Document:

WELLS FARGO & COMPANY 8-K

 

 Exhibit
4.4

[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. 95001BB29 
	FACE AMOUNT: $_____________

REGISTERED
NO. __

 

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES S

 

Due
Nine Months or More From Date of Issue

 

Principal
at Risk Securities Linked to the iShares® Russell Mid-Cap ETF

due
December 2, 2020

 

 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Maturity Payment
Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts, on the Stated Maturity Date. The “Initial Stated Maturity Date” shall
be December 2, 2020. 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) three Business Days (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 Maturity Payment Amount

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

 

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

	 	(i)  		Face Amount x		Ending
    Price – Starting Price

    Starting Price		x Participation Rate  		; and

 

(ii)   the
Maximum Return;

 

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

 

The
“Fund” shall mean the iShares® Russell Mid-Cap ETF.

The
“Pricing Date” shall mean November 27, 2018.

The
“Starting Price” is $50.61, 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
“Threshold Price” is $42.0063, which is equal to 83% of the Starting Price.

The
“Participation Rate” is 150%.

The
“Maximum Return” is 20% of the Face Amount of this Security.

“Business
Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law or regulation to close in New York, New York.

The
“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.

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The
“Closing Price” for one 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 official closing price on such day published by the principal United States securities
exchange registered under the Securities Exchange Act of 1934, as amended, on which the Fund (or any such other security) is listed
or admitted to trading.

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
“Underlying Index” is the Russell Midcap Index.

A
“Trading Day” 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 November 27, 2020. 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 on the Calculation Day, then the 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 to be 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 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 on such eighth Trading Day.

 

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of January 24, 2018 between the Company and the
Calculation Agent, as amended from time to time.

 

“Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among
other things, the determination of the Maturity Payment Amount, the Starting Price and the Ending Price, which term shall, unless
the

    3

     

    

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 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 session on such Relevant Stock Exchange or
                                         Related Futures or Options Exchange, as applicable, and (2) the submission deadline
                                         for orders to be entered

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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 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.

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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 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

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distribution
that is attributable to the Extraordinary Dividend, as determined by the Calculation Agent in its sole discretion.

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 Maturity Payment 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

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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 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 Underlying Index discontinues
publication of the Underlying 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 Maturity Payment 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 Maturity Payment Amount, the Starting Price 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.

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

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

Tax
Considerations

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

Redemption
and Repayment

This
Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to December 2,
2020. This Security is not entitled to any sinking fund.

Acceleration

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

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

DATED:

 

	 	WELLS FARGO & COMPANY
	 	 	 
	 	By:	 
	 	 	 
	 	 	Its:	 
	 	 	 
	 	 	 
	 	Attest:	 
	 	 	 
	 	 	Its:	 

 

TRUSTEE’S
CERTIFICATE OF

AUTHENTICATION

This
is one of the Securities of the 

series
designated therein described

in
the within-mentioned Indenture.

 

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

 

 

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[Reverse
of Note]

 

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES S

 

Due
Nine Months or More From Date of Issue

 

Principal
at Risk Securities Linked to the iShares® Russell Mid-Cap ETF

due
December 2, 2020

 

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 February 21, 2017, 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 S, of the Company. The amount payable on the Securities of this series may be determined by reference to the performance
of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical
measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure
or may bear interest at a fixed rate or a floating rate. The Securities of this series may mature at different times, be redeemable
at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated
in different currencies.

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

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

Modification
and Waivers 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by
the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding
of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority
in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting
together as a class, on

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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, 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 form, having the same date
of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

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

No
Personal Recourse

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

 

 

 

 

 

 

    15Exhibit 10.1

 

EXECUTION COPY

 

SECURITIES
PURCHASE AGREEMENT

 

THIS SECURITIES PURCHASE
AGREEMENT (this “Agreement”), dated as of November 29, 2018, is by and between Nevada Gold & Casinos, Inc.,
a Nevada corporation (the “Company”), and Maverick Casinos LLC, a Nevada limited liability company (“Buyer”).

 

WHEREAS, the Company, Buyer,
and Maverick Casinos Merger Sub, Inc., a Nevada corporation and a wholly owned subsidiary of Buyer (“Merger Sub”),
are parties to an Agreement and Plan of Merger dated as of September 18, 2018 (the “Existing Merger Agreement”),
pursuant to which Merger Sub will be merged with and into the Company, with the Company continuing as the surviving corporation
and becoming a wholly-owned subsidiary of Buyer (the “Merger”), upon the terms and subject to the conditions
set forth in the Merger Agreement;

 

WHEREAS, in order to facilitate
and avoid delays associated with obtaining the approvals of the Washington State Gambling Commission required in order to consummate
the Merger, the Company desires to issue and sell to Buyer, and Buyer desires to purchase from the Company, 890,390 shares of the
Company’s common stock, par value $0.12 per share (such shares, the “Shares”), representing 5.0% of the
outstanding shares of the Company’s common stock after giving effect to the issuance and sale of the Shares, on the terms
and subject to the conditions set forth herein;

 

WHEREAS, a portion of the
consideration payable by Buyer for the Shares will be funded by the release of all funds held in escrow pursuant to the Escrow
Agreement dated as of September 18, 2018 (the “Initial Escrow Agreement”), by and among the Company, Buyer,
and Fidelity National Title Agency of Nevada, Inc., a Nevada corporation dba Fidelity National Title Group, as escrow agent (“Fidelity
Title”);

 

WHEREAS, concurrently with
the execution of this Agreement, the Company, Buyer, and Mutual of Omaha Bank (the “Escrow Agent”), are entering
into the Escrow Agreement dated as of November 29, 2018 (as amended, restated, supplemented, or otherwise modified from time to
time, the “Securities Escrow Agreement”), pursuant to which, among other things, the Shares will be deposited
with the Escrow Agent into a segregated escrow account, to be held, released, and disposed of by the Escrow Agent in accordance
with the terms of this Agreement, the Merger Agreement, and the Securities Escrow Agreement; and

 

WHEREAS, concurrently with
the execution of this Agreement, the Company, Buyer, and Merger Sub are amending the Existing Merger Agreement (the Existing Merger
Agreement, as so amended, and as it may be further amended, restated, supplemented, or otherwise modified from time to time, the
“Merger Agreement”), pursuant to Amendment No. 1 to the Merger Agreement dated as of November 29, 2018 (“Amendment
No. 1 to the Merger Agreement”), to among other things, provide that (x) in the event that the Merger Agreement is terminated
prior to the consummation of the Merger and Buyer is required to pay the Parent Termination Fee (as defined in the Merger Agreement)
to the Company pursuant to the terms of the Merger Agreement, Buyer will forfeit to the Company all of the Shares in satisfaction
of the Parent Termination Fee, and the Company will pay to Buyer an amount equal to the Cash Payment (as defined below), and (y)
in the event the Merger Agreement is terminated prior to the consummation of the Merger and Buyer is not required to pay the Parent
Termination Fee to the Company pursuant to the terms of the Merger Agreement, the Company will purchase from Buyer all of the Shares
for the Purchase Price (as defined below);

 

    	 	 	 

     

    

 

NOW, THEREFORE, in consideration
of the foregoing premises and the representations, warranties, covenants, and agreements set forth herein, as well as other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby,
the Company and Buyer hereby agree as follows:

 

1.            Purchase
and Sale of Shares. Subject to the terms and conditions set forth herein, at the Closing, the Company agrees to issue and sell
the Shares to Buyer, free and clear of any liens, pledges, security interests, and other encumbrances (collectively, “Liens”),
other than Liens imposed by applicable federal and state securities laws and restrictions set forth in this Agreement and the Securities
Escrow Agreement, and Buyer agrees to purchase the Shares from the Company, for an aggregate cash purchase price equal to $2,154,743.80
(the “Purchase Price”).

 

2.            Closing;
Payment of Purchase Price.

 

(a)          Time;
Purchase Price. Subject to the terms and conditions set forth herein, the closing of the purchase, sale, and issuance of the
Shares (the “Closing”) and the deliveries required thereby shall occur on the date of this Agreement. At the
Closing, the Company will issue and sell the Shares to Buyer upon receipt by the Company of the entire Purchase Price in cash as
provided in Section 2(b)(i) and 2(b)(ii).

 

(b)          Closing
Deliveries. The Closing shall be completed when each of the following has occurred:

 

(i)            Buyer
and the Company shall have caused Fidelity Title to release and pay all funds held in escrow by Fidelity Title under the Initial
Escrow Agreement to the Company, by wire transfer of immediately available funds to an account designated in writing by the Company;

 

(ii)           Buyer
shall have delivered to the Company an amount equal the Purchase Price, less the amount released and paid by Fidelity Title to
the Company pursuant to Section 2(b)(i) (the “Cash Payment”), by wire transfer of immediately available
funds to an account designated in writing by the Company;

 

(iii)          (x)
the Company shall have given American Stock Transfer & Trust Company, LLC, the Company’s transfer agent, irrevocable
instructions to issue to Buyer a certificate representing the Shares (the “Stock Certificate”), registered in
the name of Buyer, and to deliver the Stock Certificate to the Escrow Agent on an expedited basis, and (y) Buyer shall have delivered
to the Escrow Agent a stock power, duly executed in blank, and a transfer of ownership form, duly executed in blank, in a form
acceptable to the Company’s transfer agent, in respect of all of the Shares (the documents described in this clause (y) are
referred to herein collectively as the “Share Transfer Documents”), all of which shall be held by the Escrow
Agent in a segregated escrow account (the “Escrow Account”), and shall be held, released, and disposed of by
the Escrow Agent in accordance with the terms of this Agreement, the Merger Agreement, and the Securities Escrow Agreement;

 

    	 	2	 

     

    

 

(iv)          the
Company, Buyer, and the Escrow Agent shall have entered into the Securities Escrow Agreement; and

 

(v)           the
Company, Buyer, and Merger Sub shall have entered into Amendment No. 1 to the Merger Agreement.

 

3.            Representations
and Warranties of the Company. The Company hereby represents and warrants to Buyer as follows:

 

(a)          Authorization.
The Company has all requisite corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder,
and to consummate the transactions contemplated hereby. The execution, delivery, and performance by the Company of this Agreement,
and the consummation of the transactions contemplated hereby, have been duly and validly authorized by all requisite corporate
action on behalf of the Company, including by the board of directors of the Company. No other corporate proceedings on the part
of the Company are necessary to authorize this Agreement or to consummate the transactions contemplated hereby. This Agreement
has been duly and validly executed and delivered by the Company and, assuming the due authorization, execution, and delivery by
Buyer, constitutes a legal, valid, and binding obligation of the Company, enforceable against the Company in accordance with its
terms, except as such enforceability may be limited by applicable laws relating to bankruptcy, insolvency, reorganization, moratorium,
or other similar laws relating to or affecting creditors’ rights generally and except as such enforceability is subject to
general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law) (the “Bankruptcy
and Equity Exception”).

 

(b)          Shares.
The Shares have been duly authorized and, when issued, delivered, and paid for in the manner set forth in this Agreement, will
be validly issued, fully paid, and nonassessable.

 

(c)          No
Conflict. The execution and delivery by the Company of this Agreement, and the consummation by the Company of the transactions
contemplated hereby, do not and will not, directly or indirectly (with or without notice or lapse of time or both), and the compliance
by the Company with its obligations hereunder will not, directly or indirectly (with or without notice or lapse of time or both),
(i) result in a violation or breach of, or conflict with, the Company’s articles of incorporation or bylaws, (ii) conflict
with or violate any law applicable to the Company or any of its subsidiaries or by which any property or asset of the Company or
any of its subsidiaries is bound, (iii) result in any violation or breach of, or conflict with, any provisions of, or constitute
(with or without notice or lapse of time, or both) a default (or give rise to any right of purchase, termination, amendment, acceleration,
or cancellation) under, or result in the loss of any benefit under, or result in the triggering of any payments pursuant to, any
of the terms, conditions, or provisions of, any material contract to which the Company or any of its subsidiaries is a party or
by which it or any of its properties or assets may be bound, or (iv) result in the creation of any material Lien on any property
or asset of the Company or any of its subsidiaries, except, with respect to clauses (ii) and (iii), for any such conflict, violation,
breach, default, right of purchase, termination, amendment, acceleration or cancellation, loss of any benefit, or payment that
would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the Company and its subsidiaries,
taken as a whole.

 

    	 	3	 

     

    

 

(d)          No
Consents or Approvals. No consent, approval, order, or authorization of, or registration, qualification, designation, or filing
with, or notification to, any governmental authority is required on the part of the Company in connection with the execution, delivery,
and performance of this Agreement, or the consummation by the Company of the transactions contemplated hereby, other than (i) the
applicable requirements of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), and other
applicable federal securities laws, and (ii) such other consents, approvals, orders, authorizations, registrations, qualifications,
designations, filings, or notifications that, if not obtained, made or given, would not reasonably be expected to have, individually
or in the aggregate, a material adverse effect on the Company and its subsidiaries, taken as a whole.

 

(e)          NO
OTHER REPRESENTATIONS OR WARRANTIES. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY CONTAINED IN THIS Section
3, NEITHER THE COMPANY NOR ANY OTHER PERSON HAS MADE OR MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, WRITTEN
OR ORAL. THE COMPANY HEREBY DISCLAIMS ANY SUCH OTHER REPRESENTATION OR WARRANTY, WHETHER BY THE COMPANY, ANY OF ITS SUBSIDIARIES,
OR ANY OF THEIR RESPECTIVE REPRESENTATIVES OR ANY OTHER PERSON, NOTWITHSTANDING THE DELIVERY OR DISCLOSURE TO BUYER OR ANY OTHER
PERSON OF ANY DOCUMENTATION OR OTHER WRITTEN OR ORAL INFORMATION BY THE COMPANY, ANY OF ITS SUBSIDIARIES, OR ANY OF THEIR RESPECTIVE
REPRESENTATIVES OR ANY OTHER PERSON, AND EXCEPT IN THE CASE OF FRAUD, NEITHER THE COMPANY NOR ANY OTHER PERSON WILL HAVE OR BE
SUBJECT TO ANY LIABILITY OR INDEMNIFICATION OBLIGATION TO BUYER OR ANY OTHER PERSON RESULTING FROM SUCH DELIVERY OR DISCLOSURE,
OR BUYER’S USE OF ANY SUCH DOCUMENTATION OR OTHER INFORMATION.

 

4.            Representations
and Warranties of the Buyer.

 

Buyer hereby represents
and warrants to the Company as follows:

 

(a)          Authorization.
Buyer has all requisite limited liability company power and authority to execute and deliver this Agreement, to perform its obligations
hereunder, and to consummate the transactions contemplated hereby. The execution, delivery, and performance by Buyer of this Agreement,
and the consummation of the transactions contemplated hereby, have been duly and validly authorized by all requisite limited liability
company action on behalf of Buyer and no other limited liability company proceedings on the part of Buyer are necessary to authorize
this Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered
by Buyer and, assuming due authorization, execution, and delivery by the Company, constitutes a legal, valid, and binding obligation
of Buyer enforceable against Buyer in accordance with its terms, subject to the Bankruptcy and Equity Exception.

 

    	 	4	 

     

    

 

(b)          No
Conflict. The execution and delivery by Buyer of this Agreement, and the consummation by Buyer of the transactions contemplated
hereby, do not and will not, directly or indirectly (with or without notice or lapse of time or both), and the compliance by Buyer
with its obligations hereunder will not, directly or indirectly (with or without notice or lapse of time or both), (i) result in
a violation or breach of, or conflict with, the articles of organization, operating agreement, or other organizational documents
of Buyer, (ii) conflict with or violate any law applicable to Buyer or by which any property or asset of Buyer is bound, (iii) result
in a violation or breach, or conflict with, any provision of, or constitute (with or without notice or lapse of time, or both)
a default (or give rise to any right of purchase, termination, amendment, acceleration, or cancellation) under, or result in the
loss of any benefit under, or result in the triggering of any payments pursuant to, any of the terms, conditions, or provisions
of, any material contract to which Buyer is a party or by which any of its properties or assets may be bound, or (iv) result
in the creation of a Lien on any property or asset of Buyer, except, with respect to clauses (ii), (iii) and (iv), as would
not, individually or in the aggregate, reasonably be expected to prevent, materially impair, or material delay the ability of Buyer
to perform its obligations under this Agreement or to consummate the transactions contemplated hereby.

 

(c)          No
Consents or Approvals. No consent, approval, order, or authorization of, or registration, qualification, designation, or filing
with, or notification to, any governmental authority is required on the part of Buyer in connection with the execution, delivery,
and performance of this Agreement, or the consummation by Buyer of the transactions contemplated hereby, other than (i) the
applicable requirements of the Exchange Act and other applicable federal and state securities laws, and (ii) such other consents,
approvals, orders, authorizations, registrations, qualifications, designations, filings, or notifications that, if not obtained,
made or given, would not, individually or in the aggregate, reasonably be expected to prevent, materially impair, or materially
delay the ability of Buyer to perform its obligations under this Agreement or to consummate the transactions contemplated hereby.

 

(d)          Ownership
of Shares. Neither Buyer nor any of its affiliates owns (directly or indirectly, beneficially or of record) any shares of the
Company’s common stock or holds any rights to acquire or vote any shares of the Company’s common stock, except pursuant
to this Agreement and the Merger Agreement, except that Eric Persson individually owns 1,790 shares of the Company’s common
stock.

 

(e)          Investment
Representations.

 

(i)            Buyer
and each member of Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D promulgated
under the Securities Act of 1933, as amended (the “Securities Act”). Buyer agrees to furnish any additional
information requested by the Company to assure compliance with applicable federal and state securities laws in connection with
the purchase and sale of the Shares.

 

(ii)           Buyer
is purchasing the Shares solely for its own account for the purpose of investment and not with a view to, or for sale in connection
with, any distribution thereof in violation of federal or state securities laws. Buyer does not have a present intention to sell
any of the Shares, nor a present arrangement (whether or not legally binding) or intention to effect any distribution of any of
the Shares to or through any person or entity in violation of federal or state securities laws. Buyer acknowledges that it (i)
has such knowledge, skill, and experience in business, financial, and investment matters that it is capable of evaluating the merits
and risks of an investment in the Company, (ii) is able to bear the financial risks associated with an investment in the Company,
and (iii) has been given access to such information concerning the Company and to the officers of the Company as it has deemed
necessary or appropriate to enable it to make an informed investment decision concerning the purchase of the Shares.

 

    	 	5	 

     

    

 

(iii)          Buyer
understands that the Shares are being offered and sold on reliance on specific exemptions from the registration requirements of
federal and state securities laws and that the Company is relying in part upon the truth and accuracy of the representations and
warranties made by Buyer in this Agreement in order to determine the availability of such exemptions. Buyer understands that no
federal or state agency or any government or governmental agency has passed upon the merits or risks of an investment in the Shares
or made any finding or determination concerning the fairness or advisability of this investment.

 

(iv)          Buyer
understands that the Shares are “restricted securities” under applicable federal securities laws and that the Securities
Act and the rules of the United States Securities and Exchange Commission (the “SEC”) provide in substance that
Buyer may dispose of the Shares only pursuant to an effective registration statement under the Securities Act or an exemption therefrom,
and Buyer understands that the Company has no obligation or intention to register any of the Shares, or to take action so as to
permit sales pursuant to the Securities Act. Buyer acknowledges that it is familiar with the nature of the limitations imposed
by the Securities Act and the rules and regulations thereunder on the transfer of securities.

 

(v)           Buyer
acknowledges that neither the Company nor any other person or entity offered to sell the Shares to it by means of any form of general
solicitation or advertising, including (A) any advertisement, article, notice, or other communication published in any newspaper,
magazine, or similar media or broadcast over television or radio, or (B) any seminar or meeting whose attendees were invited by
any general solicitation or general advertising.

 

(vi)          With
the assistance of Buyer’s own professional advisors, to the extent that Buyer has deemed appropriate, Buyer has made its
own legal, tax, accounting, and financial evaluation of the merits and risks of an investment in the Shares and the consequences
of this Agreement. Buyer has considered the suitability of the Shares as an investment in light of its own circumstances and financial
condition and Buyer is able to bear the risks associated with an investment in the Shares and its authority to invest in the Shares.
Buyer recognizes that investing in the Shares involves substantial risks, and has taken full cognizance of and understands all
of the risk factors related to the acquisition of the Shares. Buyer has not relied upon any representations (other than the representations
and warranties of the Company set forth in Section 3) or other information from the Company or any of its agents or representatives.

 

    	 	6	 

     

    

 

5.            Covenants
of the Parties.

 

(a)          Legends.
Buyer acknowledges and agrees that each certificate representing the Shares will bear a legend in substantially the following form:

 

“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED, OR OTHERWISE DISPOSED OF
EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR (2) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND SUCH LAWS. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT
TO THE TERMS OF A SECURITIES PURCHASE AGREEMENT DATED AS OF NOVEMBER 29, 2018, AS IT MAY BE AMENDED FROM TIME TO TIME, AND AN ESCROW
AGREEMENT DATED AS OF NOVEMBER 29, 2018, AS IT MAY BE AMENDED FROM TIME TO TIME, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY
OF THE COMPANY.”

 

(b)          Schedule
13D. Buyer agrees to timely file a Schedule 13D with the SEC as required by Section 13(d) of the Exchange Act. Buyer shall
provide the Company a copy of such Schedule 13D a reasonable time in advance of the filing thereof with the SEC.

 

(c)          Restrictions
of Transfer. Except as set forth in Section 7, Buyer will not sell, assign, dispose of, exchange, pledge, encumber,
hypothecate, or otherwise transfer (each, a “Transfer”) any Shares, or any interest therein, or otherwise permit
any Liens to be created on any Shares. In addition, so long as the Shares are held in the Escrow Account they may not be taken
or reached by legal or equitable process in satisfaction of any debt or other liability of Buyer. Any purported Transfer of any
Shares in violation of this Section 5(c) shall be void ab initio.

 

(d)          Voting.
With respect to all matters presented to the Company’s stockholders, Buyer shall vote all of the Shares then held by Buyer
in the same manner and in the same proportion (rounded to the nearest whole share) as shares of common stock of the Company that
are not held by Buyer are voted.

 

6.            Effects
of Merger. If the Merger is consummated, in accordance with the terms of the Merger Agreement, the Company and Buyer shall
deliver a joint written instruction to the Escrow Agent to deliver all of the Shares (and the Stock Certificate and Share Transfer
Documents) held in the Escrow Account to Buyer, and the Shares, like all other shares of common stock of the Company owned, directly
or indirectly, by Buyer or Merger Sub immediately prior to the Effective Time (as defined in the Merger Agreement), shall be cancelled
and shall cease to exist, without any conversion thereof and no payment or distribution shall be made with respect thereto.

 

    	 	7	 

     

    

 

7.            Effects
of Termination of Merger Agreement.

 

(a)          Except
as provided below, in the event the Merger Agreement is terminated prior to the Effective Time, the Company will purchase from
Buyer, and Buyer will sell to the Company, all of the Shares for a cash purchase price equal to the Purchase Price. As promptly
as practicable (and in any event within two Business Days (as defined in the Merger Agreement)) following any such termination
of the Merger Agreement, (i) Buyer and the Company shall deliver a joint written instruction to the Escrow Agent to deliver all
of the Shares (and the Stock Certificate and Share Transfer Documents) held in the Escrow Account to the Company or its designee,
(ii) Buyer shall deliver to the Company all such other documents and instruments as are necessary to transfer to the Company (including,
if requested by the Company, a transfer of ownership form, duly executed in blank (with a medallion guarantee), in a form acceptable
to the Company’s transfer agent, in respect of all of the Shares), and shall be deemed to have transferred, and to have represented
and warranted to the Company that it has transferred, to the Company, all of the Shares, free and clear of all Liens, other than
Liens imposed by applicable federal and state securities laws, and shall cease to have any rights with respect to the Shares, except
the right to receive the consideration to be paid to Buyer pursuant to clause (iii) below, and (iii) upon receipt of all of the
Shares (and the Stock Certificate and Share Transfer Documents), the Company shall deliver to Buyer an amount equal to the Purchase
Price, by wire transfer of immediately available funds to an account designated by Buyer.

 

(b)          Notwithstanding
anything to the contrary set forth in Section 9(a), in the event that the Merger Agreement is terminated prior to the Effective
Time and Buyer is required to pay the Parent Termination Fee pursuant to the terms of the Merger Agreement, Buyer will forfeit
to the Company all of the Shares in satisfaction of the Parent Termination Fee, and the Company will upon receipt thereof pay to
Buyer an amount equal to the Cash Payment. In such case, as promptly as practicable (and in any event within two Business Days)
following the date of the event giving rise to the obligation of Buyer to pay the Parent Termination Fee, (i) Buyer and the Company
shall deliver a joint written instruction to the Escrow Agent to deliver all of the Shares (and the Stock Certificate and Share
Transfer Documents) held in the Escrow Account to the Company or its designee, (ii) Buyer shall deliver all such other documents
and instruments as are necessary to transfer to the Company (including, if requested by the Company, a transfer of ownership form,
duly executed in blank (with a medallion guarantee), in a form acceptable to the Company’s transfer agent, in respect of
all of the Shares), and shall be deemed to have transferred, and to have represented and warranted to the Company that it has transferred,
to the Company, all of the Shares, free and clear of all Liens, other than Liens imposed by applicable federal and state securities
laws, and shall cease to have any rights with respect thereto, except the right to receive the consideration to be paid to Buyer
pursuant to clause (iii) below, and (iii) upon receipt of all of the Shares (and the Stock Certificate and Share Transfer Documents),
the Company will pay to Buyer an amount equal to the Cash Payment, by wire transfer of immediately available funds to an account
designated by Buyer.

 

    	 	8	 

     

    

 

8.            Severability.
If any term or other provision of this Agreement is invalid, illegal, or incapable of being enforced by any rule of law or public
policy or the application of this Agreement to any person or entity or circumstance is invalid or incapable of being enforced by
any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force
and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially
adverse to either party. To such end, the provisions of this Agreement are agreed to be severable. Upon such determination that
any term or other provision is invalid, illegal, or incapable of being enforced, the parties shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order
that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

 

9.            Assignment.
Neither this Agreement nor any of the rights, interests, or obligations under this Agreement may be assigned, in whole or in part,
by operation of law or otherwise by either of the parties without the prior written consent of the other party. Any purported assignment
in violation of this Section 9 will be null and void ab initio. Subject to the preceding sentence, this Agreement
will be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective successors and assigns.

 

10.          Expenses.
All fees, costs, and expenses incurred in connection with this Agreement and the transactions contemplated hereby, including legal
fees, shall be paid by the party incurring such expenses.

 

11.          Notices.
Any notice or other communication provided for herein or given hereunder to either party shall be given in the manner contemplated
by the Merger Agreement.

 

12.          Waiver.
No party may waive any of the terms or conditions of this Agreement except by a duly signed writing referring to the specific provision
to be waived.

 

13.          Entire
Agreement. This Agreement, together with the Merger Agreement, the Securities Escrow Agreement, and the Confidentiality Agreement
(as defined in the Merger Agreement) constitute the entire agreement among the parties with respect to the subject matter hereof,
and supersede all prior agreements and undertakings, both written and oral, among the parties with respect to the subject matter
hereof (other than the Confidentiality Agreement, which will terminate at the Closing (under and as defined in the Merger Agreement)).

 

14.          Parties
in Interest. This Agreement shall be binding upon and inure solely to the benefit of each party, and nothing in this Agreement,
express or implied, is intended to or shall confer upon any other person or entity any right, benefit, or remedy of any nature
whatsoever under or by reason of this Agreement.

 

15.          Governing
Law; Jurisdiction.

 

(a)          This
Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, without regard to the conflicts
of law rules of such state that would direct a matter to another jurisdiction.

 

    	 	9	 

     

    

 

(b)          Each
of the parties (i) agrees that any action, suit, or proceeding seeking to enforce any provision of, or based on any matter arising
out of or in connection with this Agreement or the transactions contemplated hereby (whether brought by either party or any of
its affiliates or against any party or any of its affiliates) shall be brought, heard, and determined exclusively in the state
courts located in the State of Nevada or, if such courts shall not have jurisdiction, any of the federal courts of the United States
of America located in the State of Nevada, (ii) irrevocably consents to the jurisdiction of such courts (and of the appropriate
appellate courts therefrom) in any such action, suit, or proceeding and irrevocably waives, to the fullest extent permitted by
law, any objection that it may now or hereafter have to the laying of the venue of any such action, suit, or proceeding in any
such court or that any such action, suit, or proceeding brought in any such court has been brought in an inconvenient forum, (iii)
agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from such court,
and (iv) agrees not to bring any action, suit, or proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby in any other court. The parties agree that a final trial court judgment in any such action, suit, or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law; provided,
however, that nothing in the foregoing shall restrict either party’s rights to seek any post-judgment relief regarding,
or any appeal from, such final trial court judgment.

 

16.          Waiver
of Jury Trial. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT
OR THE TRANSACTIONS COTENMPLATED HEREBY. 

 

17.          Specific
Performance. The parties agree that irreparable damage would occur in the event any provision of this Agreement were not performed
in accordance with the terms hereof and that money damages would not be a sufficient remedy for any breach of this Agreement, and
accordingly, the parties shall be entitled to specific performance of the terms hereof, without any requirement to post bond, in
addition to any other remedy to which they are entitled at law or equity. The parties further agree not to assert that a remedy
of specific enforcement is unenforceable, invalid, contrary to law, or inequitable for any reason, nor to assert that a remedy
of monetary damages would provide an adequate remedy. 

 

18.          Counterparts.
This Agreement may be executed and delivered (including by facsimile or other form of electronic transmission) in separate counterparts,
each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same
agreement.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
LEFT BLANK]

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Securities Purchase Agreement to be executed and delivered as of the day and year first written
above.

 

	 	NEVADA GOLD & CASINOS, INC.
	 	 	 
	 	By:	/s/ Michael P. Shaunnessy
	 	 	Name:  Michael P. Shaunnessy
	 	 	Title:  President & CEO
	 	 	 
	 	MAVERICK CASINOS LLC
	 	 	 
	 	By:	/s/ Eric Persson
	 	 	Name:  Eric Persson
	 	 	Title: Manager

 

[Signature page to Securities Purchase Agreement]

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