approved Option shall include a requirement that the Approved Option Holder irrevocably agrees to enter into a joint election under section 431(1) or section 431(2) of ITEPA 2003, if required to do so by the
Company, his employer or former employer, on or before the date of exercise of the Option. 

  

	6.8	For the avoidance of doubt, any withholding authorised under this Rule 5 of the Appendix A Plan or Rule 13 of the Plan shall only be permitted in connection with the exercise of an Approved Option granted under this
Appendix A Plan. 

  
 22 

	7.	VARIATION OF SHARE CAPITAL 

  

	7.1	If there is any variation of the share capital of the Company (whether that variation is a capitalisation issue (other than a scrip dividend), rights issue, consolidation, subdivision or reduction of capital or
otherwise) that affects (or may affect) the value of Approved Options to Approved Option Holders, the Administrator may adjust the number and description of Shares subject to each Approved Option and/or the Exercise Price of each Approved Option in
a manner that the Administrator, in its reasonable opinion, considers to be fair and appropriate. However: 

  

	 	7.1.1	the total Market Value of the Shares that may be acquired upon exercise of any Approved Option must immediately after any such variation or variations be the same as what it was immediately prior to the variation; and

  

	 	7.1.2	the Exercise Price for a Share to be newly issued on the exercise of any Option shall immediately after such variation or variations be manifestly the same as what it was immediately prior to the variation or
variations. 

  

	8.	CHANGE OF CONTROL AND OPTION ROLLOVER 

 

	8.1	If any person obtains Control of the Company as a result of making a general offer to acquire the whole of the issued share capital of the Company which is either unconditional or is made on a condition such that if it
is satisfied the person making the offer will have control of the Company, an Option may only be exercised within the period of six months of the time when the person making the offer has obtained Control of the Company and any condition subject to
which the offer is made has been satisfied. 

  

	8.2	On a change of Control of the Company in accordance with Rule 8.1 of this Appendix A Plan only, an Approved Option Holder may at any time within the Appropriate Period, by agreement with the acquiring company, release
any Option which has not lapsed (the “Old Option”) in consideration of the grant to him of an Option (the “New Option”) which (for the purpose of Part 6 of Schedule 4 to ITEPA 2003) is equivalent to the Old Option
but relates to shares in a different company (whether the company which has obtained Control of the Company itself or some other company falling within paragraph 16(b) or (c) of Schedule 4). 

 

	8.3	The New Option shall not be regarded for the purposes of Rule 8.2 of this Appendix A Plan as equivalent to the Old Option unless the conditions set out in paragraph 27(4) of Schedule 4 to ITEPA 2003 are satisfied and
the provisions of the Appendix A Plan shall for this purpose be construed as if: 

  

	 	8.3.1	the New Option were an option granted under the Appendix A Plan at the same time as the Old Option; 

  

	 	8.3.2	the reference to Lombard Medical, Inc. in the definition of the “Company” above were a reference to the different company mentioned in Rule 8.2 of this Appendix A Plan, however the Appendix A Plan will remain
that of Lombard Medical, Inc.; and 

  

	 	8.3.3	all conditions imposed by Rule 6 of the Plan have been satisfied. 

  

	9.	ADMINISTRATION AND VARIATION 

 While the
Appendix A Plan qualifies under Schedule 4, any amendment to a Key Feature shall be notified to HMRC under the provisions applicable to Approved Options contained in ITEPA 2003. 

  
 23 

 APPENDIX B 

Sub-Plan to the Lombard Medical, Inc. Global Share Option Plan (2014) 

Special Provisions Applicable to Participants Subject to the United States Internal Revenue Code 

 

	1.	INTERPRETATION 

  

	1.1	This Appendix B sets out the special provisions of the Plan applicable to U.S. Participants. 

  

	1.2	For the purposes of this Appendix B, the following words and expressions shall have the meanings set out below and capitalized terms used herein but not defined herein shall have the meanings set forth in the Plan:

  

			
	“Section 162(m)”	  	means Section 162(m) of the Code.
		
	“Section 409A”	  	means Section 409A of the Code.
		
	“Section 422”	  	means Section 422 of the Code.

  

	1.3	This Appendix B is part of the Plan, and the Plan and this Appendix B shall, with respect to Awards granted to U.S. Participants, be read and deemed as one. 

 

	1.4	In the event of any contradiction, whether explicit or implied, between the provisions of this Appendix B and the Plan, the provisions of this Appendix B shall prevail with respect to Awards granted to U.S.
Participants. 

  

	2.	ELIGIBILITY 

 All U.S. Participants are generally eligible to receive any
type of Award available under the Plan, except that (a) eligibility for ISOs is limited to U.S. Participants who are employees of the Company or a “parent corporation” or “subsidiary corporation” of the Company as those
terms are defined in Section 424 of the Code, and (b) eligibility for NSOs, SARs and any other Award that is intended to be made with respect to “service recipient stock” (as defined in Section 1.409A-1(b)(5)(iii)(A) of the
Treasury Regulations under the Code) is limited to U.S. Participants who are providing direct services on the date of grant of the Option to the Company or to a subsidiary of the Company that would be described in the first sentence of
Section 1.409A-1(b)(5)(iii)(E) of the Treasury Regulations under the Code. 
  

	3.	LIMITATIONS ON AWARDS UNDER THE PLAN 

 

	3.1	Limitation on the Award of ISOs. Notwithstanding the provisions of Rule 5.2 of the Plan, a maximum of 2,305,135 Shares may be issued in satisfaction of ISOs. For purposes of this Paragraph 3.1, the number
of Shares delivered in satisfaction of Awards will be determined net of Shares withheld by the Company in payment of the exercise price of the Award or in satisfaction of tax withholding requirements with respect to the Award. The limit set forth in
this Paragraph 3.1 shall be construed to comply with Section 422. 

  

	3.2	Individual Limits. The following limits will apply to Awards of the specified type granted to any U.S. Participant in any calendar year: 

 

	 	3.2.1	Options: 2,305,135 Shares. 

  

	 	3.2.2	SARS: 2,305,135 Shares. 

  

	 	3.2.3	Awards other than Options or SARs: 2,305,135 Shares. 

 In applying the foregoing limits: (i) all Awards of the specified type granted to the same
person in the same calendar year will be aggregated and made subject to one limit; (ii) the limits applicable to Options and SARs refer to the number of Shares subject to those Awards; and (iii) the share limit under clause
(iii) refers to the maximum number of Shares that may be delivered, or the value of which could be paid in cash or other property, under an Award or Awards of the type specified in clause (iii) assuming a maximum pay-out. The foregoing
provisions will be construed in a manner consistent with Section 162(m). In the Administrator’s discretion, the foregoing limits shall apply to other Participants to the extent determined necessary or desirable for purposes of
Section 162(m). 
  

	4.	RULES APPLICABLE TO AWARDS 

  

	4.1	All Awards. The special rules and limitations set forth in this Paragraph 4.1 are applicable to Awards issued under the Plan to U.S. Participants. 

 

	 	4.1.1	Taxes. The delivery, vesting and retention of Shares, cash or other property under an Award are conditioned upon full satisfaction by the U.S. Participant of all tax withholding requirements with respect
to the Award. The Administrator will prescribe such rules for the withholding of taxes as it deems necessary. The Administrator may, but need not, hold back Shares from an Award or permit a U.S. Participant to tender previously owned Shares in
satisfaction of tax withholding requirements (but not in excess of the minimum withholding required by law). Each U.S. Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or for the
account of such U.S. Participant in connection with the Plan. 

  

	 	4.1.2	Administration. Without derogating from the powers and authorities of the Administrator set forth in the Plan, and unless specifically required under applicable law, the Administrator shall also have the
authority to administer the provisions of this Appendix B in its discretion and to take all actions necessary or appropriate to carry out the purposes of the Plan and this Appendix B, in addition to any powers and authorities specified in the Plan,
including the authority, in its discretion to determine the type of Award to be granted, including whether to grant Options as ISOs or as NSOs. In addition, in taking actions or making adjustments under Rules 9 or 10 of the Plan, the Administrator
shall do so having due regard for the qualification of ISOs under Section 422, the requirements of Section 409A, and for the performance-based compensation rules of Section 162(m), where applicable. 

 

	 	4.1.3	Transferability. Neither ISOs nor, except as the Administrator otherwise expressly provides in accordance with the third sentence of this Paragraph 4.1.3, other Awards may be transferred other than by will
or by the laws of descent and distribution. During a Participant’s lifetime, ISOs (and, except as the Administrator otherwise expressly provides in accordance with the third sentence of this Paragraph 4.1.3, SARs and NSOs) may be exercised only
by the Participant. The Administrator may permit the gratuitous transfer (i.e., transfer not for value) of Awards other than ISOs, subject to such limitations as the Administrator may impose. 

 

	 	4.1.4	Dividend Equivalents. The entitlement, if any, to dividend equivalent amounts payable in respect of Awards will be established and administered in a manner either consistent with an exemption from, or in
compliance with, the requirements of Section 409A. 

  

	 	4.1.5	 Section 162(m). In the case of any Performance Award (other than an Option or SAR) intended to qualify for the performance-based
compensation exception under Section 162(m), the Administrator will establish the applicable Performance Target or Targets 

  
 25 

	 	
in writing no later than ninety (90) days after the commencement of the period of service to which the performance relates (or at such earlier time as required to qualify the Award as
performance-based under Section 162(m)) and, prior to the event or occurrence (grant, vesting or payment, as the case may be) that is conditioned on the attainment of such Performance Target or Targets, will certify whether it or they have been
attained. Notwithstanding anything to the contrary in the Plan, including, without limitation Rule 6, to the extent consistent with the requirements for satisfying the performance-based compensation exception under Section 162(m), the
Administrator may provide in the case of any Award intended to qualify for such exception that one or more of the Performance Targets applicable to such Award will be adjusted in an objectively determinable manner to reflect events (for example, the
impact of charges for restructurings, discontinued operations, mergers, acquisitions, extraordinary items, and other unusual or non-recurring items, and the cumulative effects of tax or accounting changes, each as defined by U.S. generally accepted
accounting principles) occurring during the performance period that affect the applicable Performance Target or Targets. Awards will not be required to comply with the provisions of the Plan applicable to performance based awards under
Section 162(m) to the extent they are eligible (as determined by the Administrator) for exemption from the limitations of Section 162(m) by reason of the post-initial public offering transition relief in Section 1.162-27(f) of the
Treasury Regulations under the Code. 

  

	 	4.1.6	Coordination with Other Plans. In any case where an award is made under another plan, scheme or program of the Company or any other member of the Group pursuant to the terms of the Plan and such award is
intended to qualify for the performance-based compensation exception under Section 162(m), and such award is settled by the delivery of Shares or another Award under the Plan, the applicable Section 162(m) limitations under both the other
plan, scheme or program and under the Plan will be applied to the Plan as necessary (as determined by the Administrator) to preserve the availability of the Section 162(m) performance-based compensation exception with respect thereto.

  

	 	4.1.7	Section 409A. Each Award will contain such terms as the Administrator determines and shall be interpreted and administered to ensure that the payments contemplated thereby are exempt from, or comply
with, Section 409A; provided, however, that nothing in this Plan or an Award agreement shall be interpreted or construed to transfer any liability for any tax (including a tax or penalty due as a result of a failure to comply with
Section 409A) from a U.S. Participant to the Company or to any other individual or entity. Any payment under an Award that is subject to Section 409A and that is contingent on a termination of employment is contingent on a “separation
from service” within the meaning of Section 409A. Each such payment shall be considered to be a separate payment for purposes of Section 409A. If, upon separation from service, a U.S. Participant is a “specified employee”
within the meaning of Section 409A, any payment under an Award that is subject to Section 409A and would otherwise be paid within six months after the Participant’s separation from service will instead be paid in the seventh month
following separation from service (to the extent required by Section 409A(a)(2)(B)(i)). Unless otherwise stated in an Award agreement, (a) any payment of an Award (regardless of whether it is subject to Section 409A) shall be made
during the 60-day period beginning on the vesting date, and (b) if the period during which a U.S. Participant has the discretion to execute or revoke a release straddles two calendar years, any payments that are conditioned upon the release
shall be made no earlier than January 1st of the second of such calendar years, regardless of which taxable year the U.S. Participant delivers the executed release. 

  
 26 

	 	4.1.8	Fair Market Value. In determining the fair market value of any Share under the Plan, the Administrator shall make the determination in good faith consistent with the rules of Section 422 and
Section 409A to the extent applicable. 

  

	 	4.1.9	Separation from Service. In construing the provisions of any Award relating to the payment of “nonqualified deferred compensation” (subject to Section 409A) upon a termination or cessation
of a Participant’s service or employment with any member of the Group, references to termination or cessation of employment or service, termination or cessation of being an Eligible Person, separation from service, retirement or similar or
correlative terms will be construed to require a “separation from service” (as that term is defined in Section 1.409A-1(h) of the Treasury Regulations, after giving effect to the presumptions contained therein) from the Company and
from all other corporations and trades or businesses, if any, that would be treated as a single “service recipient” with the Company under Section 1.409A-1(h)(3) of the Treasury Regulations. 

 

	4.2	Options and SARs. The special rules and limitations set forth in this Paragraph 4.2 are applicable to Options and SARs issued under the Plan to U.S. Participants. 

 

	 	4.2.1	Maximum Term. Options and SARs will have a maximum term not to exceed 10 years from the date of grant (five years from the date of grant in the case of an ISO granted to a ten-percent shareholder within
the meaning of subsection (b)(6) of Section 422); provided, however, that if a U.S. Participant still holding an outstanding but unexercised NSO or SAR 10 years from the date of grant (or, in the case of an NSO or SAR with a maximum term of
less than 10 years, such maximum term) is prohibited by applicable law or a written policy of the Company applicable to similarly situated employees from engaging in any open market sales of Shares, and if at such time the Shares are publicly traded
(as determined by the Administrator), the maximum term of such Award will instead be deemed to expire on the 30th day following the date the Participant is no longer prohibited from engaging in such open-market sales. 

 

	 	4.2.2	Exercise Price. The exercise price (or the base value from which appreciation is to be measured) of each Award requiring exercise will be no less than 100% (or, in the case of an ISO granted to a
ten-percent shareholder within the meaning of subsection (b)(6) of Section 422, 110%) of the fair market value of the Shares subject to the Award, determined as of the Date of Grant, or such higher amount as the Administrator may determine in
connection with the grant. 

  

	4.3	Additional Provisions Applicable to Awards of ISOs: 

  

	 	4.3.1	To the extent that the aggregate fair market value (determined as of the time the Option is granted) of the Shares with respect to which ISOs are exercisable for the first time by the U.S. Participant under all equity
compensation arrangements or schemes of the Company and/or its Affiliates (if applicable) exceeds US$100,000 during any calendar year, the Options or portions thereof that exceed such limit shall be treated as NSOs in accordance with
Section 422, notwithstanding any contrary provision of the Plan, this Appendix B and/or the Award. 

  

	 	4.3.2	Without limiting the generality of the foregoing, if a U.S. Participant sells or otherwise disposes of any of the Shares acquired pursuant to the exercise of an ISO on or before the later of: 

 

	 	(a)	the date that is two years after the date the ISO was granted; or 

  
 27 

	 	(b)	the that is date one year after the transfer of such Shares to the U.S. Participant upon exercise of the ISO, 

the U.S. Participant shall notify the Company in writing within 30 days after the date of any such disposition. 

 

	5.	AMENDMENT OF APPENDIX B 

 The Administrator
shall retain the power and authority to amend or modify this Appendix B to the extent the Administrator in its discretion deems necessary or advisable to comply with any guidance issued under Section 409A, Section 422 or
Section 162(m). Such amendments may be made without the approval of any U.S. Participant. 
  

	6.	MISCELLANEOUS 

  

	6.1	Waiver of Jury Trial. By accepting an Award under the Plan, each U.S. Participant waives any right to a trial by jury in any action, proceeding or counterclaim concerning any rights under the Plan and any
Award, or under any amendment, waiver, consent, instrument, document or other agreement delivered or which in the future may be delivered in connection therewith, and agrees that any such action, proceedings or counterclaim will be tried before a
court and not before a jury. By accepting an Award under the Plan, each U.S. Participant certifies that no officer, representative, or attorney of the Company has represented, expressly or otherwise, that the Company would not, in the event of any
action, proceeding or counterclaim, seek to enforce the foregoing waivers. Notwithstanding anything to the contrary in the Plan, nothing herein is to be construed as limiting the ability of the Company and a U.S. Participant to agree to submit
disputes arising under the terms of the Plan or any Award made hereunder to binding arbitration or as limiting the ability of the Company to require any eligible individual to agree to submit such disputes to binding arbitration as a condition of
receiving an Award hereunder. 

  

	6.2	Limitation of Liability. Notwithstanding anything to the contrary in the Plan or in this Appendix B, neither the Company, nor any other member of the Group, nor the Administrator, nor any person acting on
behalf of the Company, any other member of the Group, or the Administrator, will be liable to any U.S. Participant or to the estate or beneficiary of any U.S. Participant or to any other holder of an Award by reason of any acceleration of income, or
any additional tax (including any interest and penalties), asserted by reason of the failure of an Award to satisfy the requirements of Section 422 or Section 409A or by reason of Section 4999 of the Code, or otherwise asserted with
respect to the Award. 

  
 28 

 APPENDIX C 

Unapproved Share Option Sub-Plan to the Lombard Medical, Inc. 

Global Share Option Plan (2014) 

Special Provisions Applicable to Unapproved Options granted to UK Employees Pursuant to this Sub-Plan to the Lombard Medical, Inc. Global Share
Option Plan (the “Appendix C Plan”) 
  

	1.	INTERPRETATION 

  

	1.1	When used in this Appendix C Plan, the following words and expressions shall have the meanings set out below. Capitalized terms used herein but not defined herein shall have the meanings set forth in the Plan:

  

			
	“ITEPA 2003”	  	means the Income Tax (Earnings and Pensions) Act 2003.
		
	“Unapproved Option”	  	means an Option over shares in the Company that is neither an HM Revenue & Customs approved company share option (under Schedule 4 ITEPA 2003) nor an enterprise management incentive (EMI) option which meets the requirements of
Schedule 5 ITEPA 2003.

  

	2.	MISCELLANEOUS 

  

	2.1	This Appendix C Plan is governed by the Lombard Medical, Inc. Global Share Option Plan (2014) (the “Plan”) and all its provisions shall be identical to those of the Plan save for the provisions
amended as below in order to accommodate the specific requirements of English law. 

  

	2.2	This Appendix C Plan governs the grant of Options over Shares in the Company. The Options granted under this Appendix C Plan shall be designated as Unapproved Options. 

 

	2.3	Such grants of Unapproved Options shall be subject to the terms of the Plan and the Award agreement, except to the extent that grants of Unapproved Options under this Appendix C Plan shall only be made to Employees.

  

	2.4	References to the “Plan” shall be substituted by “Sub-Plan” where appropriate in respect of Options granted to UK Employees under this Appendix C Plan. 

 APPENDIX D 

Restricted Share Sub-Plan to the Lombard Medical, Inc. Global Share Option Plan (2014) 

Special Provisions Applicable to Restricted Shares granted to UK Employees pursuant to this Restricted Share Sub-Plan to the Lombard Medical,
Inc. Global Share Option Plan (2014) (the “Appendix D Plan”) 
  

	1.	INTERPRETATION 

  

	1.1	When used in this Appendix D Plan, the following words and expressions shall have the meanings set out below. Capitalized terms used herein but not defined herein shall have the meanings set forth in the Plan:

  

					
	“ITEPA 2003”	  	means the Income Tax (Earnings and Pensions) Act 2003.
		
	“Restricted Shares”	  	means Shares that are subject to restrictions on transfer, a risk of forfeiture or a right of repurchase by the Company under certain circumstances.
		
	“Restricted Share Holder”	  	means the holder of Restricted Shares awarded under this Appendix D Plan.
		
	“Tax Liability”	  	means the total of:
			
		  	a.	  	any PAYE income tax and primary class 1 (employee) national insurance contributions (or any similar liability to withhold amounts in respect of income tax or social security contribution in any jurisdiction) that any employer (or
former employer) is liable to account; and
			
		  	b.	  	if such amounts may be lawfully recovered any secondary class 1 (employer) national insurance contributions (or any similar liability for social security contribution in any jurisdiction) that any employer (or former employer) is
liable.

  

	1.2	This Appendix D Plan is governed by the Lombard Medical, Inc. Global Share Option Plan (2014) (the “Plan”) and all its provisions shall be identical to those of the Plan save for the provisions
amended as below in order to accommodate the specific requirements of English law. 

  

	1.3	Restricted Shares may be awarded under this Appendix D Plan and such awards of Restricted Shares shall be subject to the terms of the Plan and the Award agreement, except to the extent that awards of Restricted Shares
under this Appendix D Plan shall only be made to Employees. 

  

	1.4	References to the “Plan” shall be substituted by “Sub-Plan” where appropriate in respect of Restricted Shares awarded to UK Employees under this Appendix D Plan. 

 

	2.	PARTICIPANT’S TAX INDEMNITY 

  

	2.1	Participant agrees to indemnify the Company (and the Company for and on behalf of any other company in the Group) in respect of the Tax Liability. In order to give effect to this indemnity, Participant irrevocably
authorises and appoints any director of the Company as his attorney and on his behalf: 

  

	 	2.1.1	to sell such number of the Shares registered in his name as will enable the Company (after payment of all necessary selling expenses and commissions) to recover from the sale proceeds an amount equal to the Tax
Liability that shall arise in connection with the acquisition, holding, forfeiture, repurchase or sale of Restricted Shares; 

	 	2.1.2	to allow the Company or any Group Company to deduct from any cash amounts (including salary and bonuses) which become payable to the Participant by the Company or any company in the Group; 

 

	 	2.1.3	generally to sign any share transfer form or other document which may be required and to do any other thing which the Company shall consider necessary or expedient for carrying out the acts hereby authorised in the same
manner and as fully in all respects as he could have done personally; and 

  

	 	2.1.4	Participant hereby undertakes to ratify everything which the Company shall do or purport to do by virtue of this power of attorney. 

  

	2.2	To the extent permitted by law, Participant irrevocably agrees to pay the Company a sum equal to all secondary Class 1 national insurance contributions due on any amount chargeable to income tax under section 426 of
ITEPA in respect of the Restricted Shares and/or to enter into an election with his employer to assume all the liability to Employer’s NICs, due on any amount chargeable to income tax under section 426 of ITEPA in respect of the Restricted
Shares, including an election under paragraph 3B of Schedule 1 to the Social Security Contributions and Benefits Act 1992. 

  

	2.3	If the Participant wishes to enter into an income tax election under section 425 or 431 of ITEPA (“Income Tax Election”) such an election may only be valid if made not more than 14 days after the
acquisition of the Restricted Shares. The Participant acknowledges that no employees, directors or officers of any Group Company have given the Participant financial, legal or taxation advice on the advantages and disadvantages of making an Income
Tax Election. 

  
 31Form of Medium-Term Notes, Series K

 Exhibit 4.1 

[Face of Note] 

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

			
	CUSIP NO. 949746515	  	FACE AMOUNT: $_____________
	REGISTERED NO. __	  	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

8% Equity Linked Securities due August 6, 2014 

Linked to the Common Stock of Halliburton Company 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or its registered assigns, the number of shares of
Underlying Stock (as defined below) or the amount of cash, as applicable, determined in accordance with the provisions set forth below under “Payment at Stated Maturity” due with respect to the face amount of
_______________________________________ DOLLARS ($____________) on August 6, 2014 (the “Stated Maturity Date”), subject to postponement due to the occurrence of a Market Disruption Event (as defined below) as set forth below
under “Payment at Stated Maturity,” and to pay interest on the Face Amount (as defined below) of this Security from April 6, 2014 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly
provided for, as the case may be, at the rate of 8% per annum, payable on each Interest Payment Date. Interest shall be calculated on the basis of a year of 360 days with twelve 30-day months. The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such Interest Payment Date; provided that the interest payable on the Stated Maturity Date shall be paid to the Person to whom the Payment at Maturity (as defined below) is paid. The “Regular Record
Date” for an Interest Payment Date shall be the date one Business Day (as defined below) prior to such 

 
Interest Payment Date. The “Interest Payment Dates” shall be the 6th day of each month, commencing May 6, 2014, and
ending on the Stated Maturity Date. “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.” 

Any interest 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 the Holder of this Security 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 this
Security may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Payments of interest on this Security shall be payable at the office or agency of the Company maintained for such purpose in
the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose 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; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or by wire transfer to such account as
may have been appropriately designated by such Person. Any cash payable on this Security at Maturity shall be paid against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis,
Minnesota and any shares of Underlying Stock deliverable at Maturity shall be delivered against such presentation. Notwithstanding the foregoing, for so long as this Security is in the form of a Global Security registered in the name of the
Depositary, all payments on this Security in the form of cash will be made to the Depositary by wire transfer of immediately available funds, and any shares of Underlying Stock deliverable under the terms of this Security at Maturity will be
delivered to the Depositary through the book-entry facilities of the Depositary if such shares are then in book-entry form and, if such shares are then in definitive form, certificates representing such shares will be delivered pursuant to the
Depositary’s instructions. 
 Payment at Stated Maturity 

On the Stated Maturity Date, for each $46.7326 in Face Amount represented by this Security, the Holder of this Security shall
receive either, in the Company’s sole discretion, (i) a number of shares of the Underlying Stock equal to the Settlement Amount (as defined below) divided by the Final Determination Price (as defined below) or (ii) an amount in
cash equal to the Settlement Amount. Solely for purposes of clause (i) of the immediately preceding sentence, the Final Determination Price will be calculated by multiplying the Closing Price (as defined below) of the Underlying Stock on the
Determination Date (as defined below) by the Share Amount (as defined below) as adjusted to and including the Stated Maturity Date. The “Underlying Stock” is the common stock of Halliburton Company (the “Underlying Stock
Issuer”). This payment is referred to herein as the “Payment at Maturity.” 

  
 2 

 The “Settlement Amount” per $46.7326 Face Amount of this
Security will equal: 
  

	 	•	 	 if the Final Determination Price is greater than the Upside Participation Threshold (as defined below), (i) $46.7326 plus (ii) the
Upside Participation Rate (as defined below) multiplied by the result of (a) the Final Determination Price minus (b) the Upside Participation Threshold; 

 

	 	•	 	 if the Final Determination Price is greater than or equal to the Principal Return Threshold (as defined below) and less than or equal to the Upside
Participation Threshold, $46.7326; or 

  

	 	•	 	 if the Final Determination Price is less than the Principal Return Threshold, the Downside Exchange Ratio (as defined below) multiplied by
the Final Determination Price; provided, however, that the Settlement Amount shall not be less than the Minimum Repayment Amount (as defined below). 

If a Market Disruption Event occurs or is continuing with respect to the Underlying Stock on the originally scheduled
Determination Date, the Determination Date will be postponed to the first succeeding Trading Day (as defined below) on which a Market Disruption Event has not occurred and is not continuing; however, if such first succeeding Trading Day has not
occurred as of the eighth scheduled Trading Day after the originally scheduled Determination Date, that eighth scheduled Trading Day shall be deemed to be the Determination Date. If the Determination Date has been postponed eight scheduled Trading
Days after the originally scheduled Determination Date and such eighth scheduled Trading Day is not a Trading Day, or if a Market Disruption Event occurs or is continuing with respect to the Underlying Stock on such eighth scheduled Trading Day, the
Calculation Agent (as defined below) will determine the Closing Price of the Underlying Stock on such eighth scheduled Trading Day using its good faith estimate of the Closing Price that would have prevailed for the Underlying Stock on such date.

 If a Market Disruption Event has occurred or is continuing on the Determination Date, the Stated Maturity Date will be
postponed until the later of (i) August 6, 2014 and (ii) three Business Days after the Final Determination Price is determined. 

If the Company elects to deliver shares of the Underlying Stock on the Stated Maturity Date and the aggregate number of shares
to which the Holder is entitled includes a fractional share, the Company will pay cash in lieu of delivering such fractional share in an amount equal to the value of such fractional share, based upon the Closing Price per share of the Underlying
Stock as determined by the Calculation Agent on the Business Day immediately preceding the Stated Maturity Date. 
 Business Day Adjustments 

If the Stated Maturity Date or any Interest Payment Date is not a Business Day, any payments due on this Security on such day
will be made on the next succeeding Business Day, but interest on such payment will not accrue from and after the Stated Maturity Date or such Interest Payment Date, as applicable. 

  
 3 

 Certain Definitions 

“Business Day” means any day, other than a Saturday or Sunday, (i) 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 and (ii) on which DTC (or any successor to DTC) settles payments and/or deliveries of shares. 

“Calculation Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the
Company, 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. 

“Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of May 29, 2012
between the Company and the Calculation Agent, as amended from time to time. 
 The “Closing Price” for one
share of the Underlying Stock (or one unit of any other security for which a Closing Price must be determined) on any Trading Day means: 
  

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

  

	 	•	 	 if the Underlying Stock (or any such other security) is a security of the NASDAQ, the official closing price published by the NASDAQ on such day;
or 

  

	 	•	 	 if the Underlying Stock (or any such other security) is not listed or admitted to trading on any national securities exchange but is included in
the OTC Bulletin Board Service (the “OTC Bulletin Board”) operated by the Financial Industry Regulatory Authority, Inc. (the “FINRA”), the last reported sale price of the principal trading session on the OTC
Bulletin Board on such day. 

 If the Underlying Stock (or any such other security) is listed or admitted
to trading on any national securities exchange but the last reported sale price or the official closing price published by the NASDAQ, as applicable, is not available pursuant to the preceding sentence, then the Closing Price for one share of the
Underlying Stock (or one unit of any such other security) on any Trading Day will mean the last reported sale price of the principal trading session on the over-the-counter market as reported on the NASDAQ or the OTC Bulletin Board on such day. 

If the last reported sale price or the official closing price published by the NASDAQ, as applicable, for the Underlying Stock
(or any such other security) is not available pursuant to either of the two preceding sentences, then the Closing Price per share for any Trading Day will be the 

  
 4 

 
mean, as determined by the Calculation Agent, of the bid price for the Underlying Stock (or any such other security) obtained from as many recognized dealers in such security, but not exceeding
three, as will make such bid prices available to the Calculation Agent. Bids of Wells Fargo Securities, LLC or any of its affiliates may be included in the calculation of such mean, but only to the extent that any such bid is the highest of the bids
obtained. The term “OTC Bulletin Board Service” will include any successor service thereto. 
 The
“Determination Date” is August 1, 2014 or, if such day is not a Trading Day, the next succeeding Trading Day. The Determination Date is subject to postponement as described in “Payment at Stated Maturity” above. 

The “Downside Exchange Ratio” is 0.8969. 

The “Final Determination Price” will be the Closing Price of the Underlying Stock multiplied by the
Share Amount, each as of the Determination Date. 
 A “Market Disruption Event” means the occurrence or
existence of any of the following events: 
  

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

  

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

 

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

  

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

The following events will not be Market Disruption Events: 

 

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

  

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

  
 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 the Underlying Stock or option or futures contracts relating to the Underlying Stock, as applicable, by reason of any of: 
  

	 	•	 	 a price change exceeding limits set by that market; 

  

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

 

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

will constitute a “suspension, absence or material limitation of trading” in the Underlying Stock or those contracts, as the case
may be, in the applicable market. 
 The “Minimum Repayment Amount” is $35.6258. 

The “Pricing Date” is April 2, 2014. 

The “Principal Return Threshold” is $52.1068. 

The “Share Amount” means, with respect to a share of the Underlying Stock, initially 1.00092 on the Pricing
Date, and will be adjusted for certain events affecting the shares of such Underlying Stock. See “–Adjustment Events” below. 

The “Upside Participation Rate” is 65%. 

The “Upside Participation Threshold” is $53.2752. 

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

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. All percentages and other amounts resulting from any calculation with respect to this Security
will be rounded at the Calculation Agent’s discretion. 
 Events of Default and Acceleration 

In case an Event of Default, as defined in the Indenture, with respect to this Security has occurred and is continuing, the
amount payable to the Holder of this Security upon any acceleration permitted by this Security, with respect to each $46.7326 Face Amount of this Security, will be an 

  
 6 

 
amount in cash equal to the Settlement Amount, calculated as provided herein, plus accrued but unpaid interest, if any, to but excluding the date of acceleration. The Settlement Amount will be
calculated as though the date of acceleration were the Determination Date. 
 Adjustment Events 

The Share Amount of the Underlying Stock is subject to adjustment by the Calculation Agent as a result of the dilution and
reorganization events described in this section. 
 How adjustments will be made 

If one of the events described below occurs with respect to the Underlying Stock and the Calculation Agent determines that the
event has a dilutive or concentrative effect on the market price of that Underlying Stock, the Calculation Agent will calculate a corresponding adjustment to the Share Amount for that Underlying Stock as the Calculation Agent deems appropriate to
account for that dilutive or concentrative effect. For example, if an adjustment is required because of a two-for-one stock split, then the Share Amount for that Underlying Stock will be adjusted by the Calculation Agent by multiplying the existing
Share Amount by a fraction whose numerator is the number of shares of the Underlying Stock outstanding immediately after the stock split and whose denominator is the number of shares of the Underlying Stock outstanding immediately prior to the stock
split. Consequently, the Share Amount will be adjusted to double the prior Share Amount, due to the corresponding decrease in the market price of the Underlying Stock. Adjustments will be made for events with an effective date or Ex-Dividend Date
(as defined below), as applicable, from but excluding the Pricing Date to and including (i) if the payment on the Stated Maturity Date is to be made in cash, the Determination Date or (ii) if the payment on the Stated Maturity Date is to
be made in shares of Underlying Stock, the Stated Maturity Date (the “Adjustment Period”). 
 The
Calculation Agent will also determine the effective date of that adjustment, and the replacement of the Underlying Stock, if applicable, in the event of a consolidation or merger or certain other events in respect of the Underlying Stock Issuer.
Upon making any such adjustment, the Calculation Agent will give notice as soon as practicable to the Trustee and the Paying Agent, stating the adjustment to the Share Amount. In no event, however, will an antidilution adjustment to the Share Amount
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 the Underlying Stock, the Calculation Agent will make an adjustment for each event in the order in which the events occur, and on a cumulative basis. Thus, having made an adjustment for the first event, the
Calculation Agent will adjust the Share Amount for the second event, applying the required adjustment to the Share Amount 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 Share Amount unless the adjustment would result in a change to the Share Amount then in effect of at least 0.10%. The Share Amount 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, the Calculation Agent will make the adjustment with a view to
offsetting, to the extent practical, any change in the economic position of 

  
 7 

 
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, as to the nature of the adjustment required and how it will be made or as to the value of any property distributed in a Reorganization Event (as defined below),
and will do so in its sole discretion. In the absence of manifest error, those determinations will be conclusive for all purposes and will be binding on the Holder of this Security and the Company, without any liability on the part of the
Calculation Agent. The Holder of this Security will not be entitled to any compensation from the Company for any loss suffered as a result of any of these determinations by the Calculation Agent. The Calculation Agent will provide information about
the adjustments that it makes upon the written request of the Holder of this Security. 
 If any of the adjustments
specified below is required to be made with respect to an amount or value of any cash or other property that is distributed by an Underlying Stock Issuer organized outside the United States, such amount or value will be converted to U.S. dollars, as
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 the Underlying Stock Issuer, as determined by the Calculation Agent, in its sole discretion. 

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

Ordinary Dividend Adjustments 

In addition to any adjustments to the Share Amount described herein, the Share Amount will be adjusted for changes in the
regular quarterly cash dividend payable to holders of the Underlying Stock relative to the Base Quarterly Dividend (as defined below). If the Underlying Stock Issuer pays a regular quarterly cash dividend for which the Ex-Dividend Date is within the
Adjustment Period and the amount of such regular quarterly cash dividend (the “Current Quarterly Dividend”) is greater than or less than the Base Quarterly Dividend, the Share Amount will be adjusted (an “Ordinary Dividend
Adjustment”) on such Ex-Dividend Date so that the new Share Amount will equal the prior Share Amount multiplied by the Ordinary Dividend Adjustment Factor. If the Underlying Stock Issuer declares that it will pay no dividend in any quarter,
other than in connection with a Payment Period Adjustment, an adjustment will be made in accordance with this paragraph on the date corresponding to the Ex-Dividend Date in the immediately prior dividend payment period during which a regular
quarterly cash dividend was paid. If a Reorganization Event occurs, no Ordinary Dividend Adjustment will be made in respect of any New Stock, Successor Stock or Replacement Stock (each as defined below). 

The “Ordinary Dividend Adjustment Factor” will equal a fraction, the numerator of which is the Closing Price
of the Underlying Stock on the Trading Day preceding the Ex-Dividend Date for the payment of the Current Quarterly Dividend (such Closing Price, the “Ordinary Dividend Base  

  
 8 

 
Closing Price”), and the denominator of which is the amount by which the Ordinary Dividend Base Closing Price of the Underlying Stock on the Trading Day preceding the Ex-Dividend Date
exceeds the Dividend Differential. 
 The “Dividend Differential” equals the amount of the Current
Quarterly Dividend minus the Base Quarterly Dividend. 
 The “Base Quarterly Dividend” means a quarterly
dividend of $0.125 per share; provided that (i) if there occurs any corporate event that requires an adjustment to the Share Amount as described herein or (ii) the Underlying Stock Issuer effects a change in the periodicity of its
dividend payments (e.g., from quarterly payments to semi-annual payments) (a “Payment Period Adjustment”), then in each case the Calculation Agent will make an appropriate adjustment to the Base Quarterly Dividend 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. 

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

In a stock dividend, a corporation issues additional shares of its stock to all holders of its outstanding stock in proportion
to the shares they own. Each outstanding share will be worth less as a result of a stock dividend. 
 If the Underlying
Stock is subject to a stock dividend payable in shares of such stock that is given ratably to all holders of shares of that Underlying Stock, then once the dividend has become effective the Calculation Agent will adjust the Share Amount for that
Underlying Stock on the Ex-Dividend Date to equal the sum of the prior Share Amount for that Underlying Stock and the product of: 
  

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

 

	 	•	 	 the prior Share Amount for that Underlying Stock. 

  
 9 

 The “Ex-Dividend Date” for any dividend or other distribution is
the first day on and after which the Underlying Stock trades without the right to receive that dividend or distribution. 
 No Adjustments for Other
Dividends and Distributions 
 The Share Amount will not be adjusted to reflect dividends, including cash dividends,
or other distributions paid with respect to the Underlying Stock, other than: 
  

	 	•	 	 Ordinary Dividend Adjustments described above, 

  

	 	•	 	 stock dividends described above, 

  

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

 

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

 

	 	•	 	 Extraordinary Dividends described below. 

An “Extraordinary Dividend” means each of (a) the full amount per share of the Underlying Stock of any
cash dividend or special dividend or distribution that is identified by the Underlying Stock Issuer as an extraordinary or special dividend or distribution, (b) the excess of any cash dividend or other cash distribution (that is not otherwise
identified by the Underlying Stock Issuer as an extraordinary or special dividend or distribution) distributed per share of the Underlying Stock over the immediately preceding cash dividend or other cash distribution, if any, per share of the
Underlying Stock that did not include an Extraordinary 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 that Underlying Stock on the Trading Day preceding the Ex-Dividend Date for the payment of such cash dividend or other cash distribution (such Closing Price, the “Extraordinary Dividend
Base Closing Price”) and (c) the full cash value of any non-cash dividend or distribution per share of the Underlying Stock (excluding Marketable Securities, as defined below). 

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

	 	•	 	 the prior Share Amount for the Underlying Stock, and 

  

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

Notwithstanding anything herein, any announced increase in the ordinary dividend on the Underlying Stock will not constitute
an Extraordinary Dividend requiring an adjustment. 

  
 10 

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

Transferable Rights and Warrants 

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

	 	•	 	 the prior Share Amount for that Underlying Stock, and 

  

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

The number of Additional Shares will be equal to: 
  

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

  

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

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

  
 11 

 Reorganization Events 

Each of the following is a “Reorganization Event”: 

 

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

 

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

  

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

  

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

  

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

  

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

Adjustments for Reorganization Events 

If a Reorganization Event occurs, then the Calculation Agent will adjust the Share Amount 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 the Underlying Stock would have been entitled to receive in relation to the Reorganization Event. This new property is
referred to as the “Reorganization Property.” 
 Reorganization Property can be classified into two
categories: 
  

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

 

	 	•	 	 cash and any other property, assets or securities other than Marketable Securities (including equity securities that are not listed, that are
traded over the counter or that are listed on a non-U.S. securities exchange), which is referred to as “Non-Stock Reorganization Property.” 

  
 12 

 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 Share Amount 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 the Underlying
Stock and (ii) the Share Amount for the Underlying Stock on the Trading Day immediately prior to the effective date of the Reorganization Event. 

If a holder of shares of the Underlying Stock may elect to receive different types or combinations of types of Reorganization
Property in the Reorganization Event, the Reorganization Property will consist of the types and amounts of each type distributed to a holder of shares of that Underlying Stock that makes no election, as determined by the Calculation Agent in its
sole discretion. 
 If any Reorganization Event occurs, then on and after the effective date for such Reorganization Event
(or, if applicable, in the case of spinoff stock, the Ex-Dividend Date for the distribution of such spinoff stock) the term “Underlying Stock” herein will be deemed to mean the following, and for each share of Underlying Stock, New
Stock and/or Replacement Stock so deemed to constitute Underlying Stock, the Share Amount will be equal to the applicable number indicated: 
  

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

  

	 	(1)	 that Underlying Stock (if applicable, as reclassified upon the issuance of any tracking stock) at the Share Amount in effect for that Underlying
Stock 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 Underlying Stock on the Trading Day
immediately prior to the effective date of the Reorganization Event and the denominator of which is the amount by which such Closing Price of the Underlying Stock exceeds the value of the Non-Stock Reorganization Property received per share of
Underlying Stock as determined by the Calculation Agent as of the close of trading on such Trading Day; or 

  
 13 

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

 

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

  

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

 

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

  

	 	(ii)	 if the surviving entity does not have Marketable Securities outstanding, or if there is no surviving entity (in each case, a “Replacement
Stock Event”), a number of shares of Replacement Stock (selected as defined below) with an aggregate value on the effective date of such Reorganization Event equal to the value of the Non-Stock Reorganization Property multiplied by the
Share Amount in effect for the Underlying Stock 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 the Underlying Stock and the Calculation Agent adjusts the
Share Amount 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 Share Amount. The Calculation Agent will do so to the same extent that it would make adjustments if the shares of that Underlying Stock were outstanding and were affected by the same kinds of events. If a
subsequent Reorganization Event affects only 

  
 14 

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

Replacement Stock Events 

Following the occurrence of a Replacement Stock Event described in paragraph (b)(2)(ii) above or in “—Delisting of
American Depositary Shares or Termination of American Depositary Receipt Facility” below, the amount of shares of the Underlying Stock or cash, as applicable, payable on this Security on the Stated Maturity Date will be determined by reference
to a Replacement Stock and a Share Amount (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
Underlying Stock among the stocks that then comprise the Replacement Stock Selection Index (or, if publication of such index is discontinued, any successor or substitute index selected by the Calculation Agent in its sole discretion) with the same
GICS Code (as defined below) as the Underlying Stock Issuer; provided, however, that a Replacement Stock will not include (i) any stock that is subject to a trading restriction under the trading restriction policies of the Company, the hedging
counterparties of the Company or any of their affiliates that would materially limit the ability of the Company, the hedging counterparties of the Company or any of their affiliates to hedge this Security with respect to such stock or (ii) any
stock for which the aggregate number of shares to be referenced (equal to the product of (a) the Share Amount that would be in effect immediately after selection of such stock as the Replacement Stock and (b) (1) the aggregate Face
Amount of this Security outstanding divided by (2) $46.7326) 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”). 
 Each Replacement Stock selected in connection with a Reorganization Event, will be
assigned a Share Amount 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 Underlying Stock and (b) the Share Amount in effect for the Underlying Stock on the Trading Day immediately prior to the effective date of such Reorganization Event. Each Replacement Stock selected
in connection with an ADS Termination Event (as defined below) will be assigned a Share Amount 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 

  
 15 

 
Price of the Underlying Stock on the Change Date and (y) the Share Amount in effect for the Underlying Stock 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 Underlying Stock on its primary exchange) for a period equal to the 125 Trading Days immediately preceding the announcement date of the Reorganization Event, as determined by the Calculation Agent. 

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

The “Replacement Stock Selection Index” means the S&P
500® Index. 
 Delisting of American Depositary Shares or
Termination of American Depositary Receipt Facility. If the Underlying Stock consists of any New Stock or Replacement Stock that is an ADS and the Underlying Stock is no longer listed or admitted to trading on a U.S. securities exchange
registered under the Exchange Act or included in the OTC Bulletin Board Service operated by the FINRA, or if the American depositary receipt facility between the Underlying Stock Issuer and the depositary is terminated for any reason (each, an
“ADS Termination Event”), then, on the last Trading Day on which the Underlying Stock is listed or admitted to trading or the last Trading Day immediately prior to the date of such termination, as applicable (the “Change
Date”), a Replacement Stock Event shall be deemed to occur. 
 Treatment of this Security for U.S. Federal Income Tax Purposes 

The Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be
deemed to have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States federal income tax purposes to treat this Security as a short-term contingent debt instrument, except in
connection with withholding on interest payments made to non-U.S. Holders on this Security. 
  

 

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. 

  
 16 

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

			
	DATED:	 	 

											
		 		 	WELLS FARGO & COMPANY
				
		 		 	By:	 	  

		 		 		 	  

		 		 		 	Its:	 	  

				
	 [SEAL]
	 		 	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 & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

8% Equity Linked Securities due August 6, 2014 

Linked to the Common Stock of Halliburton Company 

This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and
Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more
foreign or composite currencies. 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. 

Article Sixteen of the Indenture shall not apply to this Security. 

This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior
to August 6, 2014. This Security will not be entitled to any sinking fund. 
 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. 

  
 18 

 Modification and Waivers 

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

Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the
Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein,
shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Authorized
Denominations 
 This Security is issuable only in registered form without coupons in denominations of $46.7326 or
any amount in excess thereof which is an integral multiple of $46.7326. 
 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 

  
 19 

 
90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for
definitive Securities in registered form and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding
sentence, it shall be exchangeable for definitive Securities in registered form, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

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

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

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to make the payments on this Security at the times, place and rate, and in the coin or currency or shares of Underlying Stock, as the case may be, herein prescribed, except as otherwise provided
in this Security. 
 No Personal Recourse 

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

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

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

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

									
					
	Dated:	 	 	 		 		 	
					
		 		 		 		 	 
					
		 		 		 		 	 

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

  
 22

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00229-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00229-of-00352.parquet"}]]