Document:

Exhibit 10.27

 

Execution Version

 

BOARD REPRESENTATION AGREEMENT

 

This Board Representation Agreement (this “Agreement”) is made as of June 30, 2016, between Professional Diversity Network, Inc., a Delaware corporation (the “Company”), and White Winston Select Asset Funds, LLC, a Delaware limited liability company (the “Investor”).

 

Background

 

The Company and the Investor desire to enter into this agreement pursuant to which the Investor will have certain rights to designate persons (the “Investor Nominees”) to be nominated for election to the Company’s Board of Directors (the “Board”) provided the Investor meets the requirements set forth herein.

 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:

 

Terms and Conditions

 

Section 1.          Definitions.

 

“Affiliate” means, with respect to any specified person, any other person who or which, directly or indirectly, controls, is controlled by, or is under common control with such specified person, including without limitation any general partner, officer, director or manager of such person and any venture capital fund now or hereafter existing that is controlled by or under common control with one or more general partners or managing members of, or shares the same management company with, such person.

 

“Annual Meeting” means each annual meeting of the Company’s stockholders or any other meeting of the Company’s stockholders at which Directors are to be elected, and every continuation thereof.

 

“Business Day” means any day that is not a Saturday, Sunday, legal holiday or other day on which commercial banks in New York, NY are authorized or required by applicable law to close.

 

“Bylaws” means the Company’s Amended and Restated Bylaws, as in effect on the date hereof, as the same may be amended, restated or repealed or replaced from time to time.

 

“Certificate of Incorporation” means the Company’s Amended and Restated Certificate of Incorporation, as in effect on the date hereof, as the same may be amended or restated from time to time.

 

“Closing Market Capitalization” shall be calculated by multiplying (a) the number of shares of Common Stock issued and outstanding as of the applicable date, by (b) the closing price of a share of Common Stock as of such date.

 

 

“Common Stock” means the Company’s common stock, par value $0.01 per share.

 

“Corporate Transaction” means (a) a sale, transfer, exclusive license or other disposition of all or substantially all of the Company’s assets, (b) a merger or consolidation of the Company with or into another entity (except a merger or consolidation in which the holders of the Company’s equity securities immediately prior to such merger or consolidation continue to hold a majority of the voting power of the Company’s or the surviving or acquiring entity’s equity securities) or (c) a transfer (whether by merger, consolidation or other similar transaction), in one transaction or a series of related transactions, to a person or group of affiliated persons (other than an underwriter of the Company’s securities), of the Company’s securities if, after such closing, such person or group of affiliated persons would hold 50% or more of the outstanding voting power of the Company (or the surviving or acquiring entity) and such transaction(s) was not part of a bona fide debt or equity financing transaction(s) undertaken to fund the Company’s ongoing operations.

 

“Credit Facility” means the Master Credit Facility, dated as of March 30, 2016, by and between the Company and the Investor

 

   “Investor’s Debt Investment” means (a) on the initial Representation Date (defined herein), the principal amount outstanding under the Credit Facility as of the close of business on such date and (b) on each subsequent Representation Date, the average principal amount outstanding under the Credit Facility during the ninety (90) days immediately prior to such date (or, if short, the number of days since commencement of the Representation Term (defined herein)).

 

“Investor’s Interest” means the amount, expressed as a percentage, equal to the sum of (a) sixty-percent (60%) of (i) the Investor’s Debt Investment divided by (ii) the sum of the Closing Market Capitalization and the Investor’s Debt Investment plus (b) the Investor’s percentage interest in the Company’s outstanding Common Stock as of a given date, as determined by dividing (i) the number of issued and outstanding shares of Common Stock then beneficially owned by the Investor plus (without duplication) the number of issued and outstanding shares of Common Stock over which the Investor has voting control, by (ii) the number of shares of Common Stock then issued and outstanding.

 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture and an unincorporated organization.

 

“Securities Laws” means the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and, in each case, the rules and regulations promulgated thereunder.

 

“Transfer” means any sale, transfer, assignment or other disposition of (whether with or without consideration and whether voluntary or involuntary or by operation of law).

 

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Section 2.          Term and Termination.

 

(a)          This Agreement shall take effect on the date hereof and continue until the Investor’s right to designate Investor Nominees terminates, as provided in Section 3 below, unless sooner terminated in the manner provided in this Section 2 (the “Term”).

 

(b)          This Agreement will automatically terminate and be of no further effect immediately prior to and effective upon consummation of a Corporate Transaction.

 

(c)          The Company may terminate this Agreement if the Investor is in material breach of its obligations hereunder and fails to cure such breach within thirty (30) days of receipt of written notice of the breach from the Company.

 

Section 3.          Investor Nominees.

 

(a)          The Investor shall have the right to designate a number of Investor Nominees during the period (the “Representation Term”) commencing on the date that the Investor’s Debt Investment first exceeds $2.0 million (the “Investment Triggering Event”) and ending at such time as the Investor’s Interest falls below five percent (5%) (whether as a result of dilution (subject to Section 9 of this Agreement), Transfer or otherwise) for sixty (60) consecutive days (the “Investor Nominee Termination Event”).

 

(b)          The number of Investor Nominees the Investor shall have the right to designate shall first be determined as of the close of business on the date of the Investment Triggering Event and thereafter shall be determined as of the close of business on the record date for each meeting of the stockholders during the Representation Term at which directors of the Company are to be elected (each such date, a “Representation Date”). Subject to the terms and conditions of this Agreement, from and after the date of the Investment Triggering Event until the date of an Investor Nominee Termination Event, the Investor shall have the right to designate up to a number of Investor Nominees equal to (x) the Investor’s Interest multiplied by (y) the total number of Directors on the Board at the time of the nomination, including any vacancies that may have occurred since the prior annual meeting and remain unfilled, rounded to the nearest whole number.  Notwithstanding the foregoing, for so long as the calculation of the Investor’s Interest includes the Investor’s Debt Investment and no Event of Default (as defined under the Credit Facility) has occurred, the number of Investor Nominees that the Investor shall have the right to designate shall not exceed two (2) Investor Nominees.

 

(c)          If an Event of Default (as defined under the Credit Facility) has occurred and is continuing, in addition to the Investor Nominees the Investor is entitled to designated pursuant to paragraph (b) above, the Investor shall be entitled to designate an additional two (2) Investor Nominees.

 

(d)          Notwithstanding paragraphs (b) and (c) above, in no event shall the aggregate number of Investor Nominees the Investor is entitled to designate exceed (i) if the Board is then comprised of an odd number of Directors, then 50% of the number of Directors, rounded down to the nearest whole number and (ii) if the Board is then comprised of an even number of Directors, then one less than half the number of Directors.

 

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(e)          If the Investor is entitled to nominate more than one (1) Investor Nominee, no more than one (1) of the Investor Nominees may be an Affiliate of the Investor. If the Investor is entitled to nominate more than two (2) Investor Nominees, no more than one (1) of the Investor Nominees may be an Affiliate of the Investor. If the Investor is entitled to nominate more than three (3) Investor Nominees, no more than two (2) of the Investor Nominees may be an Affiliate of the Investor (each, an “Affiliate Nominee”) and not more than one (1) of the Affiliate Nominees may be a director, manager, officer or other employee of the Investor (an “Investor Insider”). Notwithstanding anything to the contrary herein, the Investor will not nominate as an Investor Nominee any individual who previously served as a Director of the Company (provided that such restriction shall not preclude the Investor from nominating a previous Investor Nominee for re-election as a Director).

 

(f)          If less than all of the Directors will be elected at an Annual Meeting, the number of Investor Nominees the Investor shall be entitled to designate for election at such Annual Meeting shall equal the lesser of (i) the total number of Investor Nominees the Investor has the right to designate to the Board minus the number of Investor Nominees then serving as Directors whose term will continue past the Annual Meeting and (ii) the number of Directors to be elected at such Annual Meeting multiplied by a fraction, the numerator of which is the total number of Investor Nominees the Investor has the right to designate to the Board and the denominator of which is the total number of Directors, and then rounded up to the nearest whole number.

 

(g)          The Company shall give the Investor at least one hundred twenty (120) days’ prior written notice of the date of each Annual Meeting (other than with respect to the 2016 Annual Meeting) and the Investor shall designate the Investor Nominees by giving written notice to the Company not later than the ninetieth (90th) day before the date of the Annual Meeting (other than with respect to the 2016 Annual Meeting). The Investor shall cause each Investor Nominee to execute and deliver to the Board, prior to such person being nominated for election as a Director, an irrevocable resignation letter that shall be effective automatically upon the occurrence of an Investor Nominee Termination Event.

 

(h)          Subject to the exceptions below, the Board shall include the Investor Nominee(s) in the slate of nominees recommended to the Company’s stockholders for election as directors (a “Director”) at the Annual Meeting. The Board shall not be obligated to nominate any Investor Nominee if the Board determines in good faith that such Investor Nominee does not satisfy the qualifications for serving on the Board generally applicable to all Directors. An Investor Nominee’s repeated failure to comply with the Company’s corporate policies (including, without limitation, its code of ethics and meeting attendance requirements), as such policies are applied to all Directors, shall be reasonable grounds for not nominating such person as a Director. Other than with respect to the issues set forth in this Section 3(e), the Board shall not have the right to refuse to nominate any Investor Nominee for election as a Director.

 

(i)          If the Board determines that an Investor Nominee does not satisfy the qualifications for serving on the Board generally applicable to all Directors, the Company shall notify the Investor in writing within three (3) Business Days of such determination, which notice shall set forth the Board’s rationale for such determination. The Investor shall have the right to designate a replacement Investor Nominee and the Company shall use its best efforts to include the new Investor Nominee in the slate of nominees recommended to the Company’s stockholders for election as a Director at the Annual Meeting; provided, however, that in no event shall the Company be obligated to postpone, reschedule or delay any scheduled Annual Meeting.

 

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(j)          If an Investor Nominee is not elected to the Board (for any reason or no reason), or if an Investor Nominee is elected to the Board and subsequently ceases to be a Director (for any reason or no reason), the Investor shall be entitled to nominate a replacement Investor Nominee pursuant to the terms and conditions of this Agreement and, subject to Section 3(f) and Section 3(i), the seat on the Board for which such original Investor Nominee was nominated shall remain vacant until filled by an Investor Nominee

 

(k)          Any designation of the Investor Nominees as a member of any committee of the Board shall be at the discretion of the Board.

 

(l)          Upon the occurrence of a failure(s) set forth above, the Company shall promptly notify the Investor and permit the Investor to provide a replacement Investor Nominee sufficiently in advance of any Board action and the Annual Meeting and the Company shall use its best efforts to perform its obligations under Section 5(a) with respect to such replacement Investor Nominee; provided, however, that in no event shall the Company be obligated to postpone, reschedule or delay any scheduled Annual Meeting.

 

Section 4.          Investor Pro Rata Right.

 

(a)          During the Term, the Investor shall have the right to purchase a portion of (i) any shares of Common Stock and (ii) any warrants, options, debentures or other securities exercisable or exchangeable for or convertible into shares of Common Stock, that are offered for sale by the Company (the “New Securities”); provided that the foregoing shall not apply to: (i) shares of the Company’s common stock, restricted stock units, options or common stock equivalents issued to employees, officers or directors of the Company pursuant to any existing or future stock option, restricted stock, stock purchase or other equity compensation plan or arrangement, including, without limitation, employee inducement awards and deferred compensation arrangements, duly adopted for such purpose, by a majority of the non-employee members of the Company’s board of directors or a majority of the members of a committee of non-employee directors established for such purpose, and the issuance of common stock in respect of such restricted stock units, options or common stock equivalents, provided that the aggregate number of shares of common stock, (ii) securities (the Company’s common stock and common stock equivalents) issued upon the exercise, conversion or exchange of securities issued and outstanding on the date hereof; and (iii) securities (the Company’s common stock and common stock equivalents) issued or issuable in connection with strategic alliances, acquisitions, mergers, and strategic partnerships, provided, that (1) the primary purpose of such issuance is not to raise capital and (2) the purchasers or acquirers of the securities in such issuance do not include any affiliate of the Company or any of its subsidiaries. The number of New Securities the Investor shall be entitled to purchase shall equal (i) the number of shares of Common Stock offered for sale in the transaction multiplied by (ii) the Investor’s Interest at the end of the third (3rd) Business Day preceding the date the transaction is consummated.

 

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(b)          Each time the Company proposes to offer for sale New Securities, the Company will deliver a notice (the “Offer Notice”) to the Investor, not less than thirty (30) days prior to the sale of such New Securities, stating (i) its bona fide intention to offer such New Securities, (ii) the type and amount of New Securities to be offered and (iii) the price and other terms and conditions upon which it proposes to offer such New Securities. The Investor shall exercise its right to purchase any or all of its proportionate share of the New Securities by providing written notice to the Company delivered not later than ten (10) days after receipt the Offer Notice.

 

Section 5.          Company Obligations.

 

(a)          Subject to the terms and conditions of this Agreement, the Company shall use its best efforts to ensure that (i) the Investor Nominee is included in the Board’s slate of nominees to the stockholders for election of Directors; and (ii) if approved by the Board, the Investor Nominee is included in the proxy statement prepared by management of the Company in connection with soliciting proxies for the Annual Meeting.

 

(b)          To the extent the Company purchases and maintains directors’ and officers’ liability insurance with respect to its Directors, then each Investor Nominee elected as a Director shall be covered thereunder.

 

(c)          Except as otherwise required by law or regulations, for so long as any Investor Nominee serves as a Director of the Company, the Company shall not amend, alter or repeal any right to indemnification or exculpation covering or benefiting any such Director in a manner that reduces such rights of indemnification or exculpation.  The Company will enter into an indemnification agreement with any such Director on substantially the same terms and conditions as those generally applicable to all of the Company’s non-employee Directors.

 

Section 6.          Assignment; No Third Party Beneficiaries.  The Investor’s rights hereunder do not attach to the shares of Common Stock owned by the Investor.  Neither party may assign this Agreement or any of its rights or obligations hereunder without the prior written consent of the other party, and any assignment in violation of this Agreement will be null and void. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, legal representatives and permitted assigns. Nothing herein contained shall confer or is intended to confer on any third party or entity that is not a party to this Agreement any rights under this Agreement.

 

Section 7.          Remedies.  The Company and the Investor shall be entitled to enforce their rights under this Agreement specifically and to exercise all other rights existing in their favor. The parties hereto agree and acknowledge that a breach of this Agreement would cause irreparable harm and money damages would not be an adequate remedy for any such breach and that, in addition to other rights and remedies hereunder, the Company and the Investor shall be entitled to specific performance and/or injunctive or other equitable relief (without posting a bond or other security) from any court of law or equity of competent jurisdiction in order to enforce or prevent any violation of the provisions of this Agreement.

 

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Section 8.          Notices.  Any notice provided for in this Agreement shall be in writing and shall be either personally delivered, or mailed certified mail (postage prepaid, return receipt requested) and by first class U.S. mail (postage prepaid) or sent by reputable overnight courier service (charges prepaid) to the Company or the Investor, as applicable at the addresses set forth below. Notices complying with the requirements of this Section 8 shall be deemed given when delivered personally, three days after deposit in the U.S. mail or one day after deposit with a reputable overnight courier service.

 

		Address for the Investor:	White Winston Select Asset Funds

265 Franklin St., Suite 1702

Boston, MA 02110

Attn:  Todd M. Enright

 Fax: 801-938-7540

		with a copy to:	McCarter & English, LLP

265 Franklin St.

Boston, MA 02110

Attention: Burt Winnick

 Fax: 617-326-3078

		Notice for the Company:	Professional Diversity Network

801 West Adams Street, Suite 600

Chicago, IL 60607

 Attention: James Kirsch

		With a copy to:	Greenberg Traurig, LLP

77 West Wacker Drive, Suite 3100

Chicago, IL 60601

Attn:  Stacey T. Kern

Email: kerns@gtlaw.com

 Fax: 312-456-8435

 

Section 9.          Adjustments.  If, and as often as, there are any changes in the Common Stock by way of stock split, stock dividend, stock options or recapitalization, appropriate adjustment(s) shall be made in the provisions of this Agreement, as may be required, so that the rights, privileges, duties and obligations hereunder shall continue.

 

Section 10.          No Strict Construction.  The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any party.

 

Section 11.          No Third-Party Beneficiaries.  Nothing in this Agreement, express or implied, is intended or shall be construed to confer upon, or give to, any person or entity other than the parties hereto and any Investor Nominee any remedy or claim under or by reason of this Agreement or any terms, covenants or conditions hereof, and all of the terms, covenants, conditions, promises and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and any Investor Nominee.

 

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Section 12.          Further Assurances.  Each of the parties hereby agrees that it will hereafter execute and deliver any further document as may be reasonably necessary or desirable to effectuate the purposes hereof.

 

Section 13.          Counterparts.  This Agreement may be executed in two or more counterparts, and may be delivered by means of facsimile or electronic transmission in portable document format, each of which shall be deemed to be an original and shall be binding upon the party who executed the same, but all of such counterparts shall constitute the same agreement.

 

Section 14.          Governing Law and Jurisdiction.  All issues and questions concerning the construction, validity, interpretation and enforceability of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.  In any judicial proceeding involving any dispute, controversy or claim arising out of or relating to this Agreement, each of the parties hereto unconditionally accepts the exclusive jurisdiction and venue of the federal and state courts in the State of Delaware and the appellate courts to which orders and judgments thereof may be appealed.

 

Section 15.          Mutual Waiver of Jury Trial.  The parties hereto hereby irrevocably waive any and all rights to trial by jury in any legal proceeding arising out of or related to this Agreement. Any action or proceeding whatsoever between the parties hereto relating to this Agreement shall be tried by a judge sitting without a jury.

 

Section 16.          Complete Agreement; Inconsistent Agreements.  This Agreement represents the complete agreement between the parties hereto as to all matters covered hereby, and supersedes any prior agreements or understandings between the parties.

 

Section 17.          Amendment and Waiver.  Except as otherwise provided herein, no modification or amendment of any provision of this Agreement shall be effective against the Company or the Investor unless such modification or amendment is approved in writing by the Company and the Investor. No waiver of any provision of this Agreement shall be effective against the waiving party unless such waiver is in writing by such waiving party. The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms.

 

Section 18.          Headings. The headings in this Agreement are for the convenience of the parties only and shall not control or affect the meaning or construction of any provision hereof.

 

[SIGNATURE PAGES FOLLOW]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first above written.

 

	 	
Company:

	 
	 	 	 
	 	
PROFESSIONAL DIVERSITY NETWORK, INC.

	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	
By:

	
/s/ Katherine Butkevich

	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	
Investor:

	 
	 	 	 
	 	
WHITE WINSTON SELECT ASSET FUNDS, LLC

	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	
By:

	
/s/ Todd M. Enright

	 
	 	 	
T. M. Enright, ManagerForm of Medium-Term Notes, Series K, Principal at Risk Securities Linked

 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. 94986RP21 
	
FACE AMOUNT: $                   
  

 REGISTERED NO.            

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Principal at Risk Securities Linked to the 

SPDR® S&P 500® ETF
Trust due July 8, 2019 
 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 Redemption 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 8, 2019. If the Calculation Day (as defined below) is not postponed, the Initial Stated Maturity Date will be the “Stated Maturity Date.” If the Calculation Day is
postponed, the “Stated Maturity Date” shall be the later of (i) the Initial Stated Maturity Date and (ii) the third Business Day (as defined below) after the Calculation Day as postponed. This Security shall not bear any
interest. 
 Any payments on this Security at Maturity will be made against presentation of this Security at the office or
agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. 

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

 Determination of Redemption Amount 

The “Redemption Amount” of this Security will equal: 

 

	 	•	 	 if the Ending Price is greater than the Starting Price: the lesser of: 

    (i) the Face Amount plus: 

 

																			
		 	 	 	Face Amount x  	 	 	 	
Ending Price – Starting Price    
	 	 	 	   x Participation Rate
	 	 	 	  ; and
	 	
		 	 	 	 	 	 	 Starting Price
	 	 	 	 	 	 	 	

     (ii) the Capped Value; 

 

	 	•	 	 if the Ending Price is less than or equal to the Starting Price, but greater than or equal to the Threshold
Price: the Face Amount; or 

  

	 	•	 	 if the Ending Price is less than the Threshold Price: the Face Amount minus: 

 

											
		 	 	 	Face Amount x  	 	Threshold Price – Ending Price	 	 	 	
		 	 	 	 	Starting Price	 	 	 

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

The “Fund” shall mean the SPDR S&P 500 ETF Trust. 

The “Pricing Date” shall mean June 30, 2016. 

The “Starting Price” is $209.53, the Fund Closing Price of the Fund on the Pricing Date. 

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

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

The “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 the price, at the scheduled weekday closing time, without regard to after hours or any other trading outside the regular trading session hours, of the share on the principal United States
securities exchange registered under the Securities Exchange Act of 1934, as amended, on which the share (or any such other security) is listed or admitted to trading. 

  
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 The “Adjustment Factor” means, with respect to a share of the
Fund (or one unit of any other security for which a Fund Closing Price must be determined), 1.0, subject to adjustment in the event of certain events affecting the shares of the Fund. See “—Anti-dilution Adjustments Relating to the Fund;
Alternate Calculation —Anti-dilution Adjustments” below. 
 The “Threshold Price” is $188.577,
which is equal to 90% of the Starting Price. 
 The “Participation Rate” is 145%. 

The “Capped Value” is 129% of the Face Amount of this Security. 

The “Underlying Index” shall mean the S&P 500 Index. 

“Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day
on which banking institutions are authorized or required by law or regulation to close in New York, New York. 
 A
“Trading Day” with respect to the Fund means a day, as determined by the Calculation Agent, on which the Relevant Stock Exchange (as defined below) and each Related Futures or Options Exchange (as defined below) with respect to the
Fund, or any successor thereto, if applicable, are scheduled to be open for trading for their respective regular trading sessions. 

The “Relevant Stock Exchange” for the Fund means the primary exchange or quotation system on which shares (or
other applicable securities) of the Fund are traded, as determined by the Calculation Agent. 
 The “Related Futures
or Options Exchange” for the Fund means each exchange or quotation system where trading has a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to the Fund. 

The “Calculation Day” shall be June 28, 2019. If such day is not a Trading Day, the Calculation Day will
be postponed to the next succeeding Trading Day. The Calculation Day is also subject to postponement due to the occurrence of a Market Disruption Event (as defined below). If a Market Disruption Event occurs or is continuing with respect to the Fund
on the Calculation Day, such Calculation Day will be postponed to the first succeeding Trading Day 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 Trading Day after the originally scheduled Calculation Day, that eighth Trading Day shall be deemed the Calculation Day. If the Calculation Day has been postponed eight Trading Days after the originally scheduled Calculation Day and a Market
Disruption Event occurs or is continuing with respect to the Fund on such eighth Trading Day, the Calculation Agent will determine the Closing Price of the Fund on such eighth Trading Day based on its good faith estimate of the value of the shares
(or other applicable securities) of the Fund as of the Close of Trading (as defined below) on such eighth Trading Day. See “—Market Disruption Events.” 

“Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of March 18, 2015
between the Company and the Calculation Agent, as amended from time to time. 

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

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

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

  

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

 

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

  

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

  

	 	(E)	 The closure of the Relevant Stock Exchange or any Related Futures or Options Exchange with respect to the Fund
or any Successor Fund prior to its Scheduled Closing Time unless the earlier closing time is announced by the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, at least one hour prior to the earlier of (1) the
actual closing time for the regular trading 

  
 4 

	 	 
session on such Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, and (2) the submission deadline for orders to be entered into the Relevant Stock Exchange or
Related Futures or Options Exchange, as applicable, system for execution at the Close of Trading on that day. 

  

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

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

 

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

  

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

 Anti-dilution Adjustments Relating to the Fund; Alternate Calculation 

Anti-dilution Adjustments 

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

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

  
 5 

 
in effect of at least 0.10%. The Adjustment Factor resulting from any adjustment will be rounded up or down, as appropriate, to the nearest one-hundred thousandth. 

 

	 	(A)	 Stock Splits and Reverse Stock Splits 

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

	 	(B)	 Stock Dividends 

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

	 	(C)	 Extraordinary Dividends 

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

For purposes of determining whether an Extraordinary Dividend has occurred: 

 

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

  

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

  
 6 

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

 

	 	(D)	 Other Distributions 

If the Fund declares or makes a distribution to all holders of the shares (or other applicable security) of the Fund of any
non-cash assets, excluding dividends or distributions described under the section entitled “—Stock Dividends” above, then the Calculation Agent may, in its sole discretion, make such adjustment (if any) to the Adjustment Factor as it
deems appropriate in the circumstances. If the Calculation Agent determines to make an adjustment pursuant to this paragraph, it will do so with a view to offsetting, to the extent practical, any change in the economic position of a holder of this
Security that results solely from the applicable event. 
  

	 	(E)	 Reorganization Events 

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

If 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, upon the Calculation Agent’s notification of that determination to the Trustee and the Company, any
subsequent Fund Closing Price for the Fund will be determined by reference to the Fund Closing Price of such successor or substitute exchange traded fund (such exchange traded fund being referred to herein as a “Successor Fund”),
with such adjustments as the Calculation Agent determines are appropriate to account for the economic effect of such substitution on the holder of this Security. 

If the Fund undergoes a Liquidation Event prior to, and such Liquidation Event is continuing on, the date that any Fund
Closing Price of the Fund is to be determined and the Calculation Agent determines that no Successor Fund is available at such time, then the Calculation Agent will, in its discretion, calculate the Fund Closing Price for the Fund on such date by a
computation methodology that the Calculation Agent determines will as closely as 

  
 7 

 
reasonably possible replicate the Fund, provided that if the Calculation Agent determines in its discretion that it is not practicable to replicate the Fund (including but not limited to the
instance in which the sponsor of the index underlying the Fund discontinues publication of that index), then the Calculation Agent will calculate the Fund Closing Price for the Fund in accordance with the formula last used to calculate such Fund
Closing Price before such Liquidation Event, but using only those securities that were held by the Fund immediately prior to such Liquidation Event without any rebalancing or substitution of such securities following such Liquidation Event. 

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

Alternate Calculation 

If at any time the method of calculating 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 the Fund does not, in the opinion of the Calculation Agent, fairly represent the price of the securities of the Fund or such Successor Fund had such changes or
modifications not been made, then the Calculation Agent may, at the close of business in New York City on the date that any Fund Closing Price is to be determined, make such calculations and adjustments as, in the good faith judgment of the
Calculation Agent, may be necessary in order to arrive at a Closing Price of an exchange traded fund comparable to 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 and the Redemption Amount with reference to such adjusted Closing Price of the Fund or such Successor Fund, as applicable. 

Calculation Agent 

The Calculation Agent will determine the Redemption Amount and the Ending Price. In addition, the Calculation Agent will
(i) determine if adjustments are required to the Fund Closing Price and/or the Adjustment Factor 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 of the Fund, and (iii) determine whether a Market Disruption Event or non-Trading Day has occurred. 

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

  
 8 

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

Tax Considerations 

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

This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior
to July 8, 2019. This Security is not entitled to any sinking fund. 
 Acceleration 

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

 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose. 
 [The remainder of this page has been left intentionally blank] 

  
 9 

 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

  
 10 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Principal at Risk Securities Linked to the 

SPDR® S&P 500® ETF
Trust due July 8, 2019 
 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. 

The Securities are issuable only in registered form without coupons and will be either
(a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated
securities issued to and registered in the names of, the beneficial owners or their nominees. 
 The Company agrees, to the
extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of this Security. 

Modification and Waivers 

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

  
 11 

 
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 $1,000 or any
amount in excess thereof which is an integral multiple of $1,000. 
 Registration of Transfer 

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

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

  
 12 

 
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 pay the Redemption Amount at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 

No Personal Recourse 

No recourse shall be had for the payment of the Redemption Amount, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, 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. 

  
 13 

 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)

  
 14 

 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. 

  
 15

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