Document:

EX-10.23

 Exhibit 10.23 
 December 14, 2012 
 Rajiv Khemani 
 Re: Separation Agreement 
 Dear Rajiv: 
 This letter sets forth the terms of the consulting and separation agreement (the “Agreement”) that Cavium, Inc. (“Cavium” or the “Company”) is offering to you to aid in your
employment transition. 
  

	1.	Separation Date. Your last day of employment with the Company will be January 7, 2013 (the “Separation Date”). 

 

	2.	Accrued Salary and PTO. On the Separation Date, or within the stipulated timeframe per final paycheck regulations, as applicable, the Company will pay you all
accrued salary, and all accrued and unused PTO earned through the Separation Date, subject to all required payroll deductions and withholdings. You are entitled to these payments regardless of whether or not you sign this Agreement.

  

	3.	Health Care Continuation Coverage. To the extent provided by the federal COBRA law or, if applicable, state insurance laws (collectively,
“COBRA”), and by the Company’s current group health insurance policies, you will be eligible to continue your group health insurance benefits after the Separation Date if you so elect. You will be provided with a separate
notice of your COBRA rights and obligations within the timing required by law. 

  

	4.	Consulting Agreement. If you sign this Agreement, and allow the releases contained herein to become effective, then even though it has no obligation to do so,
the Company will retain you as a consultant on the following terms: 

  

	 	(a)	Consulting Period. The consulting relationship commences on January 7, 2013 and continues for approximately one month until February 7, 2013
(“Consulting Period”) unless: (i) you elect to terminate the Consulting Period prior to February 7, 2013 for any reason by providing written notice to the Company; or (ii) the Company terminates the Consulting Period prior
to February 7, 2013 because you materially breach this Agreement or the Confidential Information Agreement (as defined in Section 4(e)). The consulting period will automatically terminate at the end of this period unless renewed in writing
by both parties. 

  

	 	(b)	Consulting Services. You agree to provide reasonable consulting services to the Company in any area of your expertise to enable a transition upon the reasonable
request by the President and CEO (the “Manager”) of the Company. During the Consulting Period, you will report directly to the Manager, or as otherwise specified by the Manager. You agree to exercise the highest degree of professionalism
and utilize your expertise and creative talents in performing these services. During the Consulting Period, you shall continue to be subject to, and you agree to comply with, all of the Company’s policies and procedures.

  

	 	(c)	Stock Options and Restricted Stock Units If you do not enter into this Agreement, vesting of your outstanding stock options (the “Options”) and
restricted stock units (the “RSUs”) will cease on the Separation Date and your unvested Options and RSUs shall terminate. However, if you timely enter into this Agreement, the Company will consider your change in status from an employee to
a consultant to not constitute a termination of your continuous service for purposes of the Company’s equity incentive plan (the “Equity Plan”). 

As a result, the Options and RSUs will continue to vest in accordance with their terms during your continuous service (provided that you
remain in compliance with the terms of this Agreement and the Confidential Information Agreement), and vesting of the Options and RSUs will cease as of the earlier of either the termination of your continuous service, or the termination of the
Consulting Period. You will be able to exercise any vested shares within the time period provided in your operative agreements with the Company and the Equity Plan. Note that your Options may cease to qualify as an “incentive stock option”
within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”) to the extent such stock option previously would have qualified as an “incentive stock option.” You are advised to seek tax
guidance from your personal tax advisors with regard to the potential change in tax treatment of the Options if you enter into this Agreement, as well as the other tax-related implications of this Agreement. 

	 	(d)	Independent Contractor Relationship. Your relationship with the Company during the Consulting Period is that of an independent contractor, and nothing in this
Agreement is intended to, or should be construed to, create a partnership, agency, joint venture or employment relationship. You will not be entitled to any of the benefits which the Company may make available to its employees, including, but not
limited to, group health or life insurance, profit-sharing or retirement benefits, other than your entitlement to continued group health insurance coverage pursuant to COBRA due to your status as a former employee. 

 

	 	(e)	Limitations on Authority. You will have no responsibilities or authority as a consultant to the Company other than as provided above. You agree not to represent
or purport to represent the Company in any manner whatsoever to any third party unless authorized by the Company, in writing, to do so. 

  

	 	(f)	Confidential Information and Inventions. You agree that the Proprietary Information and Invention Assignment Agreement between you and the Company dated
June 9, 2003 (“Confidential Information Agreement,” a copy of which is attached hereto as Exhibit A) shall continue to govern any Company information to which you have access or which you develop, or inventions made by you while
performing services during the Consulting Period. 

  

	 	(g)	Other Work Activities. Throughout the Consulting Period, you do not retain the right to engage in outside employment, consulting, or other work relationships
with any semiconductor company in addition to your work for the Company. In order to protect the trade secrets and confidential and proprietary information of the Company, you agree that, during the Consulting Period, you will notify the Company, in
writing, before you obtain competitive employment, perform competitive work for any business entity, or engage in any other work activity that is competitive with the Company. If you engage in such competitive activity without the Company’s
express written consent, or otherwise materially breach this Agreement, the Company’s obligation to pay you Consulting Fees under Section 4 will cease immediately. 

 

	5.	Other Compensation or Benefits. You acknowledge that, except as expressly provided in this Agreement, you will not receive from the Company any additional
compensation, including but not limited to salary or bonuses, severance or employee benefits on or after the Separation Date. 

  

	6.	Restrictions. In exchange for the Consulting Agreement, and other consideration provided to you by this Agreement that you are not otherwise entitled to receive,
and to protect the Company’s interests in its trade secrets, its valuable confidential business information, and its goodwill, which you agree are legitimate protectable interests, you agree that: 

 

	 	(a)	During the Consulting Period and for a period of one (1) year following the Consulting Period, you will not, either directly or indirectly, solicit or
attempt to solicit any employee, independent contractor, or consultant of the Company to terminate his, her or its relationship with the Company in order to become an employee, consultant, or independent contractor to or for any other person or
entity. 

  

	 	(b)	During the Consulting Period and for a period of six (6) months following the Consulting Period, you will not, directly or indirectly, compete with the
Company by working for, as an employee, consultant, advisor, independent contractor, or in any other capacity, any person or entity engaged in the design, development, manufacture, marketing, or sale of any product or component thereof, product
line, or service that has been or is being designed, developed, manufactured, marketed, or sold by anyone other than the Company and is: (i) of the same general type as, (ii) performs similar functions as, (iii) is used for the same
purpose as a product or service that the Company designed, developed, manufactured, marketed, or sold during your employment with the Company as; or (iv) competes for the same customers and/or patients with, any product or service that the
Company markets or developed to market during your employment with the Company. 

  

	7.	Other Compensation or Benefits. You acknowledge that, except as expressly provided in this Agreement, you will not receive any additional compensation, benefits
or severance after the Separation Date, with the exception of any vested right you may have under the express terms of a written ERISA-qualified benefit plan (e.g., a 401(k) account). 

 

	8.	Expense Reimbursements. You agree that, within ten (10) days after the Separation Date, you will submit your final documented expense reimbursement
statement reflecting all business expenses you incurred through the Separation Date, if any, for which you seek reimbursement. The Company will reimburse you for these expenses pursuant to its regular business practice. 

 

	9.	 Return of Company Property. By the Separation Date, you agree to return to the Company all of Company’s property, equipment, and documents,
together with all copies thereof, and any other material containing or disclosing any Inventions, Third Party Information or Confidential Information of Company and certify in writing that you have fully complied with the foregoing obligation. You
agree that you will not copy, delete, or alter any information contained upon your Company computer before you return it to Company. If you have used any personal computer, server, or email system to receive, store, review, prepare, or

  
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transmit any Company information, you agree to provide the Company with a copy of all such information then permanently delete and expunge such information from those systems. You also agree to
provide the Company access to your system as reasonably requested to verify that the necessary copying and/or deletion is completed. You agree to cooperate with the Company in attending an exit interview and completing and signing the Company’s
termination certification. If you discover after the Separation Date that you have retained any Company proprietary or confidential information, you agree, immediately upon discovery, to contact the Company and make arrangements for returning the
information. The Consulting Fees and other consideration provided to you under this Agreement are conditioned on the return of all Company property and information, as described herein. Notwithstanding the foregoing, you may retain such documents,
property, and materials during the Consulting Period only to the extent approved in writing by the Company and you shall return them immediately upon written request from the Company (and no later than upon termination or expiration of the
Consulting Period). 

  

	10.	Confidential Information Obligations. You acknowledge your continuing obligations under your Confidential Information Agreement, which prohibits the use or
disclosure of any confidential or proprietary information of the Company and solicitation of Company employees. 

  

	11.	Nondisparagement. You agree not to disparage the Company, and its officers, directors, employees, agents, shareholders, parents, subsidiaries, or affiliates in
any manner likely to be harmful to them or their business, business reputation or personal reputation; provided, however, that statements which are made in good faith in response to any question, inquiry or request for information required by legal
process shall not violate this paragraph. The Company and its officers, directors and vice-president level or higher executives agree not to disparage you in any manner likely to be harmful to you or your business reputation or personal reputation;
provided, however, that statements which are made in good faith in response to any question, inquiry or request for information required by legal process shall not violate this paragraph. 

 

	12.	Release of Claims. 

  

	 	(a)	General Release. In exchange for the Consulting Period, and other consideration provided to you by this Agreement that you are not otherwise entitled to receive,
you hereby generally and completely release Cavium, TriNet HR Corporation, and their current and former directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers,
affiliates, and assigns from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to your signing this Agreement.

  

	 	(b)	Scope. This general release includes, but is not limited to: (1) all claims arising out of or in any way related to your employment with the Company, or the
termination of that employment; (2) all claims related to your compensation or benefits from the Company, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any
other ownership interests in the Company; (3) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including claims for fraud, defamation,
emotional distress, and discharge in violation of public policy; and (5) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the
federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), California Fair Employment and Housing Act (Cal. Gov’t
Code §12900 et seq.); California Family Rights Act (Cal. Gov. Code §12945.2); and California WARN Act (Cal. Lab. Code §1400 et seq.) 

  

	 	(c)	ADEA Waiver. You acknowledge that you are knowingly and voluntarily waiving and releasing any rights you may have under the ADEA (“ADEA Waiver”). You
also acknowledge that the consideration given for the ADEA Waiver is in addition to anything of value to which you were already entitled. You further acknowledge that you have been advised by this writing, as required by the ADEA, that:
(a) your ADEA Waiver does not apply to any rights or claims that arise after the date you sign this Agreement; (b) you should consult with an attorney prior to signing this Agreement; (c) you have twenty-one (21) days to consider
this Agreement (although you may choose to voluntarily sign it sooner); (d) you have seven (7) days following the date you sign this Agreement to revoke the ADEA Waiver, with such revocation to be effective only if you deliver written
notice of revocation to the Company within the seven (7) day period; and (e) the ADEA Waiver will not be effective until the date upon which the revocation period has expired unexercised, which will be the eighth day after you sign this
Agreement (“Effective Date”). Nevertheless, your general release of claims, except for the ADEA Waiver, is effective immediately, and not revocable. 

 

	 	(d)	Section 1542 Waiver. YOU UNDERSTAND THAT THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. In giving the release herein, which includes
claims which may be unknown to you at present, you acknowledge that you have read and understand Section 1542 of the California Civil Code, which reads as follows: 

  
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 A general release does not extend to claims which the creditor does not know or suspect to
exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor. 
 You hereby expressly waive and relinquish all rights and benefits under that section and any law of any other jurisdiction of similar effect with respect to your release of any unknown or unsuspected
claims herein. 
  

	 	(e)	Exceptions. Notwithstanding the foregoing, you are not releasing any claim that cannot be waived under applicable state or federal law. You are not releasing any
rights that you have to be indemnified (including any right to reimbursement of expenses) arising under applicable law, the certificate of incorporation or by-laws (or similar constituent documents of the Company), any indemnification agreement
between you and the Company, or any directors’ and officers’ liability insurance policy of the Company. Nothing in this Agreement shall prevent you from filing, cooperating with, or participating in any proceeding before the Equal
Employment Opportunity Commission, the Department of Labor, or the California Department of Fair Employment and Housing, except that you acknowledge and agree that you shall not recover any monetary benefits in connection with any such claim, charge
or proceeding with regard to any claim released herein. Nothing in this Agreement shall prevent you from challenging the validity of the release in a legal or administrative proceeding. 

 

	13.	Representations. You hereby represent that you have been paid all compensation owed and for all hours worked, have received all the leave and leave benefits and
protections for which you are eligible, pursuant to the Family and Medical Leave Act or otherwise, and have not suffered any on-the-job injury for which you have not already filed a claim. 

 

	14.	Arbitration. To ensure the rapid and economical resolution of disputes that may arise in connection with your employment with the Company, you and the Company
agree that any and all disputes, claims, or causes of action, in law or equity, arising from or relating to the enforcement or interpretation of this Agreement, your employment or the termination of your employment (collectively,
“Claims”), shall be resolved, to the fullest extent permitted by law, by final, binding, and (to the extent permitted by law) confidential arbitration in San Jose, California, conducted by JAMS, Inc. (“JAMS”), or its successors,
under its then current rules for employment disputes. The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of all Claims and to award such relief as would otherwise be permitted by law; and (b) issue
a written arbitration decision including the arbitrator’s essential findings and conclusions and a statement of the award. The Company shall pay all administrative fees in excess of the amount of those administrative fees you would have been
required to pay if the Claims were decided in a court of law. You and the Company both acknowledge that, by agreeing to this arbitration procedure, both you and the Company waive the right to resolve any Claims through a trial by jury or judge or
by administrative proceeding. Nothing in this Agreement is intended to prevent either you or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration.

  

	15.	Successors and Assigns. This Agreement will bind the heirs, personal representatives, successors, assigns, executors and administrators of each party, and will
inure to the benefit of each party, its heirs, successors and assigns. 

  

	16.	Applicable Law. This Agreement will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the State of California
as applied to contracts made and to be performed entirely within California. 

  

	17.	Severability. If a court of competent jurisdiction determines that any term or provision of this Agreement is invalid or unenforceable, in whole or in part, then
the remaining terms and provisions hereof will be unimpaired. The court or arbitrator will then have the authority to modify or replace the invalid or unenforceable term or provision with a valid and enforceable term or provision that most
accurately represents the parties’ intention with respect to the invalid or unenforceable term or provision. 

  

	18.	Counterparts. This Agreement may be executed in two counterparts, each of which will be deemed an original, all of which together constitutes one and the same
instrument. Facsimile signatures and signatures transmitted via .pdf file are as effective as original signatures. 

  

	19.	Entire Agreement. This Agreement, including all exhibits, constitutes the complete, final and exclusive embodiment of the entire agreement between you and the
Company with regard to the subject matter hereof. It supersedes any and all other agreements entered into by and between you and the Company. It is entered into without reliance on any promise or representation, written or oral, other than those
expressly contained herein. It may not be modified except in a writing signed by you and a duly authorized officer of the Company. Each party has carefully read this Agreement, has been afforded the opportunity to be advised of its meaning and
consequences by his or its respective attorneys, and signed the same of his or its own free will. 

  
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 If this Agreement is acceptable to you, please sign below and return the original to me no later than
January 4, 2013. 
 I wish you good luck in your future endeavors. 
 Sincerely, 
  

			
	Cavium, Inc.
		
	By:	 	/s/ Syed Ali
		 	Syed Ali
		 	President and CEO

  

			
	Agreed:
		
		 	/s/ Rajiv Khemani
		 	Rajiv Khemani

 Date: December 14, 2012 
 Exhibit A 
 PROPRIETARY INFORMATION AND INVENTION ASSIGNMENT AGREEMENT 

  
 5Form of Medium-Term Notes, Series K, Notes due Feb. 28, 2030

 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. 94986RNR8
 REGISTERED
NO.     
	  	PRINCIPAL AMOUNT: $                    

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 
 Due Nine Months or More From Date of Issue 
 Notes due February 28,
2030 
 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
February 28, 2030 (the “Stated Maturity Date”) and to pay interest thereon from February 28, 2013 or from the most recent Interest Payment Date to which interest has been paid or duly provided for quarterly on each
February 28, May 28, August 28 and November 28, commencing May 28, 2013 and ending at Maturity (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 February 28, 2013 and end on and include May 27, 2013. Interest on this Security will be computed on the basis of a 360-day year of twelve 30-day months. 

The interest rate on this Security that will apply during an Interest Period will be as follows: 

 

					
	 Commencing February 28, 2013 and ending February 27, 2020
	  	 	3.15	% per annum 
	 Commencing February 28, 2020 and ending February 27, 2023
	  	 	3.50	% per annum 
	 Commencing February 28, 2023 and ending February 27, 2026
	  	 	4.00	% per annum 
	 Commencing February 28, 2026 and ending February 27, 2028
	  	 	4.50	% per annum 
	 Commencing February 28, 2028 and ending February 27, 2030
	  	 	6.00	% per annum 

 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 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 redeemable at the option of the Company at any time on or after February 28, 2020, in whole or in part, on any
Interest Payment Date at a Redemption Price equal to 100% of the principal amount of this Security to be redeemed, plus any accrued but unpaid interest to, but excluding, the Redemption Date. Notice of any redemption will be mailed at least 5 but
not more than 30 days before the applicable Redemption Date to the Holder hereof. Unless the 

  
 2 

 
Company defaults in the payment of the Redemption Price, on or after the Redemption Date, interest will cease to accrue on this Security or the portion hereof called for redemption. 

This Security is not subject to repayment at the option of the Holder hereof prior to February 28, 2030. 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] 

  
 3 

 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

  
 4 

 [Reverse of Note] 
 WELLS FARGO & COMPANY 
 MEDIUM-TERM NOTE, SERIES K

 Due Nine Months or More From Date of Issue 
 Notes due February 28, 2030 
 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 

  
 5 

 
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 $250,000 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

  
 6 

 
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. 

  
 7 

 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)

  
 8 

 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. 

  
 9

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