Document:

EX-10.5

 Exhibit 10.5 
 AGREEMENT AND RELEASE 
 This Agreement and Release
(“Agreement”), dated as of the 28th day of February, 2011, is entered into by and among Empire Resorts, Inc., a corporation incorporated under the laws of Delaware, its parents, subsidiaries, divisions and affiliates (collectively,
“Empire Resorts”), Kien Huat Realty III, Ltd., a corporation organized under the laws of the Isle of Man, its parents, subsidiaries, divisions and affiliates (collectively, “Kien Huat”), Kok Thay Lim, Colin Au Fook Yew, G.
Michael Brown, and Joseph Bernstein (collectively, Empire Resorts, Kien Huat, Lim, Au, Brown, and Bernstein shall be referred to herein as the “Parties”). 
 WHEREAS, Empire Resorts commenced an action, captioned Empire Resorts, Inc., v. Joseph E. Bernstein, (the “Action”) in the United States District Court for the Southern District of New
York (the “Court”); 
 WHEREAS, Joseph Bernstein filed counterclaims against Empire Resorts and a third-party claim
against Kien Huat, Kok Thay Lim, Colin Au Fook Yew, and G. Michael Brown (collectively, the “Third-Party Defendants”) in the Action; 
 WHEREAS, Empire Resorts, Joseph Bernstein and the Third-Party Defendants in the Action entered into a Settlement Agreement, dated May 11, 2010, to resolve and terminate all of their disputes with
each other, including without limitation all claims that were or could have been asserted in the Action or in any other proceeding (the “Settlement Agreement”); 
 WHEREAS, on September 8, 2010, Empire Resorts served on Bernstein a Notice of Material Breach of the Settlement Agreement, wherein Empire Resorts advised Bernstein that he had materially breached the
Settlement Agreement and Empire Resorts elected certain remedies under the Settlement Agreement (the “Notice”); and 

 WHEREAS, there is a dispute by and between Empire Resorts and Bernstein regarding the
effectiveness of the Notice, and a dispute among the Parties regarding the performance under, and alleged defaults of, the Settlement Agreement; 
 WHEREAS, the Parties desire to settle and terminate all of their disputes with each other, including without limitation all claims that are or could arise out of or relate to the Notice or the Settlement
Agreement; 
 NOW THEREFORE, in consideration of the mutual promises, releases and covenants contained herein and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the Parties, the Parties enter into this Agreement, and it is hereby agreed by and between them as follows: 

 

	1.	The Common Stock Purchase Warrants 

 The Common Stock Purchase Warrants issued to Joseph Bernstein pursuant to Section l(b)(i) of the Settlement Agreement to purchase two million shares of common stock of Empire Resorts (the
“Warrants”) are hereby reinstated, provided however that notwithstanding anything herein or anything in the Warrants to the contrary, the Warrants cannot be exercised until February 28, 2013. Within five (5) business days of
execution of this Agreement, Bernstein shall return to counsel for Empire Resorts the original Common Stock Purchase Warrants issued to him so that the Company can add the following additional restrictive legend: 

“THE TRANSFER AND EXERCISE OF THIS WARRANT ARE SUBJECT TO THE TERMS OF AN AGREEMENT, DATED FEBRUARY
[      ], 2011, BY AND BETWEEN THE COMPANY AND THE HOLDER HEREOF. NO TRANSFER OR EXERCISE OF THIS WARRANT SHALL BE VALID OR EFFECTIVE UNTIL THE CONDITIONS WITH RESPECT TO SUCH TRANSFER OR EXERCISE CONTAINED IN
SUCH AGREEMENT HAVEBEEN MET. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE COMPANY.” 

  
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 Within five (5) business days of receipt from Joseph Bernstein of the original
Warrants, Empire Resorts will deliver to counsel for Joseph Bernstein replacement original Warrants bearing the above restrictive legend. 
 Notwithstanding anything in the Warrants or in this Agreement, the Warrants may not be transferred during the Standstill Period (as that term is defined in Section 5 of this Agreement), except to a
Family Member (as that term is defined in the Warrants). 
 Empire Resorts shall comply with its obligations under
Section 4 [“Registration, etc.”] of all Common Stock Purchase Warrants held by Joseph Bernstein (Warrant #’s 10001, 10002, 10003) within thirty (30) days from the fifth day that Empire Resorts’ stock has traded at a
price of $1.50 or more for five consecutive days. 
  

	2.	Release of Empire Resorts, Kien Huat, Kok Thay Lim, Colin Au Fook Yew and G. Michael Brown, 

(a)        Joseph Bernstein for himself and for his heirs, executors, affiliates, and assigns,
whether as an employee, stockholder or otherwise (hereinafter collectively referred to in this paragraph as the “Releasor”), hereby releases, discharges and acquits forever Empire Resorts and Kien Huat, and each of their direct or indirect
beneficial owners, each of their respective present and former officers, directors, employees, agents, employee benefit and/or pension plans or funds, trustees, administrators, attorneys, successors, agents, and each of their affiliates, successors
and assigns, and Kok Thay Lim, Colin Au Fook Yew, and G. Michael Brown and each of their attorneys, agents, heirs and executors, successors and assigns (hereinafter collectively referred to in this paragraph as the “Releasees”) from any
and all claims, demands, rights, causes of action, liabilities, and damages whatsoever that exist as of the date hereof 

  
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(“Claims”), whether such Claims are known or unknown, suspected or unsuspected, fixed or contingent, that the Releasor ever had, or now has, from the beginning of the world to the date
of execution of this Agreement against the Releasees, including without limitation any Claims based in any way upon, related in any way to, or arising in any way from, out of or in connection with any agreement, understanding, arrangement,
transaction, investment, or any other matter that in any way involved, concerned, related to or touched upon Empire Resorts (or its business) or any person or entity affiliated in any way with Releasees. 

(b)        Nothing in this paragraph is intended to release the Releasees from any continuing
obligations under this Agreement or the Settlement Agreement; Releasees expressly agree and understand that they remain bound by all provisions therein and that the releases set forth in this Agreement are not intended to and do not release Empire
Resorts from its obligations concerning the Warrants and other Common Stock Purchase Warrants referenced in the Settlement Agreement. 
  

	3.	Release of Joseph Bernstein 

 (a)        Empire Resorts, Kien Huat, Kok Thay Lim, Colin Au Fook Yew, and G. Michael Brown (hereinafter collectively referred to in this paragraph as the
“Releasors”), hereby release, discharge and acquit forever Joseph Bernstein, his heirs and executors (hereinafter collectively referred to in this paragraph as the “Releasee”) from any and all Claims, whether such Claims are
known or unknown, suspected or unsuspected, fixed or contingent, that the Releasor ever had, or now has, from the beginning of the world to the date of execution of this Agreement against the Releasee, including from any and all Claims, whether such
Claims are known or unknown, suspected or unsuspected, fixed or contingent, that the Releasor ever had, or now has, from the beginning of the world to the date of execution of this Agreement against the Releasee, including without limitation any
Claims based in any way upon, related in any way to, or arising 

  
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in any way from, out of, or in connection with any agreement, understanding, arrangement, transaction, investment, or any other matter that in any way involved, concerned, related to or touched
upon Empire Resorts (or its business) or any person or entity affiliated in any way with Releasee. 

(b)        Nothing in this paragraph is intended to release Joseph Bernstein from any continuing
obligations that arise under this Agreement, the Settlement Agreement, or under Section 4 of the Employment Agreement by and between Empire Resorts and Joseph Bernstein, dated as of June 1, 2009 (the “Employment Agreement”);
Joseph Bernstein expressly agrees and understands that he remains bound by all provisions therein. 
  

	4.	Confidentiality 

(a)        Except as otherwise required by law, the Parties (including, but not limited to, their
respective attorneys) agree to keep and represent that they have kept confidential: (i) any and all of the terms of this Agreement, (ii) any and all of the terms proposed during the negotiation process (whether or not accepted), and
(iii) the discussions and negotiations that led to this Agreement. Notwithstanding anything in this paragraph to the contrary, no provision of this Agreement shall prohibit any party from disclosing or having disclosed the terms of this
Agreement to their attorneys, to a tax accountant for purposes of seeking tax advice, or to their spouse, children, significant other, or executive assistant; and nothing shall prohibit any party from (i) filing any documents required by the
Securities and Exchange Commission (the “SEC”), applicable state securities agencies or other state regulatory authorities making any other public disclosure required by the federal or state securities law or other applicable law, provided
that the content of any document so filed does not violate any of the other terms and conditions of this Agreement unless such content constitutes disclosure required by any securities laws or rules or regulations promulgated from time to time by
the SEC, applicable state securities agencies or 

  
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other state regulatory authorities or other applicable law; (ii) filing any documents or disclosing any information required to be filed or disclosed pursuant to the Internal Revenue Code of
1986, as amended, the rules and regulations thereunder, any applicable state or local tax code, or the rules and regulations under such state or local code; (iii) responding to any legal subpoena or other judicially enforceable written request
from any court or governmental agency of competent jurisdiction and testifying truthfully pursuant to such subpoena or other request; or (iv) enforcing any rights of such party under this Agreement. To the extent any information concerning this
Agreement is publicly disclosed pursuant to (i)-(iv) of this paragraph, the obligation of confidentiality as to that information shall no longer apply. In the event any Party receives any legal subpoena or other judicially enforceable written
request from any court or governmental agency of competent jurisdiction concerning any matter covered in this Agreement, the Party receiving such subpoena or written request shall promptly notify the other Party. A Party shall not produce or
disclose any material until a reasonable period of time after such notice is given to counsel for the other parties, to allow the other Party to seek relief from such subpoena or other written request. In all events in which a Party can practically
do so without risking contempt or similar sanctions, such Party shall provide the other Party with at least seven business days’ notice of such subpoena or written request. 

 

	5.	Standstill Agreement 

(a)        Joseph Bernstein agrees that for a period of two (2) years following the
execution of this Agreement (the “Standstill Period”), he shall not, without the prior written consent of Empire Resorts, whether publicly or otherwise, directly or indirectly in any way assist, finance, influence or encourage any other
person or entity, whether publicly or otherwise, initiate, make, effect, cause or seek, offer or propose to initiate or participate in or take a position with respect to: (i) any acquisition or offer to acquire (by means of any tender or
exchange offer, merger or 

  
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other business combination or any other manner) any securities (in excess of 4.9% of the outstanding voting securities) or assets of Empire Resorts or beneficial ownership (as defined in Rule
13d-3 of the Securities Exchange Act of 1934, as amended (the “1934 Act”)) thereof; (ii) any disclosure of any intention, plan or arrangement inconsistent with any of the foregoing; (iii) any discussions, arrangements,
understandings, agreements or proposals with any person or entity inconsistent with any of the foregoing; (iv) seeking or proposing to influence, advise, change or control the management or Board of Directors of Empire Resorts, including,
without limitation, by means of a solicitation of proxies or seeking to influence, advise or direct the vote of any holder of voting securities of Empire Resorts or (v) taking any action that might result in Empire Resorts having to make a
public announcement regarding any of the matters referred to in clauses (i) through (iv) of this paragraph, or announce an intention to do, or enter into any arrangement or understanding or discussions with others to do, any of the actions
restricted or prohibited under clauses (i) through (iv) of this paragraph. 

(b)        Joseph Bernstein further agrees that, during the Standstill Period, he shall not,
directly or indirectly in any way, whether publicly or otherwise, initiate, file, or commence any suit, action, litigation, lawsuit or claim, derivative, direct, class or otherwise (“Claim”), or investigate or assist in any such Claim
against Empire Resorts or Kien Huat, Kok Thay Lim, Colin Au Fook Yew, and G. Michael Brown or any of their present and former officers, directors, stockholders, direct or indirect beneficial owners, employees, agents, employee benefit and/or pension
plans or funds, trustees, administrators, attorneys, successors, heirs or successors, and each of their affiliates and assigns, and shall not assist, finance, influence or encourage any other person or entity from doing same. 

  
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 (c) The provisions in Section 5(b) of this Agreement are not intended to be, and do not
constitute a release of future claims arising solely after execution of this Agreement during the Standstill Period. 
  

	6.	Remedies for Breach 

(a)        Joseph Bernstein agrees that any breach of any of the provisions of this Agreement
will cause irreparable injury for which there is no adequate remedy at law, and agrees that Empire Resorts, Kien Huat, Kok Thay Lim, Colin Au Fook Yew, and G. Michael Brown, in addition to all other remedies available, will be entitled to equitable
relief, including but not limited to, injunctive relief to enforce the provisions of this Agreement, without the requirement to post a bond or other security. 

(b)        Joseph Bernstein agrees that in the event he materially breaches
any provision in Section 5 of this Agreement, Empire Resorts shall have the option to repurchase the Warrants for the sum of $.01 per share. In the event Empire Resorts elects this remedy, it will advise Joseph Bernstein in writing that it has
elected to repurchase the Warrants and tender payment to Joseph Bernstein accordingly. The written notice provided for herein shall be deemed to have been given if sent by nationally recognized overnight courier to: Joseph E. Bernstein, 6663 Casa
Grande Way, Delray Beach, Florida 33446, with a copy to Donald Glasscoff, Esq., Herzfeld & Rubin, P.C., 125 Broad St., New York, NY 10004. Joseph Bernstein may designate alternate addresses for delivery of notices by sending notice thereof
by nationally recognized overnight courier to Empire Resorts, Inc., P.O. Box 5013, Monticello, New York 12701-5193, Attn: Chief Executive Officer, with a copy to Robert H. Friedman, Esq., Olshan Grundman Frome Rosenzweig & Wolosky LLP, Park
Avenue Tower, 65 East 55th Street, New York, New York
10022. Empire Resorts shall be the sole entity entitled to exercise its right to the remedy in this subparagraph with respect to a breach of this Agreement by Joseph Bernstein and may do so with respect to a breach as against any other Party.

  
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 (c)        The Parties agree that except as provided
for in Section 6(a) and subject to Section 3(b) above, the remedies provided in Section 6(b) are the sole remedy available to any Party for a material breach by Joseph Bernstein of any provision of Section 5 of this Agreement.
However, if Joseph Bernstein materially breaches any provision in Section 5(b), the Party against whom any such Claim is brought may fully defend against such Claim. Furthermore, if any Party brings any Claim against any Party that arises from
or relates to any facts or circumstances occurring prior to the date of execution of this Agreement in violation of the Releases set forth in this Agreement, or in violation of the Settlement Agreement, the Party against whom such Claim is brought
may pursue any and all remedies as against the other Parties, and nothing in this subparagraph shall be construed to limit such Party’s remedies. 
 (d)        The Parties expressly agree that the remedies set forth herein are not a penalty, but rather a reasoned amount taking into consideration the anticipated
minimum actual harm that may be caused by such a material breach. 
  

	7.	Miscellaneous 

(a)        This Agreement is intended to supplement the protections afforded to the Parties in
the Settlement Agreement; all provisions in the Settlement Agreement are intended to and do survive, and unless a provision in this Agreement expressly overrides a provision in the Settlement Agreement, the terms of the Settlement Agreement control.

 (b)        In the event any action, suit or other proceeding is instituted to remedy,
prevent or obtain relief relating to this Agreement, arising out of a breach of this Agreement, involving claims within the scope of the releases contained in this Agreement, or pertaining to a declaration of rights under this Agreement, the
prevailing party shall recover all of such party’s reasonable 

  
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attorneys’ fees and costs incurred in each and every such action, suit or other proceeding, including any and all appeals or petitions therefrom. As used herein, reasonable attorneys’
fees shall be deemed to mean the full and actual reasonable costs of any legal services actually performed in connection with the matters involved, calculated on the basis of the usual fee charged by the attorneys performing such services.

 (c)        The Parties hereto represent and warrant that they have made no
assignment, transfer, conveyance or other disposition of any of the Claims released herein and they are fully authorized and entitled to give their full and complete release of all such claims. 

(d)        In the event that any provision of this Agreement is declared void and unenforceable
by a court of competent jurisdiction, all other provisions shall nonetheless remain in full force and effect. 

(e)        The failure of any Party to this Agreement to insist upon strict adherence to any term
of this Agreement will not be considered a waiver of any right arising thereunder or deprive that Party of the right thereafter. 
 (f)        This Agreement shall be in all respects governed by the laws of the State of New York, notwithstanding any rules on conflict or choice of laws that might
apply the substantive law of another jurisdiction. 
 (g)        This Agreement shall be
binding upon and inure to the benefit of the heirs, devisees, legatees, executors, administrators, successors, agents, assigns, officers, directors, trustees, agents, partners, employees and affiliates of each of the Parties hereto. 

(h)        The Parties to this Agreement represent and warrant to each other that they have read
and understood its terms, that they have been represented by counsel with respect to this Agreement and all matters covered by and relating to it, that they have been fully advised by 

  
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counsel with respect to their rights and with respect to the execution of this Agreement and that the Parties have entered into this Agreement for reasons of their own and not based upon the
representations of any Party hereto except as contained in this Agreement. Each Party has participated in, or contributed to, the drafting and preparation of this Agreement, and in the construction of this Agreement, the provisions shall not be
construed for, or against, any Party, but shall be construed according to their plain meaning. 

(i)        The Parties understand and agree that this is a compromise settlement of disputed
claims and that the furnishing of the consideration for this Agreement and Release of claims shall not be deemed or construed as an admission of liability. The making of this Agreement is not intended, and shall not be construed, as an admission
that any of the Parties have violated any federal, state, or local law (statutory or decisional), ordinance or regulation, breached any contract, or committed any wrong whatsoever. The Parties further agree and understand that this Agreement is
being entered into solely for the purpose of avoiding further expense and litigation and that this Agreement may not be used as evidence in a subsequent proceeding except in a proceeding to enforce the terms of this Agreement. 

(j)        This Agreement may not be altered, amended, modified or otherwise changed in any
respect or particular whatsoever except by a writing duly executed by all authorized representatives of all the Parties, and the Parties acknowledge and agree that they will make no claim at any time or place that this Agreement has been orally
altered or modified in any respect whatsoever. This Agreement is not effective until it has been fully executed and delivered by all Parties. 
 (k)        This Agreement may be executed electronically and in one or more counterparts, each of which shall constitute a duplicate original. 

  
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 Signature Page to Agreement and Release 

 

									
	EMPIRE RESORTS, INC.	 		 		 	
					
	By:	 	 /s/ Joseph A. D’Amato
	 		 		 	Date:
	Name: Joseph A. D’Amato	 		 		 	
	Title: CEO	 		 		 	
				
	KIEN HUAT REALTY III, LIMITED	 		 		 	
					
	By:	 	 /s/ Gerard Lim
	 		 		 	Date:
	Name: Gerard Lim	 		 		 	
	Title: Director	 		 		 	
				
	Dated:    February 24, 2011	 		 		 	 /s/ Joseph Bernstein

		 		 		 		 	Joseph Bernstein
				
	Dated:	 		 		 	 /s/ Kok Thay Lim

		 		 		 		 	Kok Thay Lim
				
	Dated: 28 Feb., 2011	 		 		 	 /s/ Colin Au Fook Yew

		 		 		 		 	Colin Au Fook Yew
				
	Dated: 2/26/11	 		 		 	 /s/ G. Michael Brown

		 		 		 		 	G. Michael Brown

  
 12Form of Medium-Term Notes, Series K, Notes Linked to the Consumer Price Index

 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. 94986RSD4
	  	PRINCIPAL AMOUNT: $                    
	REGISTERED NO.     	  	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 
 Notes Linked to the Consumer Price Index due December 11, 2023 
 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, the principal sum of
                                         
            DOLLARS ($                    ) on December 11, 2023 (the
“Stated Maturity Date”) and to pay interest thereon from December 11, 2013 or from the most recent Interest Payment Date to which interest has been paid or duly provided for monthly on the 11th of each month, commencing January 11, 2014, and on the Stated
Maturity Date (each, an “Interest Payment Date”), at the rate per annum specified below until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest next preceding
such Interest Payment Date. The Regular Record Date for an Interest Payment Date shall be one Business Day prior to such Interest Payment Date. If an Interest Payment Date is not a Business Day, interest on this Security shall be payable on the next
day that is a Business Day, with the same force and effect as if made on such Interest Payment Date, and without any interest or other payment with respect to the delay. “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. 
 Except as described below for the first Interest Period, on each Interest Payment Date, interest will be paid for the period commencing on and including the immediately preceding

 
Interest Payment Date and ending on and including the day immediately preceding that Interest Payment Date. This period is referred to as an “Interest Period.” The first Interest
Period will commence on and include December 11, 2013 and end on and include January 10, 2014. 

Interest on this Security for an Interest Period will be calculated by multiplying the principal amount hereof by an
accrued interest factor. The accrued interest factor will be computed by adding the interest factors calculated for each day in the Interest Period for which interest is being paid. The interest factor for each day is computed by dividing the
interest rate applicable to that day by the number of calendar days in the calendar year in which such day falls. 
 The interest rate on this Security that will apply during an Interest Period will be determined by the calculation agent for this Security (the “Calculation Agent”) and will be equal to
the sum of (A) 0.85% and (B) the percentage change in the level of the Index (as defined below) (which could be negative), expressed as a percentage and calculated as follows: 

Ref
CPIt – Ref CPIt-12 
 Ref CPIt-12 
 where,

  

	 	—	 	 the “Ref
CPIt” is the level of the Index for the third calendar month prior to the calendar month of the
Interest Determination Date for such Interest Period (the “Reference Month”), 

	 	—	 	 the “Ref
CPIt-12” is the level of the Index for the twelfth calendar month prior to such Reference Month, and

	 	—	 	 the “Interest Determination Date” for such Interest Period is the first day of such Interest Period; 

provided, however, that the per annum interest rate for an Interest Period shall not be less than a minimum interest rate of
0.00%. The twelve-month period from Ref CPIt-12 to Ref CPIt is referred to herein as the “year-over-year reference period.” 

The “Index” is the All Items Consumer Price Index for All Urban Consumers
(CPI-U) U.S. City Average before seasonal adjustment published by the Bureau of Labor Statistics of the U.S. Department of Labor (Bloomberg: CPURNSA), or relevant successor index as discussed below.

 If by 3:00 p.m., New York City time, on any Interest Determination Date the Index is not published on
Bloomberg screen CPURNSA for any relevant month, but has otherwise been published by the Bureau of Labor Statistics of the U.S. Department of Labor (the “BLS”), the Calculation Agent will determine the Index as reported by the BLS
for such month using such other source as appears on its face to accurately set forth the Index as reported by the BLS, as determined by the Calculation Agent. 

  
 2 

 In calculating Ref CPIt and Ref CPIt-12, the Calculation Agent will use the most recently available value of the Index determined as described above on
the applicable Interest Determination Date, even if such value has been adjusted from a prior reported value for the relevant month. However, if a value of Ref CPIt and Ref CPIt-12 used by the
Calculation Agent on any Interest Determination Date to determine the interest rate on this Security (an “Original CPI Level”) is subsequently revised by the BLS, the Calculation Agent will continue to use the Original CPI Level,
and the interest rate determined on such Interest Determination Date will not be revised. 
 If the Index is
rebased to a different year or period and the 1982-1984 CPI is no longer used, the base reference period for this Security will continue to be the 1982-1984 reference period as long as the 1982-1984 CPI continues to be published. 

If, while this Security is outstanding, the Index is discontinued or substantially altered, as determined by the
Calculation Agent in its sole discretion, the Calculation Agent will determine the interest rate on this Security by reference to the applicable substitute index that is chosen by the Secretary of the Treasury for the Department of the
Treasury’s Inflation-Linked Treasuries as described at 62 Federal Register 846-874 (January 6, 1997) or, if no such securities are outstanding, the substitute
index will be determined by the Calculation Agent in accordance with general market practice at the time; provided that the procedure for determining the resulting interest rate is administratively acceptable to the Calculation Agent. 

The Calculation Agent shall, upon the request of a Holder of this Security, provide the interest rate then in effect and,
if determined, the interest rate that will become effective for the next Interest Period. All calculations of the Calculation Agent, in the absence of manifest error, shall be conclusive for all purposes and binding on the Company and the Holder
hereof. The Calculation Agent shall notify the Paying Agent of each determination of the interest applicable to this Security promptly after the determination is made. Wells Fargo Securities, LLC will initially act as Calculation Agent. The Company
may appoint a successor Calculation Agent with the written consent of the Trustee. 
 Any interest not
punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in
the Indenture. 
 Payment of interest on this Security will be made in immediately available funds at the office
or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however,
that, at the option of the Company, payment of interest may be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer to such account as may have been
designated by such Person. Payment of principal of and interest on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for

  
 3 

 
that purpose in the City of Minneapolis, Minnesota. Notwithstanding the foregoing, for so long as this Security is a Global Security registered in the name of the Depositary, payments of
principal and interest on this Security will be made to the Depositary by wire transfer of immediately available funds. 
 This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to December 11, 2023. This Security is not entitled to any sinking fund.

  
  

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] 

  
 4 

 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

  
 5 

 [Reverse of Note] 
 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 
 Notes Linked to the Consumer Price Index due December 11, 2023 
 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 time Outstanding of all series to be affected, acting together as
a class. The Indenture also contains 

  
 6 

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

This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee
of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee 

  
 7 

 
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 principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this
Security. 
 No Personal Recourse 
 No recourse shall be had for the payment of the principal of or the interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or
any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 

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

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

  
 8 

 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)

  
 9 

 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. 

  
 10

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