Document:

Supply Agreement

 Exhibit 10.24 
 *** Text Omitted and Filed Separately 
 Confidential Treatment Requested 
 Under 17 C.F.R. §§ 200.80(b)(4) 
 and 230.406 
 SUPPLY AGREEMENT 
 This Agreement is entered into as of the 22nd day of February 2002, by and between Masimo Corporation, a Delaware corporation (the “BUYER”) and Wintek Electro-Optics Corporation., a Michigan corporation (the
“SELLER”). 
 WHEREAS, SELLER desires to manufacture exclusively for BUYER, Liquid Crystal Displays (hereinafter referred to as
“LCD”) as per BUYER’s specification, and BUYER desires to purchase LCD’s from SELLER. 
 NOW, THEREFORE, in consideration
of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
  

	1.	DEFINITIONS 

  

	 	1.1	“LCD Assembly” shall mean the items listed and described within the purchase order that is issued to SELLER by BUYER, which are manufactured according to the
specifications provided by BUYER 

  

	 	1.2	“Non-Recurring Engineering Charge” shall mean the cost to SELLER of manufacturing the engineering samples of the LCD Assembly. Includes Wintek tooling and fixtures,
Teledyne backlight tooling, and Hitachi Tab/IC tooling. 

  

	2.	PRODUCT SUPPLY 

  

	 	2.1	General. BUYER shall submit a purchase order (the “Purchase Order”) to SELLER specifying the quantity of LCD, Assembly to be purchased by BUYER, as set forth in
this Section 2. BUYER shall submit at least one Purchase Order to SELLER, on a quarterly basis, as determined by the BUYER. Notwithstanding the foregoing, BUYER may submit more than one Purchase Order per quarter. 

  

	 	2.2	 Initial Purchase Order: Procurement and Testing of Engineering Samples. BUYER shall submit an initial Purchase Order (the “Initial Purchase Order”)
to SELLER within thirty (30) days of the date of this Agreement. The Initial Purchase Order shall specify the type, quantity, and specifications of engineering samples of the LCD Assembly (the “Samples”) required by BUYER for testing.
BUYER and SELLER shall mutually agree on the specifications (the “Specifications”) for the Samples. The BUYER shall have up to six (6) months from the date of its receipt of the Samples to test and evaluate said Samples. To the extent
practicable, BUYER and SELLER shall agree upon the testing criteria for the Samples to determine if they meet the Specifications. Notwithstanding the foregoing, BUYER shall determine, in its sole discretion, whether the Samples 

  

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meet the required Specifications. In the event the Samples fail to meet the Specifications, including engineering tests and field customer evaluations, as
determined by BUYER, in its sole discretion, BUYER shall notify the SELLER, pursuant to Section 10.2 of this Agreement. Within 5 days of the receipt of such notice from BUYER, SELLER must notify BUYER of its intention to remedy the failure,
setting forth in reasonable detail its assessment of the failure and the time period required to remedy the cause of failure. If SELLER’s proposed remedy or time frame is not acceptable to BUYER, in its sole discretion, BUYER may cancel the
Initial Purchase Order, and any other Purchase Order submitted by BUYER, without penalty. 

  

	 	2.3	Fulfillment of Purchase Orders by SELLER. SELLER shall ship the LCD Assembly products to BUYER, in the quantities, at such times, and to the locations as requested by BUYER
in each Purchase Order. 

  

	 	2.4	Forecast and Inventory. During the first week of each of its fiscal quarters, BUYER shall provide to the SELLER a rolling forecast of LCD Assembly requirements for such
quarter, which SELLER shall use for capacity planning purposes. 

  

	 	2.5	Cancellation of Purchase Order. BUYER reserves the right to revise or cancel any Purchase Order, without penalty, where the cancellation is necessitated by changes in
technology which are not incorporated in SELLER’s LCD Assembly, cancellations by BUYER’s customers for BUYER’s products which incorporate SELLER’s LCD Assembly, or a redesign of BUYER’s current configuration of
instrumentation that house the LCD ASSEMBLY which redesign renders SELLER’s LCD Assembly incompatible, as determined by BUYER in its sole discretion, with BUYER’s products. For a cancellation by BUYER pursuant to this Section 2.5 to
be without penalty, cancellation notice must be provided to SELLER at any time up to and including one hundred twenty (120) days prior to the scheduled shipment date as set forth in the applicable Purchase Order. To the extent that such notice
is not sent at least one hundred twenty (120) days prior to the scheduled shipment date, BUYER shall accept said shipment subject to the conditions and provisions of this Agreement. Notwithstanding the foregoing, BUYER’s notice of
cancellation shall operate as cancellation notice for all additional Purchase Orders, which Purchase Orders have a scheduled shipment date more than one hundred twenty (120) days after the date such notice was sent. 

  

	 	2.6	Delivery; Title; Risk of Loss. 

  

	 	(a)	Delivery. 

  

	 	1.	SELLER shall ship the LCD Assembly products to BUYER, in such amounts and at such times, as requested by BUYER pursuant to the applicable Purchase Order. 

 

	 	2.	Lead Time for production orders will be per Exhibit A. 

  

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	 	(b)	Title. 

 The title to the Products will pass
directly from SELLER to BUYER upon acceptance by BUYER. 
  

	 	(c)	Risk of Loss. 

 SELLER shall bear the risk of loss
prior to actual Receipt and Acceptance of the LCD Assembly products by BUYER. Risk of loss shall pass to BUYER upon its acceptance of the LCD Assembly products. For purposes of the foregoing, Acceptance by BUYER shall occur when BUYER, or its
designee, takes physical possession of the LCD Assembly products, at which time they shall be deemed to be in BUYER’s possession and/or control. 
  

	3.	EXCLUSIVITY/CAPACITY 

  

	 	3.1	Exclusivity. The BUYER agrees to make the SELLER its exclusive supplier for the LCD ASSEMBLY during the term of this Agreement or such earlier date as this Agreement is
terminated by either party subject to the terms of this Agreement. BUYER agrees that in the event that BUYER develops additional products which require LCD Assembly products, SELLER will have the first opportunity to negotiate a contract for
provision of such LCD Assembly products to BUYER for inclusion in BUYER’s new product line; provided, however, that nothing contained herein requires BUYER to select SELLER as its supplier LCD Assembly products for any such other products
developed by BUYER Notwithstanding the foregoing, BUYER shall provide the specifications, as determined by BUYER in its sole discretion, for the new product line. SELLER shall have sixty (60) days from the date such specifications are sent by
BUYER to negotiate terms acceptable to BUYER for inclusion of SELLER’s LCD Assembly products in BUYER’s new product line. Upon payment for Teledyne backlight tooling and Hitachi tab/IC tooling, BUYER has right to procure directly from
Teledyne and Hitachi. Parts off these tools are for the sole consumption of Masimo. 

  

	 	3.2	Capacity. The SELLER shall maintain and manage capacity at its facility sufficient to manufacture the LCD Assemblies required by BUYER pursuant to this Agreement.

  

	4.	PRICING AND PAYMENT TERMS 

  

	 	4.1	LCD Assembly Price and Non-Recurring Engineering Charges. The price for the LCD Assemblies and Non-Recurring Engineering Charge indicated on Exhibit A hereto.

  

	 	4.2	 Payment Terms. BUYER shall pay SELLER the price applicable to each LCD Assembly. All invoices for purchased LCD Assemblies shall be accumulated by SELLER on
a monthly basis and provided to BUYER within fifteen (15) days of 

  

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the end of each month. Each invoice shall be due and payable within thirty (30) days of receipt by BUYER. 

  

	5.	COST REDUCTIONS/NEW TECHNOLOGY 

  

	 	5.1	Cost Reductions. SELLER shall provide on an as requested basis to BUYER, cost data that provide visibility to cost reduction projects for the LCD Assembly. To the extent that
SELLER’s per unit production costs decline at any point during the Term of this Agreement, such cost savings shall be passed on to BUYER in the form of a reduction in the per unit purchase price. To the extent that the SELLER’s per unit
production costs decline at any point during the term of this Agreement as a result of manufacturing cost-savings improvements, such cost savings shall be passed on to BUYER in the form of a reduction in the per unit purchase price. To the extent
that Seller’s per unit production costs decline at any point during the term of this agreement as a result of quality cost savings improvements, such cost savings shall be passed on to BUYER in the form of a reduction in the per unit purchase
price. 

  

	 	5.2	New Technology. If at any time during the Term of this Agreement, SELLER intends to implement new technologies or make significant changes with its current manufacturing
processes for production of the LCD Assembly products (the “Enhanced LCD Assembly”), which may result in a redesign or reconfiguration of the LCD Assembly, SELLER shall promptly notify BUYER. BUYER, in its sole discretion, shall determine
whether the implementation by SELLER of new technologies or manufacturing processes render the LCD Assembly products incompatible with BUYER’s products incorporating the existing LCD Assembly products. If BUYER determines that SELLER’s
Enhanced LCD Assembly is incompatible with BUYER’s products, BUYER may terminate this Agreement upon thirty (30) days notice. If BUYER elects to terminate this Agreement pursuant to this Section 5.2, BUYER shall be obligated to accept
on those LCD Assembly products as previously ordered by BUYER and shipped by SELLER prior to BUYER’s notice of termination, subject to the remaining provisions of this Agreement. 

 If the BUYER accepts the enhanced LCD Assembly products, BUYER may amend any Purchase Order previously submitted to SELLER and for which the requested LCD
Assembly products have not been shipped, without any penalty, to allow for the substitution of the Enhanced LCD Assembly products. 
  

	6.	QUALITY RECORDS, AUDITS, REGULATORY MATTERS . 

  

	 	6.1	Records. The SELLER shall maintain and make available to the BUYER for inspection, upon reasonable notice, quality records, manufacturing records for BUYER’s product,
which contains SELLER’s LCD Assembly. These records include but are not limited to personnel training, equipment calibration and qualification records and manufacturing records. 

  

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	 	6.2	Inspections. Upon reasonable notice, the SELLER shall allow the BUYER to make a physical inspection/audit, during normal business hours of the facility at least once per
calendar year. 

  

	 	6.3	Quality Level LCD. QC-S-9001 (Test Method: MIL STD - 105D, AQL : 0.65 for major defects, 2.50 for minor defects, 2.50 for total defects). 

  

	 	6.4	Quality Level (LCM). LM-S- 9001 (Test Method: MIL STD - 105D, AQL : 0.65 for major defects, 2.50 for minor defects, 2.50 for total defects). 

  

	7.	WARRANTY 

  

	 	7.1	SELLER warrants that the delivered hereunder will meet the applicable specifications and shall be free from defects in material and workmanship under normal use and service during
the term of this Agreement and any renewal thereof. If any LCD Assembly is discovered to be defective by BUYER, or a customer of BUYER’s, BUYER shall notify SELLER of the defect in a timely manner and SELLER shall immediately:
(i) implement an investigation to determine the cause of the defect, (ii) provide BUYER with a plan for ensuring that future LCD Assemblies are not subject to the same defect, and (iii) undertake necessary repairs and/or provide
replacement parts, to include LCD Assemblies, to such customers as are incoming or customers rejection due to a defective LCD Assembly, BUYER notify SELLER in a timely manner and the SELLER will promptly implement an investigation and take all
necessary corrective action in a timely manner as set forth above. 

  

	 	7.2	SELLER further represents and warrants that the LCD Assembly products and/or any use of the LCD Assembly products in accordance with the terms of this Agreement:

  

	 	(a)	will not infringe, or constitute the misappropriation of, any intellectual property right of any third party, and that SELLER holds all necessary rights and licenses to permit the
sale and use of the LCD Assembly products by BUYER as contemplated under the terms of this Agreement; and 

  

	 	(b)	will not otherwise reasonably be likely to expose either Party to criminal or civil liability of any kind. 

  

	 	7.3	Notwithstanding the foregoing, nothing in this Agreement is intended to or shall be construed as creating any third party beneficiary rights. 

  

	8.	 INDEMNIFICATION. SELLER shall indemnify, defend and hold BUYER, its successors, assigns, directors, shareholders, employees and agents
harmless, from any and all any liabilities, claims, causes of action, suits, damages, deficiencies, losses and expenses (including reasonable attorneys’ fees and expenses) relating to: (i) any trademark infringement or similar claims, suits,
judgments, expenses or allegations based on the LCD Assembly products; or (ii) SELLER’s breach of any of the warranties, 

  

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representations, covenants or agreements contained herein; or (iii) lawsuits filed by customers alleging defects in the LCD Assembly products.

  

	9.	TERM AND TERMINATION 

  

	 	9.1	Term. The term of this Agreement shall commence on the date first written above and expire on the 22nd day of February, 2005, unless terminated earlier pursuant to the terms
of this Agreement (the “Term”). 

  

	 	9.2	Automatic Renewal. Unless one party notifies the other party in writing at least six months prior to the end of the Term that the party does not intend to renew or extend
this Agreement, the term of this Agreement shall automatically extend until the earlier of: (a) termination of this Agreement by either party upon at least six (6) months’ written notice to the other; or (b) replacement of this
agreement by an extension, renewal or other written agreement of the parties. 

 Notwithstanding the foregoing, this Agreement
may be terminated by either party in the event of (i) any material breach by the other party hereto which continues after thirty (30) days written notice of said breach (which notice shall, in reasonable detail, specify the nature of the
breach) by the non-defaulting party to the defaulting party as set forth in Section 10.3 below or (ii) a new technology or a change in manufacturing renders the LCD Assembly products incompatible with BUYER’s intended use thereof as
set forth Section 5.2. 
  

	 	9.3	Defaults. If either party materially defaults in the performance of any obligation under this agreement, then the other party will have the right to terminate this agreement
upon Sixty (60) day prior written notice, unless such defaulting party substantially cures such default or has an acceptable corrective action plan in place to the satisfaction of the other party during that Sixty (60) day notice period.
In such event, this agreement shall continue in effect and such notice of termination shall be of no effect. 

  

	10.	MISCELLANEOUS 

  

	 	10.1	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California, without reference to or application of conflicts of
law principles. 

  

	 	10.2	Notice and Communications. All notices and other communications shall be deemed to have been given (a) upon receipt if delivered personally, (b) upon completion of
the transmission if telecopied (with confirmation from the sending device that the entire notice or other communication was received by the addressee) or (c) upon execution of the return receipt if mailed certified mail (return receipt
requested); and addressed as follows: 

  

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	To BUYER:	 	To SELLER:
		
	 Masimo Corporation
 2852 Kelvin Avenue
 Irvine, California 92714
 Attention:
 Fax:
	 	 Wintek Electro-Optics Corporation
 1665 Highland
Drive
 Ann Arbor, Michigan 48108
 Attention:
 Fax:

 or to such other address as a party may designate pursuant to this notice provision. 
  

	 	10.3	Waiver. Failure by either party, at any time, to require performance by the other party or to claim a breach of any provision of this Agreement shall not be construed as a
waiver of any right accruing under this Agreement, nor shall it affect any subsequent breach or the effectiveness of this Agreement or any part hereof, or prejudice either party with respect to any subsequent action. A waiver of any right accruing
to either party pursuant to this Agreement shall not be effective unless given in writing. 

  

	 	10.4	Headings. The headings in this Agreement are for convenience only, and shall not be considered a part of, or affect the interpretation of, any provision of this Agreement.

  

	 	10.5	Severability. In the event that any provision of this Agreement shall be unlawful or otherwise unenforceable, such provision shall be severed, and the entire agreement shall
not fail on account thereof, the balance continuing in full force and effect, and the parties shall endeavor to replace the severed provision with a similar provision that is not unlawful or otherwise unenforceable. 

  

	 	10.6	Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one. and the same
instrument. A Party may deliver this Agreement by transmitting a facsimile copy of this Agreement to the other Party. A facsimile copy of this Agreement, including the executed signature page thereof, shall be deemed an original.

  

	 	10.7	Modification. No amendment to or modification of this Agreement shall be effective unless set forth in a writing signed by both Parties. 

  

	 	10.8	Assignment: Delegation. Neither party may assign its rights or delegate its duties, directly or indirectly, either voluntarily or by operation of law, without the prior
written consent of the other Party. 

  

	 	10.9	Survival of Warranties and Indemnities. The warranties and indemnities made by the SELLER in Sections 8 and 9 of this Agreement, respectively, shall be deemed continuing and
shall survive the Termination of this Agreement. 

  

	 	10.10	 Entire Agreement. This Agreement constitutes the entire agreement between the Parties pertaining to the subject matter hereof and supersedes all prior and

  

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contemporaneous agreements and understandings of the Parties in connection herewith. 

  

	 	10.11	Exhibits. All exhibits attached to this Agreement are incorporated in and made a part of this Agreement by this reference. 

  

	 	10.12	Waiver of Breach. The waiver by either Party of a breach of any provision of this Agreement will not Deemed a waiver of any subsequent breach of the same or different
provision. 

 IN WITNESS WHEREOF, the parties have entered into this Agreement as of the date first written above. 

 

							
	MASIMO CORPORATION	 	WINTEK ELECTRO-OPTICS CORPORATION
				
	By:	 	 /s/ Gary L.Waite
	 	By:	 	 /s/ B.D. Hughes

	Name:	 	Gary Waite	 	Name:	 	Phil Hughes
	Title:	 	VP Manufacturing	 	Title:	 	Director

  

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 EXHIBIT A 
 LCD ASSEMBLY PRICE 
 NON-RECURRING ENGINEERING CHARGES (NRE)$[...***...] Includes 10 samples (5 FFSTN
positive, 5 FFSTN negative, 5 STN negative blue mode). 
 NRE: 
 [...***...] 
 NRE, [...***...] upon issuance of BUYER’s purchase order. Remaining NRE payable upon delivery of prototypes that
meet Masimo approved Wintek LCD assembly specification. 
 The cost structured as follows: 
 [...***...] 
 Prototypes (additional samples of Max of 100)
[...***...] 
  

	 	•	 	 FFSTN Positive Mode (5 included in NRE) 

	 	•	 	 FFSTN Negative Mode (5 included with NRE) 

	 	•	 	 STN Negative/Blue Mode (5 additional @ [...***...]) 

 INITIAL PURCHASE ORDER: 
 The initial purchase order will be issued for [...***...] each as a “ramp-up” quantity [...***...].
Production orders to be placed for no less than [...***...]. 
 * Confidential Treatment Requested 
  

 A-1 

 EXHIBIT A 
 LCD ASSEMBLY PRICE 
 DELIVERY LEAD TIMES: 
 LCD drawing to be submitted 2 weeks following receipt of order. 
 LCD Assembly Samples 16 weeks following BUYER approval of
Wintek LCD specification. 
 Delivery Lead Time for production LCD assembly, 16-18 weeks upon receipt of production order, and approval of prototype LCD
Assembly. 
 FUTURE PURCHASE ORDERS: 
 Future purchase orders
will be issued based on a forecast that Masimo Corporation will provide to Wintek on a quarterly basis. This future purchase order can be issued as late as eighteen months after the initial purchase order. Forecast will be based upon current sales
demand and historical sales. Masimo current estimates for usage for the LCD are approximately 800-1000 units per month. 
  

 A-2Form of Note Linked to the iShares MSCI Emerging Markets Index Fund

 Exhibit 4.1 
 [Face of Note] 
 Unless this certificate is presented by an authorized representative of The Depository
Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
  

			
	 CUSIP NO. 949746 NU1
	  	FACE AMOUNT: $                    
	 REGISTERED NO.         
	  	

 WELLS FARGO & COMPANY 
 Notes Linked to the iShares® MSCI Emerging Markets Index Fund 
 due July 9, 2012 
 WELLS FARGO & COMPANY, a corporation duly organized and existing
under the laws of the State of Delaware (hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE &
Co., or registered assigns, an amount equal to the Maturity Payment Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, on the Stated
Maturity Date. The “Initial Stated Maturity Date” shall be July 9, 2012. If no Market Disruption Event (as defined below) occurs or is continuing on the scheduled Valuation Date (as defined below), the Initial Stated Maturity
Date will be the “Stated Maturity Date.” If a Market Disruption Event occurs or is continuing on the scheduled Valuation Date, the “Stated Maturity Date” shall be the later of (i) three Business Days (as
defined below) after the postponed Valuation Date and (ii) the Initial Stated Maturity Date. This Security shall not bear any interest. 
 Any payments on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency
maintained by the Company for such purpose. 

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

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

  

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

  

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

  

									
	•        $1,000; and	 		 	
					
	•        	 	[	 	 Initial Fund Level – Final Fund Level
	 	]	 	 - .20

	 	 	Initial Fund Level	 	 

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

	 	•	 	 $1,000; 

  

	 	•	 	 Participation Rate; and 

  

	 	•	 	 Final Fund Level – Initial Fund Level 

                             Initial Fund Level 
 The “Participation Rate” is 1.01. 
 The “Initial Fund Level” is $131.65, the Fund Closing Price on June 29, 2007. 
 The “Final Fund
Level” shall be equal to the Fund Closing Price on the Valuation Date. 
 Set forth below are certain defined terms used in this
Security in connection with the determination of the Maturity Payment Amount. 
 “Adjustment Factor” shall mean, with
respect to a share of the Fund, 1.0, subject to adjustment in the event of certain events affecting the shares of the Fund as described in “—Anti-Dilution Adjustments; Discontinuance of the Fund; Alteration of Method of Calculation.”

 “Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which
banking institutions are authorized or required by law or regulation to close in New York, New York or Minneapolis, Minnesota. 
 “Calculation Agency Agreement” shall mean the Calculation Agency Agreement dated as of July 9, 2007 between the Company and the Calculation Agent, as amended from time to time. 
  

 2 

 “Calculation Agent” shall mean the Person that has entered into the Calculation Agency
Agreement with the Company providing for, among other things, the determination of the Final Fund Level, the Additional Amount, if any, and the Maturity Payment Amount, which term shall, unless the context otherwise requires, include its successors
under such Calculation Agency Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agency Agreement, the Company may appoint a different Calculation Agent from time to time after the initial
issuance of the Securities of this series without the consent of the Holders of the Securities of this series and without notifying the Holders of the Securities of this series. 
 “Closing Price” with respect to a share of the Fund (or one unit of any other security for which a closing price must be determined) on
any Trading Day means: 
  

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

  

	 	•	 	 if the share (or any such other security) is a security of the Nasdaq National Market (and provided that the Nasdaq National Market is not then a national
securities exchange), the Nasdaq official closing price published by The Nasdaq Stock Market, Inc. on such day; or 

  

	 	•	 	 if the share (or any such other security) is neither listed or admitted to trading on any national securities exchange nor a security of the Nasdaq National Market
but is included in the OTC Bulletin Board Service operated by the National Association of Securities Dealers, Inc., the last reported sale price of the principal trading session on the OTC Bulletin Board on such day. 

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

 3 

 “Face Amount” shall mean, when used with respect to any Security or Securities of this
series, the amount set forth on the face of such Security or Securities as its or their “Face Amount.” 
 “Fund”
shall mean the iShares MSCI Emerging Markets Index Fund. 
 “Fund Closing Price” with respect to the Fund (or any successor
fund) on any Trading Day shall mean the product of (i) the Closing Price of one share of the Fund on such Trading Day and (ii) the Adjustment Factor applicable to the Fund on such Trading Day, as determined by the Calculation Agent as
described in “—Anti-Dilution Adjustments; Discontinuance of the Fund; Alteration Of Method Of Calculation.” 
 “Fund
Sponsor” shall mean iShares, Inc. 
 A “Market Disruption Event” with respect to the Fund will occur on any day if
the Calculation Agent determines, in its sole discretion, any of the following: 
  

	 	•	 	 An absence or material suspension or material limitation of trading of the shares of the Fund or any successor fund or of 20% or more of the underlying stocks which
then comprise the Underlying Index has occurred on that day, in each case, during the one-half hour period preceding the close of trading on the relevant exchange(s). 

  

	 	•	 	 A breakdown or failure in the price and trade reporting systems of a relevant exchange(s) as a result of which the reported trading prices for the shares of the
Fund or any successor fund or for 20% or more of the underlying stocks which then comprise the Underlying Index, during the one-half hour period preceding the close of trading, are materially inaccurate. 

  

	 	•	 	 A material suspension or material limitation has occurred on that day, in each case during the one-half hour period preceding the close of trading in options or
futures contracts related to the shares of the Fund or any successor fund or the Underlying Index, whether by reason of movements in price exceeding levels permitted by an exchange, trading system or market on which those options or futures
contracts are traded or otherwise. 

  

	 	•	 	 Information is unavailable on that date, through a recognized system of public dissemination of transaction information, during the one-half hour period preceding
the close of trading, of accurate price, volume or related information in respect of 20% or more of the underlying stocks which then comprise the Underlying Index or in respect of options or futures contracts or exchange traded funds related to the
Underlying Index, in each case traded on the relevant exchange(s). 

  

 4 

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

	 	•	 	 “relevant exchange” means the primary exchange or market of trading for the shares of the Fund or any successor fund or for any security then
included in the Underlying Index; 

  

	 	•	 	 a limitation on the hours or number of days of trading will not constitute a Market Disruption Event if it results from an announced change in the regular business
hours of the relevant exchange; 

  

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

  

	 	•	 	 an absence of trading on a relevant exchange will not include any time when that relevant exchange is closed for trading under ordinary circumstances;

  

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

  

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

 A “Trading Day” means a day as determined by the Calculation Agent, on which trading is generally conducted on the New York Stock
Exchange, Inc., the American Stock Exchange, Inc., the Nasdaq National Market, the Chicago Mercantile Exchange, the Chicago Board of Options Exchange and in the over-the-counter market for securities in the United States. 
 The “Underlying Index” shall mean the MSCI Emerging Markets Index. 
 The “Valuation Date” shall be the last Trading Day of June 2012. If the Calculation Agent determines that a Market Disruption Event has
occurred or is continuing with respect to the Fund on the scheduled Valuation Date, the Calculation Agent will determine the Fund Closing Price by reference to the Fund Closing Price on the next Trading Day on which there is not a Market Disruption
Event for the Fund; provided, however, if a Market Disruption Event occurs with respect to the Fund on each of the seven Trading Days following the originally scheduled Valuation Date, then (i) that seventh Trading Day shall be deemed the
Valuation Date and (ii) the Calculation Agent shall determine the Fund Closing Price subject to a Market Disruption Event based upon its good faith estimate of the Fund Closing Price on that seventh Trading Day. Any such postponement of the
date that would otherwise be the scheduled Valuation Date will cause the Stated Maturity Date to be postponed until three Business Days after the Valuation Date if such third Business Day is after the Initial Stated Maturity Date. 
  

 5 

 Anti-Dilution Adjustments; Discontinuance Of The Fund; Alteration Of Method Of Calculation 
 If the shares of the Fund are subject to a stock split or reverse stock split, then once such split has become effective, the Adjustment Factor with
respect to such shares will be adjusted to equal the product of the prior Adjustment Factor for such shares and the number of shares issued in such stock split or reverse stock split with respect to one such share. 
 If the Fund is de-listed, liquidated or otherwise terminated (a “liquidation event”), and a successor or substitute exchange traded fund
exists that the Calculation Agent determines, in its sole discretion, to be comparable to the Fund, then any subsequent Fund Closing Price will be determined by reference to the Closing Price of the shares of such successor or substitute exchange
traded fund (such exchange traded fund being referred to herein as a “successor fund”). 
 Upon any selection by the
Calculation Agent of a successor fund, the Calculation Agent will give notice to the Holders of the Securities of this series. 
 If the Fund
undergoes a liquidation event prior to, and such liquidation event is continuing on, the date that the Fund Closing Price is to be determined and the Calculation Agent determines that no successor fund is available at such time, then the Calculation
Agent will, in its discretion, calculate the Fund Closing Price on such date by a computation methodology that the Calculation Agent determines will as closely as reasonably possible replicate the Fund. 
 If a successor fund is selected or the Calculation Agent calculates the Fund Closing Price as a substitute for the Fund, such successor fund or Fund
Closing Price will be used as a substitute for the Fund for all purposes, including for purposes of determining whether a Market Disruption Event exists. 
 If at any time the method of calculating the Fund or a successor fund, or the Underlying Index, is changed in a material respect, or if the Fund or a successor fund is in any other way modified so that such exchange
traded fund does not, in the opinion of the Calculation Agent, fairly represent the price of the shares of the Fund or such successor fund had such changes or modifications not been made, then the Calculation Agent will, at the close of business in
New York City on the date that the Fund Closing Price is to be determined, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a price of an exchange traded fund
comparable to the Fund or such successor fund, as the case may be, as if such changes or modifications had not been made, and calculate the Fund Closing Price with reference to the Fund or such successor fund, as adjusted. 
 Calculation Agent 
 The Calculation Agent will
determine the Maturity Payment Amount. In addition, the Calculation Agent will (i) determine if adjustments are required to the Fund Closing Price under the circumstances described in this Security, (ii) if the Fund undergoes a liquidation
event, select a successor fund or, if no successor fund is available, determine the Fund Closing Price and (iii) determine whether a Market Disruption Event has occurred. 
  

 6 

 The Company covenants that, so long as any of the Securities of this series are Outstanding, there shall
at all times be a Calculation Agent (which shall be a broker-dealer, bank or other financial institution) with respect to the Securities of this series. 
 All determinations made by the Calculation Agent with respect to the Securities of this series will be at the sole discretion of the Calculation Agent and, in the absence of manifest error, will be conclusive for all
purposes and binding on the Company and the Holders of the Securities of this series. All percentages and other amounts resulting from any calculation with respect to the Securities of this series will be rounded at the Calculation Agent’s
discretion. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been
executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose. 
 [The remainder of this page has been left intentionally blank] 
  

 7 

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

 DATED: July 9, 2007 
  

					
		 	WELLS FARGO & COMPANY
			
		 	By:	 	  

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

		 		 	Robert L. Lee
		 		 	Its: Assistant Secretary

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

			
	CITIBANK, N.A.,
	 as Trustee

		
	By:	 	  

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

		
	By:	 	  

		 	Authorized Signature

  

 8 

 [Reverse of Note] 
 WELLS FARGO & COMPANY 
 Notes Linked to the iShares® MSCI Emerging Markets Index Fund 
 due July 9, 2012 
 This Security
is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time
(herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities
are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, limited in aggregate Face Amount to
$                    ; provided, however, that the Company may, so long as no Event of Default has occurred and is continuing, without
the consent of the Holders of the Securities of this series, issue additional Securities with the same terms as the Securities of this series, and such additional Securities shall be considered part of the same series under the Indenture as the
Securities of this series. 
 The Securities of this series are not subject to redemption at the option of the Company or repayment at the
option of the Holder hereof prior to July 9, 2012. The Securities will not be entitled to any sinking fund. 
 The Company agrees, to
the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of Securities of this series. 
 If an Event of Default, as defined in the Indenture, with respect to Securities of this series shall occur and be continuing, the Maturity Payment Amount (calculated as set forth in the next sentence) of the
Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Maturity Payment
Amount hereof calculated as though the date of acceleration was the Valuation Date; provided, however, if such date is not a Trading Day or if a Market Disruption Event has occurred or is continuing on that day, the next Trading Day on which there
is not a Market Disruption Event will be deemed to be the Valuation Date. Upon payment of the amount so declared due and payable, all of the Company’s obligations in respect of payment of the Maturity Payment Amount shall terminate. The
Securities of this series will not bear a default rate of interest after the occurrence of an Event of Default or an acceleration under the Indenture. 
 The Company agrees, and by acceptance of a beneficial ownership interest in this Security each beneficial owner of this Security will be deemed to have agreed, for United States federal income tax purposes to
characterize and treat this Security as a pre-paid cash-settled forward contract. 
  

 9 

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in
principal amount of the Securities at the time Outstanding of all series to be affected, acting together. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time
Outstanding affected by certain provisions of the Indenture, acting together, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the
Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Solely for the
purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in the requisite aggregate
principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof. Any such consent or waiver by the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Security. 
 Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the
Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein,
shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Upon due
presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new Security or Securities of this series in authorized denominations for an equal aggregate Face Amount will
be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in
connection therewith. 
 This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies
the Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is
not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered
form and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for
definitive Securities in registered form, having the same terms and of authorized denominations aggregating a like amount. 
  

 10 

 This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary
or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of beneficial
interests in this Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 
 No reference herein to the Indenture and no provision of the Indenture shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the Maturity Payment Amount at the times and place, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner
hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 No recourse shall be had for the payment of the Maturity Payment Amount, or for any claim based on this Security, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture
supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of
any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined in
this Security. 
 This Security shall be governed by and construed in accordance with the laws of the State of New York. 
  

 11 

 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 
 
                                        
                                        

  
  

	
	  

	
	  

	
	  

  

 12 

 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. 
  

 13

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