Document:

WELLS
FARGO & COMPANY 8-K

 

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. 95001HE23	FACE AMOUNT: $___________

REGISTERED NO. ___

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A

Fully and Unconditionally Guaranteed by
Wells Fargo & Company

 

Principal at Risk Securities Linked to the
Lowest Performing of the

Russell 2000® Index and the EURO STOXX 50®
Index due July 29, 2027

 

 

WELLS FARGO FINANCE
LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,”
which term includes any successor corporation under and as defined in 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) on the Stated Maturity Date (as defined below), unless this Security is automatically called prior to the Stated Maturity
Date as provided below under “Automatic Call,” and to pay Contingent Coupon Payments (as defined below) on the Face
Amount of this Security to the extent provided herein on the Contingent Coupon Payment Dates specified herein at the Contingent
Coupon Rate (as defined below) until the earlier of the Stated Maturity Date and the Call Settlement Date (as defined below),
if any. The “Initial Stated Maturity Date” shall be July 29, 2027. If the Final Calculation Day (as defined
below) is not postponed, the Initial Stated Maturity Date will be the “Stated Maturity Date.” If the Final
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 last Final Calculation Day as postponed.

“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.”

Automatic Call

If the Closing
Level (as defined below) of the Lowest Performing Index (as defined below) on any of the monthly Calculation Days (as defined
below) from January 2021 to June 2027, inclusive, is greater than or equal to its Starting Level (as defined below), this Security
will be

    	 	 	 

    	 

    

automatically called by the Company,
and on the related Call Settlement Date the Holder hereof will receive the Call Price (as defined below) plus a final Contingent
Coupon Payment. Unless the Company defaults in the payment of the Call Price plus the final Contingent Coupon Payment, this Security
will cease to be outstanding on such Call Settlement Date, no additional Contingent Coupon Payments will be payable on this Security
and the Holder hereof will have no further rights under this Security after such Call Settlement Date. The Holder hereof will
not receive any notice from the Company in the event this Security is automatically called pursuant to the terms hereof. The “Call
Price” is equal to the Face Amount of this Security. The “Call Settlement Date” for a Calculation
Day shall be three Business Days after such Calculation Day, as such Calculation Day may be postponed as provided herein. If a
Calculation Day is postponed with respect to one or both Indices, the related Call Settlement Date will be three Business Days
after the last Calculation Day as postponed.

Payment of Contingent Coupon
Payments, the Maturity Payment Amount and the Call Price

On each monthly
Contingent Coupon Payment Date, the Company shall pay a Contingent Coupon Payment if, and only if, the Closing Level of the Lowest
Performing Index on the related Calculation Day is greater than or equal to its Threshold Level (as defined below). A “Contingent
Coupon Payment,” if payable as provided herein, shall be equal to (i) the product of the Face Amount of this Security
and the Contingent Coupon Rate, (ii) divided by 12. The “Contingent Coupon Payment Dates” shall be the third
Business Day following each Calculation Day, as each such Calculation Day may be postponed as herein provided, provided that the
Contingent Coupon Payment Date with respect to the Final Calculation Day will be the Stated Maturity Date. If a Calculation Day
is postponed with respect to one or both Indices, the related Contingent Coupon Payment Date will be three Business Days after
the last Calculation Day as postponed. The “Contingent Coupon Rate” is 5.70% per annum. Any Contingent Coupon
Payments will be rounded to the nearest cent, with one-half cent rounded upward. If a Contingent Coupon Payment Date is postponed,
the Contingent Coupon Payment, if any, due on that Contingent Coupon Payment Date will be made on that Contingent Coupon Payment
Date as so postponed with the same force and effect as if it had been made on the originally scheduled Contingent Coupon Payment
Date, with no additional amount accruing or payable as a result of the postponement.

Any Contingent
Coupon Payment so payable, and punctually paid or duly provided for, on any Contingent Coupon 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 Contingent Coupon Payment next preceding such Contingent Coupon Payment
Date. The Regular Record Date for a Contingent Coupon Payment Date shall be the date one Business Day prior to such Contingent
Coupon Payment Date. 

Any Contingent
Coupon Payment 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

    	 	 2	 

    	 

    

may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in the Indenture.

Payment of any
Contingent Coupon Payment 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; provided, however, that, at the option of the Company, payment
of any Contingent Coupon Payment 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. Payments
of any Contingent Coupon Payment and the Maturity Payment Amount or the Call Price, as applicable, 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. Notwithstanding the foregoing,
for so long as this Security is a Global Security registered in the name of the Depositary, any payments on this Security will
be made to the Depositary by wire transfer of immediately available funds. 

Payment of the
Maturity Payment Amount or the Call Price, as applicable, and any Contingent Coupon Payments on this Security will be made 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.

Definitions Relating to Maturity
Payment Amount, the Call Price and Contingent Coupon Payments

If this Security
is not automatically called prior to the Stated Maturity Date as provided above under “Automatic Call,” the “Maturity
Payment Amount” of this Security will equal:

		•	if
                                         the Ending Level of the Lowest Performing Index on the Final Calculation Day (as defined
                                         below) is greater than or equal to its Threshold Level: the Face Amount; or

 

		•	if
                                         the Ending Level of the Lowest Performing Index on the Final Calculation Day is less
                                         than its Threshold Level:

 

 

 

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.

“Index”
shall mean each of the Russell 2000 Index and the EURO STOXX 50 Index.

The “Pricing
Date” shall mean January 17, 2020.

    	 	 3	 

    	 

    

The “Lowest
Performing Index” for any Calculation Day will be the Index with the lowest Performance Factor on that Calculation Day
(as such Calculation Day may be postponed for one or both Indices as provided herein).

The “Performance
Factor” with respect to an Index on any Calculation Day is its Closing Level on such Calculation Day divided by its
Starting Level (expressed as a percentage).

The “Starting
Level” with respect to the Russell 2000 Index is 1699.635, its Closing Level on the Pricing Date, and with respect to
the EURO STOXX 50 Index is 3808.26, its Closing Level on the Pricing Date.

The “Ending
Level” of an Index will be its Closing Level on the Final Calculation Day.

The “Threshold
Level” with respect to the Russell 2000 Index is 1359.708, which is equal to 80% of its Starting Level, and with respect
to the EURO STOXX 50 Index is 3046.608, which is equal to 80% of its Starting Level.

The “Buffer
Amount” is 20%.

The “Closing
Level” with respect to each Index on any Trading Day means the official closing level of that Index reported by the
relevant Index Sponsor on such Trading Day, as obtained by the Calculation Agent on such Trading Day from the licensed third-party
market data vendor contracted by the Calculation Agent at such time; in particular, taking into account the decimal precision
and/or rounding convention employed by such licensed third-party market data vendor on such date, subject to the provisions set
forth below under “—Market Disruption Events,” “—Adjustments to an Index” and “—Discontinuance
of an Index.”

“Index
Sponsor” shall mean the sponsor or publisher of an Index.

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

The “Calculation
Days” shall be the 25th day of each month, commencing February 2020 and ending June 2027, and the Final Calculation
Day. If any such day is not a Trading Day with respect to either Index, such Calculation Day for each Index will be postponed
to the next succeeding day that is a Trading Day with respect to each Index. A Calculation Day for an Index is also subject to
postponement due to the occurrence of a Market Disruption Event (as defined below) with respect to such Index on such Calculation
Day. The “Final Calculation Day” is July 26, 2027. If a Market Disruption Event occurs or is continuing with
respect to an Index on any Calculation Day, then such Calculation Day for such Index will be postponed to the first succeeding
Trading Day for such Index on which a Market Disruption Event for such Index has not occurred and is not continuing; however,
if such first succeeding Trading Day has not occurred as of the eighth Trading Day for such Index after the originally scheduled
Calculation Day, that eighth Trading Day shall be deemed to be the Calculation Day for such Index. If a Calculation Day has been
postponed eight Trading Days for an Index after the originally scheduled Calculation Day and a Market Disruption Event occurs
or is continuing with respect to such Index on such eighth Trading Day, the Calculation Agent will determine the Closing Level

    	 	 4	 

    	 

    

of such Index on such eighth Trading
Day in accordance with the formula for and method of calculating the Closing Level of such Index last in effect prior to commencement
of the Market Disruption Event, using the closing price (or, with respect to any relevant security, if a Market Disruption Event
has occurred with respect to such security, its good faith estimate of the value of such security at (i) with respect to the Russell
2000 Index, the Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual closing time
of the regular trading session of such Relevant Stock Exchange or (ii) with respect to the EURO STOXX 50 Index, the time at which
the official Closing Level of such Index is calculated and published by the relevant Index Sponsor) on such date of each security
included in such Index. As used herein, “closing price” means, with respect to any security on any date, the
Relevant Stock Exchange traded or quoted price of such security as of (i) with respect to the Russell 2000 Index, the Scheduled
Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the regular trading session
of such Relevant Stock Exchange or (ii) with respect to the EURO STOXX 50 Index, the time at which the official Closing Level
of such Index is calculated and published by the relevant Index Sponsor. Notwithstanding the postponement of a Calculation Day
for one Index due to a Market Disruption Event with respect to such Index on such Calculation Day, the originally scheduled Calculation
Day will remain the Calculation Day for the other Index if such other Index is not affected by a Market Disruption Event on such
day.

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of May 18, 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 whether this Security will be automatically called prior to stated maturity and whether a Contingent
Coupon Payment will be made, the Call Price, if any, and the Maturity Payment Amount, if any, which term shall, unless the context
otherwise requires, include its successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells
Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from
time to time after the initial issuance of this Security without the consent of the Holder of this Security and without notifying
the Holder of this Security.

Certain Definitions 

A “Trading
Day” with respect to the Russell 2000 Index means a day, as determined by the Calculation Agent, on which (i) the
Relevant Stock Exchanges with respect to each security underlying the Russell 2000 Index are scheduled to be open for trading
for their respective regular trading sessions and (ii) each Related Futures or Options Exchange with respect to the Russell
2000 Index is scheduled to be open for trading for its regular trading session.

A “Trading
Day” with respect to the EURO STOXX 50 Index means a day, as determined by the Calculation Agent, on which (i) the relevant
Index Sponsor is scheduled to publish the level of the EURO STOXX 50 Index and (ii) each Related Futures or Options Exchange with
respect to the EURO STOXX 50 Index is scheduled to be open for trading for its regular trading session.

    	 	 5	 

    	 

    

The “Relevant
Stock Exchange” for any security underlying an Index means the primary exchange or quotation system on which such security
is traded, as determined by the Calculation Agent.

The “Related
Futures or Options Exchange” for an Index means an 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 such Index.

Adjustments to an Index

If at any time
the method of calculating an Index or a Successor Equity Index, or the closing level thereof, is changed in a material respect,
or if an Index or a Successor Equity Index is in any other way modified so that such index does not, in the opinion of the Calculation
Agent, fairly represent the level of such index had those changes or modifications not been made, then the Calculation Agent will,
at the close of business in New York, New York, on each date that the closing level of such index is to be calculated, make such
calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a
level of an index comparable to such Index or Successor Equity Index as if those changes or modifications had not been made, and
the Calculation Agent will calculate the closing level of such Index or Successor Equity Index with reference to such index, as
so adjusted. Accordingly, if the method of calculating an Index or Successor Equity Index is modified so that the level of such
index is a fraction or a multiple of what it would have been if it had not been modified (e.g., due to a split or reverse
split in such equity index), then the Calculation Agent will adjust such Index or Successor Equity Index in order to arrive at
a level of such index as if it had not been modified (e.g., as if the split or reverse split had not occurred).

Discontinuance of an Index

If an Index Sponsor
discontinues publication of an Index, and such Index Sponsor or another entity publishes a successor or substitute equity index
that the Calculation Agent determines, in its sole discretion, to be comparable to such Index (a “Successor Equity Index”),
then, upon the Calculation Agent’s notification of that determination to the Trustee and the Company, the Calculation Agent
will substitute the Successor Equity Index as calculated by the relevant Index Sponsor or any other entity for purposes of calculating
the Closing Level of such Index on any date of determination. Upon any selection by the Calculation Agent of a Successor Equity
Index, the Company will cause notice to be given to the Holder of this Security.

In the event
that an Index Sponsor discontinues publication of an Index prior to, and the discontinuance is continuing on, a Calculation Day
and the Calculation Agent determines that no Successor Equity Index is available at such time, the Calculation Agent will calculate
a substitute Closing Level for such Index in accordance with the formula for and method of calculating such Index last in effect
prior to the discontinuance, but using only those securities that comprised such Index immediately prior to that discontinuance.
If a Successor Equity Index is selected or the Calculation Agent calculates a level as a substitute for such Index, the Successor
Equity Index or level will be used as a substitute for such Index for all purposes, including the purpose of determining whether
a Market Disruption Event exists.

    	 	 6	 

    	 

    

If on a Calculation
Day an Index Sponsor fails to calculate and announce the level of an Index, the Calculation Agent will calculate a substitute
Closing Level of such Index in accordance with the formula for and method of calculating such Index last in effect prior to the
failure, but using only those securities that comprised such Index immediately prior to that failure; provided that, if
a Market Disruption Event occurs or is continuing on such day with respect to such Index, then the provisions set forth above
under the definition of “Calculation Days” shall apply in lieu of the foregoing.

Market
Disruption Events 

A “Market
Disruption Event” with respect to the Russell 2000 Index 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 Exchanges or otherwise relating to securities which then comprise
                                         20% or more of the level of such Index or any Successor Equity Index 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 those Relevant Stock Exchanges 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 such Index or any Successor Equity Index 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, securities that then comprise 20% or more of the level of such
                                         Index or any Successor Equity Index on their Relevant Stock Exchanges 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 such Index or any
                                         Successor Equity Index 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 on any Exchange Business Day of the Relevant Stock Exchanges on which securities
                                         that then comprise 20% or more of the level of such Index or any Successor Equity Index
                                         are traded or any Related Futures or Options Exchange with respect to such Index or any
                                         Successor Equity Index prior to its Scheduled Closing Time unless the earlier closing
                                         time is announced by the Relevant Stock

 

    	 	 7	 

    	 

    

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 into the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, system for execution
at such actual closing time on that day.

 

		(F)	The
                                         Relevant Stock Exchange for any security underlying such Index or Successor Equity Index
                                         or any Related Futures or Options Exchange with respect to such Index or Successor Equity
                                         Index fails to open for trading during its regular trading session.

For purposes of determining
whether a Market Disruption Event has occurred with respect to the Russell 2000 Index:

 

		(1)	the
                                         relevant percentage contribution of a security to the level of such Index or any Successor
                                         Equity Index will be based on a comparison of (x) the portion of the level of such
                                         Index attributable to that security and (y) the overall level of such Index or Successor
                                         Equity Index, in each case immediately before the occurrence of the Market Disruption
                                         Event;

 

		(2)	the
                                         “Close of Trading” on any Trading Day for such Index or any Successor
                                         Equity Index means the Scheduled Closing Time of the Relevant Stock Exchanges with respect
                                         to the securities underlying such Index or Successor Equity Index on such Trading Day;
                                         provided that, if the actual closing time of the regular trading session of any such
                                         Relevant Stock Exchange is earlier than its Scheduled Closing Time on such Trading Day,
                                         then (x) for purposes of clauses (A) and (C) of the definition of “Market
                                         Disruption Event” above, with respect to any security underlying such Index or
                                         Successor Equity Index for which such Relevant Stock Exchange is its Relevant Stock Exchange,
                                         the “Close of Trading” means such actual closing time and (y) for purposes
                                         of clauses (B) and (D) of the definition of “Market Disruption Event”
                                         above, with respect to any futures or options contract relating to such Index or Successor
                                         Equity Index, the “Close of Trading” means the latest actual closing time
                                         of the regular trading session of any of the Relevant Stock Exchanges, but in no event
                                         later than the Scheduled Closing Time of the Relevant Stock Exchanges;

 

		(3)	the
                                         “Scheduled Closing Time” of any Relevant Stock Exchange or Related
                                         Futures or Options Exchange on any Trading Day for such Index or any Successor Equity
                                         Index 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; and

 

		(4)	an
                                         “Exchange Business Day” means any Trading Day for such Index or any
                                         Successor Equity Index on which each Relevant Stock Exchange for the securities underlying
                                         such Index or any Successor Equity Index and each Related Futures or Options Exchange
                                         with respect to such Index or any Successor Equity Index are open for trading during
                                         their respective regular trading sessions, notwithstanding any such

 

    	 	 8	 

    	 

    

 

Relevant Stock Exchange or Related
Futures or Options Exchange closing prior to its Scheduled Closing Time.

 

A “Market Disruption
Event” with respect to the EURO STOXX 50 Index means any of (A), (B), (C) or (D) below, as determined by the Calculation
Agent in its sole discretion:

 

		(A)	Any
                                         of the following events occurs or exists with respect to any security included in such
                                         Index or any Successor Equity Index, and the aggregate of all securities included in
                                         such Index or Successor Equity Index with respect to which any such event occurs comprise
                                         20% or more of the level of such Index or Successor Equity Index;

		•	a
                                         material suspension of or limitation imposed on trading by the Relevant Stock Exchange
                                         for such security or otherwise at any time during the one-hour period that ends at the
                                         Scheduled Closing Time for the Relevant Stock Exchange for such security on that day,
                                         whether by reason of movements in price exceeding limits permitted by the Relevant Stock
                                         Exchange or otherwise;

		•	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,
                                         such security on its Relevant Stock Exchange at any time during the one-hour period that
                                         ends at the Scheduled Closing Time for the Relevant Stock Exchange for such security
                                         on that day; or

		•	the
                                         closure on any Exchange Business Day of the Relevant Stock Exchange for such security
                                         prior to its Scheduled Closing Time unless the earlier closing is announced by such Relevant
                                         Stock Exchange at least one hour prior to the earlier of (i) the actual closing time
                                         for the regular trading session on such Relevant Stock Exchange and (ii) the submission
                                         deadline for orders to be entered into the Relevant Stock Exchange system for execution
                                         at the Scheduled Closing Time for such Relevant Stock Exchange on that day.

		(B)	Any
                                         of the following events occurs or exists with respect to futures or options contracts
                                         relating to such Index or any Successor Equity Index:

		•	a
                                         material suspension of or limitation imposed on trading by any Related Futures or Options
                                         Exchange or otherwise at any time during the one-hour period that ends at the close of
                                         trading on such Related Futures or Options Exchange on that day, whether by reason of
                                         movements in price exceeding limits permitted by the Related Futures or Options Exchange
                                         or otherwise;

		•	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 such Index or Successor Equity Index on any
                                         Related Futures or Options Exchange at any

    	 	 9	 

    	 

    

 time
during the one-hour period that ends at the close of trading on such Related Futures or Options Exchange on that day; or

		•	the
                                         closure on any Exchange Business Day of any Related Futures or Options Exchange prior
                                         to its Scheduled Closing Time unless the earlier closing time is announced by such Related
                                         Futures or Options Exchange at least one hour prior to the earlier of (i) the actual
                                         closing time for the regular trading session on such Related Futures or Options Exchange
                                         and (ii) the submission deadline for orders to be entered into the Related Futures or
                                         Options Exchange system for execution at the close of trading for such Related Futures
                                         or Options Exchange on that day.

		(C)	The
                                         relevant Index Sponsor fails to publish the level of such Index or any Successor Equity
                                         Index (other than as a result of the relevant Index Sponsor having discontinued publication
                                         of such Index or Successor Equity Index and no Successor Equity Index being available).

		(D)	Any
                                         Related Futures or Options Exchange fails to open for trading during its regular trading
                                         session.

For purposes
of determining whether a Market Disruption Event has occurred with respect to the EURO STOXX 50 Index:

		(1)	the
                                         relevant percentage contribution of a security included in such Index or any Successor
                                         Equity Index to the level of such Index will be based on a comparison of (x) the portion
                                         of the level of such index attributable to that security to (y) the overall level of
                                         such index, in each case using the official opening weightings as published by the relevant
                                         Index Sponsor as part of the market opening data;

		(2)	the
                                         “Scheduled Closing Time” of any Relevant Stock Exchange or Related
                                         Futures or Options Exchange on any Trading Day 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; and

		(3)	an
                                         “Exchange Business Day” means any Trading Day on which (i) the relevant
                                         Index Sponsor publishes the level of such Index or any Successor Equity Index and (ii)
                                         each Related Futures or Options Exchange is open for trading during its regular trading
                                         session, notwithstanding any Related Futures or Options Exchange closing prior to its
                                         Scheduled Closing Time.

Calculation
Agent

The
Calculation Agent will determine whether this Security will be automatically called prior to stated maturity and whether a Contingent
Coupon Payment will be made, the Call Price, if any, and the Maturity Payment Amount, if any. In addition, the Calculation Agent
will (i) determine if adjustments are required to the Closing Level of an Index under the circumstances described in this
Security, (ii) if publication of an Index is discontinued, select a Successor Equity

    	 	 10	 

    	 

    

Index or,
if no Successor Equity Index is available, determine the Closing Level of such Index under the circumstances described in this
Security, and (iii) determine whether a Market Disruption Event has occurred.

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

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.

Redemption and Repayment

This
Security is not subject to repayment at the option of the Holder hereof prior to July 29, 2027. Except as set forth above under
“Automatic Call,” this Security is not subject to redemption prior to July 29, 2027. 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 two sentences) 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, plus a portion of a final Contingent Coupon
Payment, if any. The Maturity Payment Amount and any final Contingent Coupon Payment will be calculated as though the date of
acceleration were the Final Calculation Day. The final Contingent Coupon Payment, if any, will be prorated from and including
the immediately preceding Contingent Coupon Payment Date to but excluding the date of acceleration.

__________________

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]

    	 	 11	 

    	 

    

 

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

DATED: 

	 	WELLS FARGO FINANCE LLC
	 	 	 	 
	 	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	 

 

 

    	 	 12	 

    	 

    

[Reverse of Note]

 

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A

Fully and Unconditionally Guaranteed by
Wells Fargo & Company

 

Principal at Risk Securities Linked to the
Lowest Performing of the

Russell 2000® Index and the EURO STOXX 50®
Index due July 29, 2027

 

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 April 25, 2018, as amended or supplemented from time to time (herein
called the “Indenture”), among the Company, as issuer, Wells Fargo & Company, as guarantor (the “Guarantor”)
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 Guarantor, 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 A, 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.

Guarantee

The Securities
of this series are fully and unconditionally guaranteed by the Guarantor as and to the extent set forth in the Indenture.

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 Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time
by the

    	 	 13	 

    	 

    

Company, the Guarantor 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 behalf of the Holders of all Securities of such series, to waive compliance by the Company or the Guarantor 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 or the Guarantor 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

    	 	 14	 

    	 

    

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 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 Guarantor, the Trustee and any agent of the Company, the Guarantor
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 Guarantor, 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 Contingent Coupon Payments, if any, and the Maturity Payment Amount or the Call Price,
as applicable, 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 any Contingent Coupon Payments or the Maturity Payment Amount or the Call Price, as applicable, 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 or of the Guarantor 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.

    	 	 15	 

    	 

    

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)

 

 

 

    	 	 16	 

    	 

    

the within Security of WELLS FARGO FINANCE
LLC 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.

 

    	 	 17EX-10.1

 Exhibit 10.1 

CONSULTING AGREEMENT 
 This Consulting
Agreement (the “Agreement”) is made effective as of January 22, 2020 (the “Effective Date”), by and between Aduro Biotech, a California corporation, with its principal place of business being 740 Heinz Ave, Berkley,
CA 94710 (the “Company”) and Danforth Advisors, LLC, a Massachusetts limited liability corporation, with its principal place of business being 91 Middle Road, Southborough, MA 01772 (“Danforth”). The Company
and Danforth are herein sometimes referred to individually as a “Party” and collectively as the “Parties.” 
 WHEREAS,
the Company possesses know-how and proprietary technology related to immunotherapies; and 

WHEREAS, Danforth has expertise in financial and corporate operations and strategy; and 

WHEREAS, Danforth desires to serve as an independent consultant for the purpose of providing the Company with certain strategic and financial
advice and support services, as more fully described in Exhibit A attached hereto, (the “Services”); and 

WHEREAS, the Company wishes to engage Danforth on the terms and conditions set forth herein. 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which are hereby acknowledged,
the Parties agree and covenant as follows. 
  

	1.	 Services of Consultant.  Danforth will assist the Company with matters relating to the
Services. The Services are more fully described in Exhibit A attached hereto. Danforth and the Company will review the Services on a monthly basis to prioritize and implement the tasks listed on Exhibit A. All Services shall
be performed in a workmanlike and professional manner by employees of Consultant having a level of skill commensurate with the requirements of this Agreement. With respect to Services having a specific mutually agreed upon or legal or regulatory
deadline, Consultant will use its commercially reasonable efforts to perform the Services hereunder for Aduro in accordance with the applicable schedule. 

  

	2.	 Compensation for Services.  In full consideration of Danforth’s full, prompt and faithful
performance of the Services, the Company shall compensate Danforth a consulting fee more fully described in Exhibit A (the “Consulting Fee”). Danforth shall, from time to time, but not more frequently than twice per calendar
month, invoice the Company for Services rendered, and such invoice will be paid upon thirty (30) days of receipt. Each month the Parties shall evaluate jointly the current fee structure and scope of Services. Danforth reserves the right to an
annual increase in consultant rates of up to 4%, effective January 1 of each year. Upon termination of this Agreement pursuant to Section 3, no 

  
 1 

	 	
compensation or benefits of any kind as described in this Section 2 shall be payable or issuable to Danforth after the effective date of such termination. In addition, the Company will
reimburse Danforth for reasonable out-of-pocket business expenses, including but not limited to travel and parking, incurred by Danforth in performing the Services
hereunder, upon submission by Danforth of supporting documentation reasonably acceptable to the Company. Any such accrued expenses in any given three (3) month period that exceed one thousand dollars ($1,000) shall be submitted to the Company
for its prior written approval. However, the Consultant does not need prior written approval for the expenses incurred traveling from the Consultant’s home to the Company’s office and for hotel and other travel expenses as long as they are
in compliance with the Company’s travel policy, which will be provided to the Consultant. 

 All Danforth invoices and
billing matters should be addressed to: 
 Company Accounts Payable Contact:        Palwasha Talib

 ap@aduro.com 
 510.848.4400

 740 Heinz Avenue, Berkeley, CA 94710 

All Company payments and billing inquiries should be addressed to: 

Danforth Accounting:         Betsy Sherr 

bsherr@danforthadvisors.com 

(508) 277-0031 

Danforth Advisors 
 PO Box
335 
 Southborough, MA 01772 
  

	3.	 Term and Termination.  The term of this Agreement will commence on the Effective Date and will
continue until such time as either party has given notice of termination pursuant to this paragraph 3 (the “Term”). This Agreement may be terminated by either Party hereto: (a) with Cause (as defined below), immediately upon
written notice to the other Party; or (b) without cause upon sixty (60) days prior written notice to the other Party. For purposes of this Section 3, “Cause” shall include: (i) a breach of the terms of this Agreement
which, if curable, is not cured within thirty (30) days of written notice of such default or (ii) the commission of any act of fraud, embezzlement or deliberate disregard of a rule or policy of the Company. 

 

	4.	 Time Commitment.  Danforth will devote such time to perform the Services under this Agreement
as may reasonably be required. 

  

	5.	 Place of Performance.  Danforth will perform the Services at such locations upon which the
Company and Danforth may mutually agree. Danforth will not, without the prior written consent of the Company, perform any of the Services at any facility or in any manner that might give anyone other than the Company any rights to or allow for
disclosure of any Confidential Information (as defined below). 

  
 2 

	6.	 Compliance with Policies and Guidelines.  Danforth will perform the Services in accordance
with all rules or policies adopted by the Company that the Company discloses in writing to Danforth. 

  

	7.	 Insurance.  Consultant will obtain and maintain appropriate insurance coverage for its
activities under this Agreement in coverage and amounts reasonably acceptable to Aduro, including, but not limited to, comprehensive general liability insurance (bodily injury and property damage) and professional liability insurance NTD: We
maintain Error & Omissions insurance but not General Liability. 

  

	8.	 Confidential Information.  Danforth acknowledges and agrees that during the course of
performing the Services, the Company may furnish, disclose or make available to Danforth information, including, but not limited to, material, compilations, data, formulae, models, financial info, patent disclosures, procedures, processes, business
plans, projections, protocols, results of experimentation and testing, specifications, strategies and techniques, and all tangible and intangible embodiments thereof of any kind whatsoever (including, but not limited to, any apparatus, biological or
chemical materials, animals, cells, compositions, documents, drawings, machinery, patent applications, records and reports), which is owned or controlled by the Company and is marked or designated as confidential at the time of disclosure or is of a
type that is customarily considered to be confidential information (collectively the “Confidential Information”). Danforth acknowledges that the Confidential Information or any part thereof is the exclusive property of the Company and
shall be maintained in strict confidence and not be disclosed to any third party without first obtaining the written consent of the Company. Danforth further agrees to Confidential Information, and any part thereof, (i) shall not be disclosed
or issued to its affiliates, agents or employees (“Representatives”), except as necessary for the performance of the Services and provided that any such Representative is bound by terms and conditions no less restrictive than those terms
and conditions applicable to Danforth under this Agreement and (ii) shall only be used solely for the purposes of performing its obligations under this Agreement. The above provisions of confidentiality shall apply for a period of five
(5) years from the expiration or termination of this Agreement. 

 Nothing herein shall prevent Danforth from
reporting possible violations of federal or state law or regulation to any governmental agency or entity, or making other disclosures that are protected under the whistleblower provisions of federal or state law or regulation. Danforth does not need
the prior authorization of Company to make any such reports or disclosures and is not required to notify Company that it has made such reports or disclosures. In addition, as set forth in 18 U.S.C. s 1833(b), Danforth shall not be held
criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, and is made
solely for the purpose of reporting or investigating a suspected violation of law, or that is made in a complaint or other document filed in a lawsuit or other proceeding if such filing is made under seal. 

  
 3 

	9.	 Intellectual Property.  Danforth agrees that all ideas, inventions, discoveries, creations,
manuscripts, properties, innovations, improvements, know-how, designs, developments, apparatus, techniques, methods, and formulae that Danforth conceives, makes, develops or improves as a result of performing
the Services, whether or not reduced to practice and whether or not patentable, alone or in conjunction with any other party and whether or not at the request or upon the suggestion of the Company (all of the foregoing being hereinafter collectively
referred to as the “Inventions”), shall be the sole and exclusive property of the Company. Danforth hereby agrees in consideration of the Company’s agreement to engage Danforth and pay compensation for the Services rendered to the
Company and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged that Danforth shall not, without the prior written consent of the Company, directly or indirectly, consult for, or become an employee
of, any company which conducts business in the Field of Interest anywhere in the world. As used herein, the term “Field of Interest” shall mean the research, development, manufacture and/or sale of the products resulting from the
Company’s technology or substantially similar to the Company’s technology. The limitations on competition contained in this Section 8 shall continue during the time that Danforth performs any Services for the Company, and for a period
of three (3) months following the termination of any such Services that Danforth performs for the Company. If any part of this section should be determined by a court of competent jurisdiction to be unreasonable in duration, geographic
area, or scope, then this Section 8 is intended to and shall extend only for such period of time, in such area and with respect to such activity as is determined to be reasonable. Except as expressly provided herein, nothing in this Agreement
shall preclude Danforth from consulting for or being employed by any other person or entity. 

  

	10.	 Non Solicitation.  All personnel representing Danforth are employees or contracted agents of
Danforth. Accordingly, they are not retainable as employees or contractors by the Company. Each of Danforth and the Company hereby agrees not to solicit, hire or retain the services of the other party for so long as they are employees or contracted
agents of the other party and for two (2) years thereafter. Should the Company violate this restriction, it agrees to pay Danforth liquidated damages equal to thirty percent (30%) of the employee’s starting annual base salary and
target annual bonus for each Danforth contracted agent hired by the Company in violation of this Agreement, plus Danforth’s reasonable attorneys’ fees and costs incurred in enforcing this agreement should the Company fail or refuse to pay
the liquidated damages amount in full within thirty (30) days following its violation. 

  

	11.	 Placement Services.  In the event that Danforth refers a potential employee to the Company and
that individual is hired, Danforth shall receive a fee equal to twenty percent (20%) of the employee’s starting annual base salary and target annual bonus. This fee is due and owing whether an individual is hired, directly or indirectly on
a permanent basis or on a contract or consulting basis by the Company, as a result of Danforth’s efforts within one (1) year of the date applicant(s) are submitted to the Company. Such payment is due within thirty (30) days of the
employee’s start date. 

  
 4 

	12.	 No Implied Warranty.  Except for any express warranties stated herein, the Services are
provided on an “as is” basis, and the Company disclaims any and all other warranties, conditions, or representations (express, implied, oral or written), relating to the Services or any part thereof. Further, in performing the
Services Danforth is not engaged to disclose illegal acts, including fraud or defalcations, which may have taken place. The foregoing notwithstanding, Danforth will promptly notify the Company if Danforth becomes aware of any such illegal acts
during the performance of the Services. Because the Services do not constitute an examination in accordance with standards established by the American Institute of Certified Public Accountants (the “AICPA”), Danforth is precluded from
expressing an opinion as to whether financial statements provided by the Company are in conformity with generally accepted accounting principles or any other standards or guidelines promulgated by the AICPA, or whether the underlying financial and
other data provide a reasonable basis for the statements. 

  

	13.	 Indemnification.  Each Party hereto agrees to indemnify and hold the other Party hereto, its
directors, officers, agents and employees harmless against any claim based upon circumstances alleged to be inconsistent with such representations and/or warranties contained in this Agreement. Further, the Company shall indemnify and hold harmless
Danforth and any of its subcontractors against any claims, losses, damages or liabilities (or actions in respect thereof) that arise out of or are based on the Services performed hereunder, except for any such claims, losses, damages or liabilities
arising out of the gross negligence or willful misconduct of Danforth or any of its subcontractors. The Company will endeavor to add Consultant and any applicable subcontractor to its insurance policies as additional insureds. Specifically, William
Kachioff and Jeff Rona shall be named as additional insureds under the Company’s Directors and Officers Liability Insurance Policy. Furthermore, during the Term of this Agreement, Company shall maintain a Crime and Cyber Insurance Policy that
includes coverage for “Social Engineering” claims and extends coverage to Danforth. 

  

	14.	 Independent Contractor.  Neither Danforth nor any employee or agent is, nor shall Danforth or
any employee or agent be deemed to be at any time during the term of this Agreement, an employee of the Company, and therefore neither Danforth nor any employee or agent of Danforth shall be entitled to any benefits provided by the Company to its
employees, if applicable. Danforth’s status and relationship with the Company shall be that of an independent contractor and consultant. Danforth shall not state or imply, directly or indirectly, that Danforth is empowered to bind the Company
without the Company’s prior written consent. Nothing herein shall create, expressly or by implication, a partnership, joint venture or other association between the parties. Danforth will be solely responsible for (i) payment of all
charges and taxes arising from its relationship to the Company as a consultant and (ii) reporting, withholding and paying all applicable payroll taxes of any nature that may be reportable or due on amounts paid to employees under all
applicable. 

  

	15.	 Records.  Upon termination of Danforth’s relationship with the Company, Danforth shall
deliver to the Company any property or Confidential Information of the Company relating to the Services which may be in its possession including products, project plans, materials, memoranda, notes, records, reports, laboratory notebooks, or other
documents or photocopies and any such information stored using electronic medium. 

  
 5 

	16.	 Notices.  Any notice under this Agreement shall be in writing (except in the case of verbal
communications, emails and teleconferences updating either Party as to the status of work hereunder) and shall be deemed delivered upon personal delivery, one day after being sent via a reputable nationwide overnight courier service or two days
after deposit in the mail or on the next business day following transmittal via facsimile. Notices under this Agreement shall be sent to the following representatives of the Parties: 

If to the Company: 
  

			
	Name:	  	Stephen T. Isaacs
	Title:	  	Chairman, President and CEO
	Address:	  	740 Heinz Avenue, Berkeley, CA 94710
	Phone:	  	510.848.4400
	E-mail:	  	sisaacs@aduro.com

 If to Danforth: 
  

			
	Name:	  	Gregg Beloff
	Title:	  	Managing Director
	Address:	  	 91 Middle Road
 Southborough, MA
01772

	Phone:	  	(617) 686-7679
	E-mail:	  	gbeloff@danforthadvisors.com

  

	17.	 Assignment and Successors.  This Agreement may not be assigned by a Party without the consent
of the other which consent shall not be unreasonably withheld, except that each Party may assign this Agreement and the rights, obligations and interests of such Party, in whole or in part, to any of its Affiliates, to any purchaser of all or
substantially all of its assets or to any successor corporation resulting from any merger or consolidation of such Party with or into such corporation. 

  

	18.	 Force Majeure.  Neither Party shall be liable for failure of or delay in performing
obligations set forth in this Agreement, and neither shall be deemed in breach of its obligations, if such failure or delay is due to natural disasters or any causes beyond the reasonable control of either Party. In the event of such force majeure,
the Party affected thereby shall use reasonable efforts to cure or overcome the same and resume performance of its obligations hereunder. 

  

	19.	 Headings.  The Section headings are intended for convenience of reference only and are not
intended to be a part of or to affect the meaning or interpretation of this Agreement. 

  

	20.	 Integration; Severability.  This Agreement is the sole agreement with respect to the subject
matter hereof and shall supersede all other agreements and understandings between the Parties with respect to the same. If any provision of this Agreement is or becomes invalid or is ruled invalid by any court of competent jurisdiction or is deemed
unenforceable, it is the intention of the Parties that the remainder of the Agreement shall not be affected. 

  
 6 

	21.	 Governing Law.  This Agreement shall be governed by and construed in accordance with the laws
of the Commonwealth of Massachusetts, excluding choice of law principles. The Parties agree that any action or proceeding arising out of or related in any way to this Agreement shall be brought solely in a Federal or State court of competent
jurisdiction sitting in the Commonwealth of Massachusetts. 

  

	22.	 Counterparts.  This Agreement may be executed in counterparts, each of which will be deemed an
original, but all of which together will constitute one agreement. 

 If you are in agreement with the foregoing, please sign where
indicated below, whereupon this Agreement shall become effective as of the Effective Date. 
  

							
	DANFORTH ADVISORS, LLC	    	  ADURO BIOTECH
				
	By:  	 	/s/ Gregg Beloff	    	  By:  	 	/s/ Blaine Templeman

							
				
	Print Name:  	 	Gregg Beloff	    	Print Name:  	 	Blaine Templeman

							
				
	Title:  	 	Managing Director	    	Title:  	 	Chief Administrative Officer

							
				
	Date:  	 	January 22, 2020	    	Date:  	 	January 22, 2020

  
 7 

 EXHIBIT A 

Description of Services and Schedule of Fees 

Danforth will perform mutually agreed to finance and accounting functions which are necessary to support the management and operations of the Company, certain
of which are set forth below. 
 Senior Advisor Services: 
  

	 	•	 	 Participate in longer-term strategic planning process 

 

	 	•	 	 Participate in financing activities, including additional capital raises and/or debt and equity restructurings

  

	 	•	 	 Oversee the finance and accounting functions, including the Danforth engagement team 

 

	 	•	 	 Board, Audit, Compensation, and Corporate Governance committee meeting preparation, support and attendance

 CFO Services: 
  

	 	•	 	 Participate in longer-term strategic planning process 

 

	 	•	 	 Participate in financing activities, including additional capital raises and/or debt and equity restructurings

  

	 	•	 	 Oversee the finance and accounting functions, including the Danforth engagement team 

 

	 	•	 	 Board, Audit, Compensation, and Corporate Governance committee meeting preparation, support and attendance

  

	 	•	 	 Provide finance support for operational planning 

 

	 	•	 	 Oversee preparation and review of the Company’s SEC filings and compliance with other regulatory
requirements 

  

	 	•	 	 Serve as the Company’s Principal Financial Officer and Principal Financial Officer 

 

	 	•	 	 Certify the Company’s SEC filings 

 

	 	•	 	 Participate in supplier contract negotiation and cost reduction planning 

 

	 	•	 	 Assist with corporate and business development/licensing initiatives 

 

	 	•	 	 Perform financial modeling, planning and analysis 

 

	 	•	 	 Strategic opportunity assessment 

 

	 	•	 	 Stock option plan management 

 

	 	•	 	 Capitalization table management 

  
 8 

 FEES 
  

			
	Senior Advisor: Jeff Rona	  	$400/HR
		
	CFO Services: Bill Kachioff	  	$325/HR

  

	 	(1)	 Consultants can charge 50% of the above hourly rate while traveling to provide the services requested by
the Company 

 Ancillary Services: 

SEC Support Services: 
 As needed and as requested
by the Company, Danforth shall provide senior level accounting and finance support, which many include items such as management of an audit, preparation of financial statement for SEC filings, IPO readiness planning, Sarbanes-Oxley implementation,
systems implementations, etc. 
 Risk Management/Internal Control Services/SOX Services: 

Provide advisory science companies related to the evaluation, design and testing of internal controls, Sarbanes-Oxley (public company) readiness/compliance,
corporate governance and enterprise risk management. 
 Financial Planning & Analysis Services: 

As needed to support ongoing operations or specific strategic and/or financing initiatives, Danforth will provide an FP&A specialist to prepare budgets,
forecasts, and/or cost analyses, perform deal analyses, develop financial projections related to strategic alternatives and support investor/analyst communications, and complete other tasks consistent with financial planning and analysis activities.

 Technical Accounting Services: 
 As needed to
support the financial and regulatory strategy, Danforth will provide a technical accounting specialist to address technical accounting needs that may arise, including without limitation drafting memos to describe the treatment of complex topics such
as revenue recognition and accounting for complex debt and equity instruments. 

  
 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]