Document:

EX-10.5

 Exhibit 10.5 
 Change in Control Agreement 
 This document is a Change in Control
Agreement (this “Agreement”), is dated as of March     , 2013, and is by and between Peter T. Thomas (“Mr. Thomas”) and Ferro Corporation (the “Company”), an Ohio corporation. 

Background 
  

	 	A.	The Board of Directors (the “Board”) of the Company recognizes that, as is the case with many publicly-held corporations, the possibility of a change in
control exists; 

  

	 	B.	The Board also recognizes any such change in control could engender uncertainty among members of the Company’s management team that could result in distraction or
departure of key management personnel at a time when the services of such management team members are particularly critical to the Company and its shareholders; 

 

	 	C.	The Board has determined that it is in the best interests of the Company and its shareholders to foster the continued employment of key management personnel during such
periods of possible uncertainty; 

  

	 	D.	Mr. Thomas is a key member of the Company’s management team and is a party to that certain Change in Control Agreement, dated as of January 1, 2009 (the
“Prior Agreement”), with the Company; 

  

	 	E.	On November 12, 2012, Mr. Thomas assumed the role of the Interim President and Chief Executive Officer of the Company and entered into that certain letter
agreement, dated as of November 12, 2012 (the “Letter Agreement”), with the Company pursuant to which, among other things, Mr. Thomas and the Company agreed that certain changes would be made to the Prior Agreement; and

  

	 	F.	The Company and Mr. Thomas desire to enter into this Agreement to accomplish the objective of fostering the continued employment of key management personnel during
such periods of possible uncertainty in connection with a change in control and to implement certain changes as contemplated by the Letter Agreement. 

 Agreement 
 NOW, THEREFORE, in consideration of the matters stated above
and other good and valuable consideration, and intending to be legally bound by this Agreement, Mr. Thomas and the Company hereby agree as follows: 
 Article 1- General Provisions 
  

	1.1	Overview of the Agreement. The purpose of this Agreement is to reinforce and encourage Mr. Thomas’ continued attention and dedication to his assigned
duties in the face of potential distractions arising from a Potential Change in Control (as defined in Section 2.1 below) and/or a Change in Control (as defined in Section 3.1 below). In order to achieve this purpose, in this Agreement the
Company undertakes to make or provide Mr. Thomas certain payments and benefits, and to take certain actions in connection with, a Potential Change in Control and/or Change in Control. By this Agreement, however, the parties do not intend to
create, and have not created, a contract of employment, express or implied, between Mr. Thomas and the Company and Mr. Thomas’ employment remains “at will.” 

  
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	1.2	Definitions. Appendix A sets forth the definitions of certain terms used in this Agreement. Those terms shall have the meanings set forth on Appendix A where
used in this Agreement and identified with initial capital letters. 

  

	1.3	Construction. For purposes of this Agreement: 

  

	 	A.	The term “parties” means Mr. Thomas and Ferro. 

  

	 	B.	The term “today” means the date written in the Preamble to this Agreement. 

 

	 	C.	All currency amounts stated in this Purchase Agreement are in United States Dollars 

 

	 	D.	All references to sections of statutes, such as the Exchange Act or the Internal Revenue Code, also refer to any successor provisions to such sections.

  

	1.4	Term. The term of this Agreement (the “Term”) is the period beginning today and ending on December 31, 2013; provided, however, that, beginning
December 31, 2012, and on each anniversary of such date (such date and each annual anniversary thereof being called the “Renewal Date” below), the Term will automatically be extended so as to terminate two years from such Renewal
Date, unless, at least 90 days before a Renewal Date, the Company has given Mr. Thomas written notice that the Term will not be so extended; and provided further that, if a Change in Control occurs during the Term, then the Term will
automatically be extended and will not terminate earlier than the last day of the 24th month after the month in which such Change in Control occurred. Notwithstanding any other provision of this Agreement, but except as otherwise provided in
Section 2.3 below, the Term will expire immediately if Mr. Thomas’ employment terminates for any reason before a Change in Control occurs. 

 Article 2 – Potential Change in Control 
  

	2.1	Meaning of “Potential Change in Control.” For purposes of this Agreement, a “Potential Change in Control” shall have occurred if and when any
of the following occurs: 

  
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	 	A.	Accumulation of Ownership. Any Person becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 20% or more of either the
then outstanding shares of common stock of the Company or the combined voting power of the Company’s then outstanding securities; or 

  

	 	B.	Proxy Solicitation. Any Person commences a solicitation (as defined in Rule 14a-1 of the General Rules and Regulations under the Exchange Act) of proxies or
consents which has the purpose of effecting or would (if successful) result in a Change in Control; or 

  

	 	C.	Tender or Exchange Offer. A tender or exchange offer for voting securities of the Company, made by a Person, is first published or sent or given (within the
meaning of Rule 14d-2(a) of the General Rules and Regulations under the Exchange Act); or 

  

	 	D.	Change in Control Agreement. The Company enters into an agreement, the consummation of which would result in a Change in Control; or 

 

	 	E.	Public Announcement. The Company or any Person publicly announces an intention to take or to consider taking actions which, if consummated, would constitute a
Change in Control; or 

  

	 	F.	Board Determination. The Board adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control has occurred.

  

	2.2	Actions on Potential Change in Control. Within five business days after a Potential Change in Control occurs, the Company will deposit into an irrevocable trust
account (the “Trust Account”) funds necessary to satisfy the requirements of this Section 2.2 to secure the payments and benefits provided Mr. Thomas under this Agreement. 

 

	 	A.	Trustee. The trustee (the “Trustee”) will be The Bank of New York Mellon Corporation (or its successor in interest). (If for any reason The Bank of New
York Mellon Corporation (or its successor in interest) cannot or will not serve as Trustee, then the parties will choose another financial institution satisfactory to both the Company and Mr. Thomas (or Mr. Thomas’ executor or other
personal representative) or, if the parties cannot agree on such Trustee, then a financial institution appointed by a court of competent jurisdiction.) 

  

	 	B.	Trust Agreement. The Company and The Bank of New York Mellon Corporation have previously executed and delivered to each other a Trust Agreement (the “Trust
Agreement”) in connection with this Agreement and corresponding agreements between the Company and other key Ferro executives. Ferro reserves the right to negotiate from time to time amendments, modifications, restatements, and clarifications
of the Trust Agreement, so long as, after giving effect to each such amendment, modification, restatement or clarification, the security provided to Mr. Thomas under this Article 2 would not be materially or adversely affected thereby. Ferro
will make available to Mr. Thomas a copy of the Trust Agreement (as so amended, modified, restated, or clarified) upon request. Mr. Thomas hereby consents to the Trust Agreement (as the same may be so amended, modified, restated, or
clarified from time to time in accordance with this Section 2.2.B) and acknowledges that the Trustee and its successors and assigns will have the right to rely, and will rely, upon such consent. The Company will pay all fees and expenses of the
Trustee. 

  
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	 	C.	Trust Account. As provided in the Trust Agreement, the Company intends the Trust Account to be a “Rabbi Trust,” meaning that, upon deposit of funds
into the Trust Account, the Company will have no right to request or demand the return of funds in the Trust Account (except as provided in Section 2.2.G below) but that such funds will be available to satisfy valid claims of the Company’s
general creditors in the event of the Company’s bankruptcy. Mr. Thomas will have no right to accelerate any payments from the Trust Account in the event of the Company’s bankruptcy. The Company has agreed in the Trust Agreement to
notify the Trustee immediately in the event of the Company’s insolvency or bankruptcy. Under no circumstances, however, 

  

	 	(1)	will the Company fund or be obligated to fund the Trust, solely to the extent that and solely for so long as, doing so would result in taxable income to Mr. Thomas
by reason of Section 409A(b) of the Internal Revenue Code, or 

  

	 	(2)	will any Trust assets at any time be located or transferred outside of the United States (within the meaning of Section 409A(b) of the Internal Revenue Code).

 For the avoidance of doubt, if funding the Trust is prohibited under clause (1) above at the time of the
Potential Change in Control, the Company shall fund the Trust at the earliest such time after the Potential Change in Control, if any, that funding the Trust would not result in taxable income to Mr. Thomas by reason of Section 409A(b) of
the Internal Revenue Code. 
  

	 	D.	Deposit into Trust. Within five business days after a Potential Change in Control occurs, the Company will deposit into the Trust Account an amount (the
“Trust Amount”) equal to – 

  

	 	(1)	18 times Mr. Thomas’ base salary at the time the Potential Change in Control occurs (the “Base Trust Amount”), or 

 

	 	(2)	If less than the Base Trust Amount, such amount as may have been determined by a final arbitral award rendered in accordance with this Agreement determining that a
specific lesser amount fully secures the Company’s obligations to Mr. Thomas under this Agreement, or 

  
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	 	(3)	If less than the Base Trust Amount, such other amount as to which the Company and Mr. Thomas have agreed in writing. 

The Company will maintain the Trust Amount on deposit with the Trustee until the Company has fully performed its obligations under this
Agreement. 
  

	 	E.	Investment of Funds in the Trust Account. The Company will have the right to instruct the Trustee to invest all or any part of the funds in the Trust Account in
time deposits or certificates of deposit with, or repurchase or other obligations of, the Trustee, in its individual corporate capacity, or any of its domestic or foreign branches, or any other bank (as determined by the Company), or obligations
issued or guaranteed by the United States or any of its agencies or instrumentalities, provided that no such investment will be for a period in excess of 90 days. The Trustee will have no liability whatsoever for following the instructions of the
Company regarding any such investment, or for any loss in value of the Trust Account as a consequence of any such investment or the liquidation thereof. 

  

	 	F.	Alternative Forms of Trust Funds. The Company may, if it so chooses, meet its obligation to keep amounts on deposit in the Trust Account through –

  

	 	(1)	Deposits of cash or liquid assets; 

  

	 	(2)	One or more letters of credit deposited in the Trust Account; or 

  

	 	(3)	Any combination of the foregoing. 

The Company shall have the right, at any time and from time to time, to substitute one form of permitted deposit in the Trust Account for
another form of permitted deposit in the Trust Account. 
  

	 	G.	Disbursement of Trust Funds. Generally, The Trustee will disburse funds from the Trust Account only as follows: 

 

	 	(1)	If both parties deliver to the Trustee a joint instruction to disburse funds from the Trust Account to the Company and/or Mr. Thomas, then the Trustee will
disburse funds from the Trust Account as so instructed. 

  

	 	(2)	If Mr. Thomas delivers to the Trustee a certificate stating that the Company is in default of its obligations to Mr. Thomas under this Agreement, then the
Trustee will disburse from the Trust Account to Mr. Thomas the amount that Mr. Thomas certifies is owing to him under this Agreement. 

  
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	 	(3)	If either party delivers to the Trustee a final arbitral award rendered in accordance with this Agreement, then the Trustee will disburse funds from the Trust Account
as prescribed in such arbitral award. 

  

	 	(4)	If a Potential Change in Control has occurred but a Change in Control did not occur within 12 months thereafter, then Trustee will disburse the entire balance, as the
same may have increased or decreased as a consequence of the investments described in Section 2.2.E above, of the Trust Account to the Company. 

  

	 	(5)	If either party delivers to the Trustee a signed waiver and release from Mr. Thomas waiving any further claim to the funds held in the Trust Account, then Trustee
will disburse the entire balance, as the same may have increased or decreased as a consequence of the investments described in Section 2.2.E above, of the Trust Account to the Company. 

 

	2.3	Termination After a Potential Change of Control But Before a Change of Control. In order to protect Mr. Thomas if his employment with the Company is
terminated after a Potential Change in Control occurs but before a Change in Control occurs, the following provisions will apply: 

  

	 	A.	If the Company terminates Mr. Thomas’ employment Without Cause (as defined in Section 3.2.B below) after a Potential Change in Control occurs but before
a Change in Control occurs (whether or not such Change in Control ever actually occurs), and such termination was at the request or direction of a Person who has entered into an agreement with the Company the consummation of which would constitute a
Change in Control, then such termination will be deemed to be, and will be treated as if it were, a termination by the Company Without Cause after a Change in Control and will be governed by Section 3.2.B below. 

 

	 	B.	If Mr. Thomas terminates his employment for Good Reason (as defined in Section 3.2.C below) after a Potential Change in Control occurs but before a Change in
Control occurs (whether or not such Change in Control ever actually occurs) and the circumstance or event which constitutes Good Reason occurs at the request or direction of a Person who has entered into an agreement with the Company the
consummation of which would constitute a Change in Control, then such termination will be deemed to be, and will be treated as if it were, a termination by Mr. Thomas for Good Reason after a Change in Control and will be governed by
Section 3.2.C below. 

 Article 3 – Change in Control 

 

	3.1	Meaning of “Change in Control.” For purposes of this Agreement, a “Change in Control” will be deemed to have occurred if and when any of the
following occurs: 

  
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	 	A.	Accumulation of Ownership. Any Person becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 25% or more of either

  

	 	(1)	The then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”), or 

 

	 	(2)	The combined voting power of the Company’s then-outstanding securities entitled to vote generally in the election of directors (the “Outstanding Company
Voting Securities”); 

 provided, however, that, for purposes of this Section 3.1.A, the following
acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained
by the Company or any Affiliated Company or (iv) any acquisition pursuant to a transaction that satisfies the conditions set forth in Sections 3.1.C(1), 3.1.C(2), and 3.1.C(3) below; or 

 

	 	B.	Certain Changes in Board Membership. The following individuals (the “Incumbent Board”) cease for any reason to constitute a majority of the number of
Directors then serving: 

  

	 	(1)	Individuals who are Directors today, and 

  

	 	(2)	New Directors (other than a Director whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or
removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board) whose appointment or election by the Board or nomination for election by the Company’s shareholders was
approved or recommended by a vote of at least two-thirds (2/3) of the Directors then still in office who either were Directors as of today or whose appointment, election, or nomination for election was previously so approved or recommended; or

  

	 	C.	Merger or Consolidation; Sale of Assets. Consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the
Company or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its subsidiaries (each, a “Business
Combination”), in each case unless, following such Business Combination, 

  

	 	(1)	All or substantially all of the individuals and entities that were the Beneficial Owners of the Outstanding Company Common Stock and the Outstanding Company Voting
Securities immediately before such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of
the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including,
without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their
ownership immediately before such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, 

  
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	 	(2)	No Person (other than a corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation
resulting from such Business Combination) beneficially owns, directly or indirectly, 25% or more of, respectively, the then-outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power
of the then-outstanding voting securities of such corporation, except to the extent that such ownership existed prior to the Business Combination, and 

  

	 	(3)	At least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Business
Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or 

 

	 	D.	Liquidation; Dissolution. Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. 

 

	3.2	The Company’s Obligations Generally. If Mr. Thomas’ employment terminates after a Change in Control occurs, then the Company will pay or provide
Mr. Thomas payments and benefits described in this Article 3, depending upon the circumstances under which his employment terminates as follows: 

  

	 	A.	Termination With Cause. Within two years following a Change in Control, the Company will have the right to terminate Mr. Thomas’ employment with or
without Cause. For purposes of this Agreement, “Cause” shall mean any of the following reasons: 

  

	 	(1)	Mr. Thomas has been convicted of a felony or Mr. Thomas has entered a plea of guilty or nolo contendere to a felony); or 

 

	 	(2)	Mr. Thomas is guilty of dishonesty resulting or intended to result directly or indirectly in significant gain or personal enrichment to Mr. Thomas that is
materially and demonstrably injurious to the Company; or 

  
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	 	(3)	Mr. Thomas fails willfully and on a continuing basis substantially to perform his duties with the Company (other than any such failure resulting from incapacity
due to mental or physical illness) after the Applicable Board demands in writing that Mr. Thomas perform such duties, which demand must specifically identify the manner in which the Applicable Board believes that Mr. Thomas has not
substantially performed his duties, and such failure results in demonstrably material injury to the Company. 

  

	 	B.	Termination Without Cause. The Company will have the right to terminate Mr. Thomas’ employment at any time after a Change in Control but, unless such
termination meets the requirements of Section 3.2.A above, such termination will constitute a termination “Without Cause.” 

  

	 	C.	Termination for Good Reason. At any time within two years after a Change in Control, Mr. Thomas will have the right to terminate his employment with the
Company for any of the following reasons (such reasons constituting “Good Reason” under this Agreement) to which Mr. Thomas has not given his prior written consent: 

 

	 	(1)	The assignment to Mr. Thomas of any duties inconsistent with Mr. Thomas’ status as a senior executive officer of the Company, a change in
Mr. Thomas’ title or a substantial adverse alteration in the nature or status of Mr. Thomas’ responsibilities or reporting relationship (whether or not occurring solely as a result of the Company’s ceasing to be a publicly
traded entity), in each case from those in effect immediately before the Change in Control; or 

  

	 	(2)	The removal of Mr. Thomas from or failure to re-elect Mr. Thomas to any positions held by Mr. Thomas immediately before the Change in Control (except in
connection with termination of Mr. Thomas’ employment for Cause, Disability or Retirement or as a result of Mr. Thomas’ death or voluntary termination without Good Reason); or 

 

	 	(3)	A reduction by the Company in Mr. Thomas’ annual base salary and/or annual incentive target as in effect immediately before the Change in Control or as the
same may be increased from time to time; or 

  

	 	(4)	The relocation of Mr. Thomas’ principal place of employment to a location which increases Mr. Thomas’ one-way commuting distance by more than 25
miles over Mr. Thomas’ one-way commuting distance immediately before the Change in Control, except for required travel on the Company’s business to an extent substantially consistent with Mr. Thomas’ business travel
obligations immediately before the Change in Control; or 

  
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	 	(5)	The failure by the Company to pay to Mr. Thomas any portion of Mr. Thomas’ current compensation, or to pay to Mr. Thomas any portion of an
installment of deferred compensation under any deferred compensation program of the Company, within five business days of the date such compensation is due; or 

 

	 	(6)	The failure by the Company to continue in effect any Benefit Plan in which Mr. Thomas participates immediately before the Change in Control unless an equitable
arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to such Benefit Plan, or the failure by the Company to continue Mr. Thomas’ participation therein (or in such substitute or alternative plan) on
a basis not materially less favorable, both in terms of the amount or timing of payment of benefits provided and the level of Mr. Thomas’ participation relative to other participants, as existed immediately before the Change in Control;
provided, however, that the Company may make modifications in such Benefit Plans so long as such modifications are required by law or are generally applicable to all salaried employees of the Company who participate in such plans and to all salaried
employees of any Person in control of the Company who participate in such plans and do not discriminate against highly-paid employees of the Company. 

  

	 	(7)	The failure by the Company to provide Mr. Thomas with the number of paid vacation days to which Mr. Thomas is entitled in accordance with the Company’s
normal vacation policy in effect immediately before the Change in Control (or pursuant to a special vacation agreement or arrangement then in effect with respect to Mr. Thomas); 

 

	 	(8)	Any purported termination of Mr. Thomas’ employment which is not effected pursuant to a Termination Notice satisfying the requirements of Section 8.1
below (and for purposes of this Agreement, no such purported termination shall be effective); or 

  

	 	(9)	Any failure of the Company to obtain assumption of this Agreement, as set forth in Section 10.1 below. 

For purposes of determining whether Good Reason exists, the following will apply: 

 

	 	(i)	Any claim by Mr. Thomas that Good Reason exists shall be presumed to be correct unless the Company establishes to the Board by clear and convincing evidence that
Good Reason does not exist. 

  
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	 	(ii)	Mr. Thomas’ right to terminate his employment for Good Reason will not be affected by his incapacity due to physical or mental illness.

  

	 	(iii)	Mr. Thomas’ death following delivery of a notice of termination for Good Reason will not affect Mr. Thomas’ estate’s entitlement to severance
payments benefits provided hereunder upon a termination of employment for Good Reason. 

  

	 	(iv)	Mr. Thomas’ continued employment will not constitute consent to, or a waiver of rights with respect to, any act or failure to act constituting Good Reason.

  

	3.3	Salary and Benefit Continuation on Termination After a Change in Control. If Mr. Thomas’ employment is terminated for any reason within two years
following a Change in Control and during the Term, then the Company will – 

  

	 	A.	Pay Mr. Thomas through the Termination Date his full unreduced salary (i.e., his salary immediately before the Termination Date) or, if higher,
Mr. Thomas’ highest base salary rate in effect at any time during the calendar year immediately preceding the Change in Control, and 

  

	 	B.	Provide Mr. Thomas through the Termination Date with all compensation and benefits to which he would otherwise have been entitled under the terms of the applicable
compensation and benefit plans, programs, or arrangements of the Company or any Affiliate of the Company as in effect immediately before the Termination Date or, if more favorable to Mr. Thomas, as in effect immediately before the Change in
Control. 

  

	3.4	Severance Payments. In addition to any payments or benefits Mr. Thomas may be entitled to receive under Section 3.3 above and Article 4 below, if a
Change in Control occurs and Mr. Thomas’ employment is terminated during the Term (i) by the Company Without Cause (other than by reason of Mr. Thomas’ death), (ii) by the Company by reason of Mr. Thomas’
Disability or (iii) by Mr. Thomas for Good Reason, then the Company will pay Mr. Thomas the following amounts, and provide Mr. Thomas the following benefits (collectively, the “Severance Payments”):

  

	 	A.	Annual Incentive Plan. Within five business days after the Termination Date, the Company will pay Mr. Thomas a lump sum amount, in cash, equal to–

  

	 	(1)	the pro rata portion of Mr. Thomas’ annual incentive compensation under the Annual Incentive Plan for the calendar year in which the Termination Date occurs,
such amount to be determined by multiplying Mr. Thomas’ targeted annual incentive compensation amount by a fraction, the numerator of which is the number of days in such calendar year which had elapsed as of the Termination Date and the
denominator of which is 365; plus 

  
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	 	(2)	if Mr. Thomas has not then been paid his annual incentive compensation under the Annual Incentive Plan for the calendar year immediately preceding his Termination
Date, Mr. Thomas’ targeted annual incentive compensation amount for that preceding year. 

  

	 	B.	Termination Payment. Within five business days after the Termination Date, the Company will pay Mr. Thomas a lump sum termination payment, in cash, equal to the
product of – 

  

	 	(1)	The sum of – 

  

	 	(a)	Mr. Thomas’ annual base salary (including the annual amount of any periodic cash allowances to which Mr. Thomas is entitled) as in effect immediately
before the Termination Date (without giving effect to any reduction in base salary, which reduction constitutes an event of Good Reason) or, if higher, the highest base salary rate in effect with respect to Mr. Thomas at any time during the
calendar year immediately preceding the Change in Control (the applicable amount being referred to herein as the “Base Salary”), and 

  

	 	(b)	Mr. Thomas’ target annual incentive compensation amount under the Company’s Annual Incentive Plan for the fiscal year in which occurs the Termination
Date (without giving effect to any reduction in targeted annual incentive compensation caused by an adverse change in Mr. Thomas’ Annual Incentive Plan participation) or, if higher, for the fiscal year in which occurs the Change in Control
(or, if no such target annual incentive compensation amount was determined for the fiscal year(s) in which occurs the Termination Date or the Change in Control, the target annual incentive compensation amount for the fiscal year prior to the fiscal
year(s) in which occurs the Termination Date or the Change in Control, respectively), 

 times 

 

	 	(2)	Three. 

  
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	 	C.	Welfare Plan Benefit Continuation. The Company will provide Mr. Thomas (and, if applicable, his dependents) with welfare benefits substantially similar to,
and at the same after-tax cost to Mr. Thomas (and, if applicable, his dependents), those provided to Mr. Thomas (and, if applicable, his dependents) under the Welfare Plans in which Mr. Thomas is participating or to which he is
entitled immediately before the Termination Date or, if more favorable to Mr. Thomas, those provided to Mr. Thomas (and, if applicable, his dependents) under the Welfare Plans immediately before the Change in Control. The Company will
provide such benefits for 36 months after the Termination Date in such a manner that such benefits (and the costs and premiums thereof) are excluded from the Mr. Thomas’ income for Federal income tax purposes and, if the Company reasonably
determines that providing continued coverage under one or more of its Welfare Plans contemplated herein could be taxable to Mr. Thomas, the Company shall provide such benefits at the level required hereby through the purchase of individual
insurance coverage at no greater cost to Mr. Thomas than the cost to Mr. Thomas immediately before such date. Such welfare benefits shall immediately cease if Mr. Thomas becomes re-employed with another employer and is eligible to
receive such welfare benefits under another employer-provided plan as of the commencement of such applicable period of eligibility. 

  

	 	D.	Defined Benefit Retirement Plans. Within five business days after the Termination Date or, if later, the earliest time or times permitted under Internal Revenue
Code Section 409A and related Federal regulations, if Mr. Thomas is a participant in the Ferro Corporation Retirement Plan and/or the Ferro Corporation Supplemental Defined Benefit Plan for Executive Employees, then the Company will pay
Mr. Thomas an amount equal to the present value of the excess of – 

  

	 	(1)	the benefits Mr. Thomas that would have been paid or payable under such plans if Mr. Thomas had continued his employment for 36 months after the Termination
Date and such later date were the date of employment termination under such plans, assuming for this purpose that – 

  

	 	(a)	Mr. Thomas’ age is increased by 36 months, and 

  

	 	(b)	Mr. Thomas’ “Credited Basic Compensation” (as defined in such plan) for purposes of such plans is Mr. Thomas’ Credited Basic Compensation
determined as of March 31, 2006, over 

  

	 	(2)	the benefits paid or payable to Mr. Thomas under such plans as of the Termination Date (if any). 

For purposes of calculating such amount, the provisions of such plans and the assumptions, including, without limitation, interest rate
and mortality assumptions used for calculating lump sum distributions, in effect as of Termination Date will apply or, if more favorable to Mr. Thomas, the provisions and assumptions existing immediately before the Change in Control, will
apply. 

  
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	 	E.	Defined Contribution Retirement Plans. Within five business days after the Termination Date or, if later, the earliest time or times permitted under Internal
Revenue Code Section 409A and related Federal regulations, the Company will pay Mr. Thomas an amount equal to the amount of the Company’s contributions (and specifically not including any pre-tax or other contributions commonly
considered to made by an employee) that would have been added to Mr. Thomas’ accounts under the Company’s qualified defined contribution plans and any excess or supplemental defined contribution plans in which Mr. Thomas
participates at the Termination Date (or if more favorable to Mr. Thomas, the plans as in effect immediately prior to the Change in Control) if Mr. Thomas had continued his employment for 36 months after the Termination Date and such later
date were the date of employment termination under such plans, assuming for this purpose that – 

  

	 	(1)	Mr. Thomas’ compensation in each of the three years is that required by Sections 3.4.B payable in equal monthly installments over such three-year period;

  

	 	(2)	Mr. Thomas’ benefits under such plans are vested to the extent that they would have been vested had his employment terminated at such later date;

  

	 	(3)	The rate of any such employer contribution is equal to the maximum rate provided under the terms of the applicable plans for the year in which the Termination Date
occurs (or, if more favorable to Mr. Thomas, or in the event that as of the Termination Date the rate of any such contribution for such year is not determinable, the rate of contribution under the plans for the plan year ending immediately
prior to the date of the Change in Control); and 

  

	 	(4)	To the extent that the Company’s contributions are determined based on the contributions or deferrals of Mr. Thomas, that Mr. Thomas’ contribution
or deferral elections, as appropriate, are those in effect immediately prior to the Termination Date. 

 For
purposes of calculating such amount, the provisions of the applicable plans in effect as of the date of the Change in Control will apply. 
  

	 	F.	Outplacement. The Company will provide Mr. Thomas, at the Company’s sole cost and expense as incurred, with the reasonable services of an outplacement
firm mutually agreed upon between the Company and Mr. Thomas and suitable to Mr. Thomas’ position until the first acceptance by Mr. Thomas of an offer of employment; provided, however, that the cost of such outplacement shall not
exceed $50,000; provided, further, that the Company will not be required to provide such services to Mr. Thomas beyond December 31st of the second calendar year following the calendar year in which the Termination Date occurs.

  

	 	G.	Indemnification Insurance. The Company will continue to maintain officers’ indemnification insurance for Mr. Thomas for a period of not less than four
years after the Termination Date, the terms and conditions of which shall be no less favorable than the terms and conditions of the officers’ indemnification insurance maintained by the Company for Mr. Thomas immediately before the date on
which the Change in Control occurs. 

  
 -14-

	3.5	Payment in Respect of Performance Shares. If a Change in Control occurs during the Term, and whether or not Mr. Thomas’ employment thereafter
terminates, within five business days after the Change in Control the Company will pay Mr. Thomas an amount in cash with respect to each grant of Performance Shares (as defined in the Company’s Long-Term Incentive Plan) previously awarded
to Mr. Thomas under the Long-Term Incentive Plan (or any predecessor or successor plan) in respect of, and in full satisfaction of, as-yet-uncompleted performance periods (the “Outstanding Performance Shares”) equal to (but not less
than zero): 

 Payment = (A) – (B)

where: 
 (A) =
The product of 
  

	 	(1)	The number of Outstanding Performance Shares awarded to Mr. Thomas in respect of the applicable Performance Period, times 

 

	 	(2)	The “fair market value of the Common Stock” (as defined in the Performance Share Plan), times 

 

	 	(3)	A fraction (not to exceed one) 

  

	 	(a)	The numerator of which is the sum of 

  

	 	(i)	the number of days which had elapsed in the applicable Performance Period as of the date of such Change in Control plus 

 

	 	(ii)	1095, and 

  

	 	(b)	The denominator of which is the number of days in such applicable Performance Period, and where 

 

	 	(B)	= the value that is actually paid to Mr. Thomas under the Long-Term Incentive Plan in respect of such Outstanding Performance Shares in connection with the Change
in Control. 

 For purposes of this Section 3.5, if Mr. Thomas’ employment terminates after a
Potential Change in Control but before a Change in Control under the circumstances described in Section 2.3 above, then the determination of the number of Outstanding Performance Shares which had not expired immediately before the Change in
Control will, instead, be determined as of the date which is immediately before the date of occurrence of the Potential Change in Control. 

  
 -15-

 Notwithstanding anything in this Section 3.5 to the contrary, if such Performance
Shares constitute deferred compensation within the meaning of Section 409A of the Internal Revenue Code, if and to the extent that the Change in Control is not a “change in control event” within the meaning of Section 409A of the
Internal Revenue Code, the Company cash payment pursuant to this Section 3.5 shall be made at the time that the Outstanding Performance Shares would be settled in accordance with the terms thereof as set forth in the applicable award agreements
and shall be in full satisfaction of the Company’s obligations under, and Mr. Thomas’ rights in respect of, such Outstanding Performance Shares. 
  

	3.6	Death. If a Change in Control occurs during the Term and Mr. Thomas’ employment is thereafter terminated by reason of his death, then the Company will
pay to Mr. Thomas’ legal representatives or estate, or as may be directed by the legal representatives of his estate, as the case may be, a cash lump sum equal to the amounts determined under Sections 3.4.A and 3.4.B above. Such payment
will be in addition to any payments and benefits to which Mr. Thomas is entitled under Article 4 below. 

Article 4 – Additional Tax Provisions 
  

	4.1	Modified Cutback Due to Additional Taxes. Anything in this Agreement to the contrary notwithstanding and except as set forth below, if any payment or
distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Internal Revenue Code) to or for the benefit of Mr. Thomas, whether paid or payable pursuant to this Agreement or otherwise (a
“Payment”), would be subject to the Additional Tax, then the Payment will be reduced to one dollar ($1.00) less than the amount above which the Payment would be subject to the Additional Tax, but only to the extent that such reduction
provides Mr. Thomas with a greater after-tax economic value, taking into account all federal, state and local taxes, including any Additional Tax, than the Payment without such reduction. Any reduction pursuant to this Section 4.1 shall be
applied against the Payment in the manner that minimizes the economic loss to Mr. Thomas as a result of such reduction and shall be made consistent with the requirements of Section 409A of the Internal Revenue Code.

  

	4.2	Accounting Firm. All determinations required to be made under this Article 4 and the assumptions to be utilized in arriving at such determination, shall be made
by Deloitte & Touche, or such other nationally recognized certified public accounting firm as may be designated by Mr. Thomas (the “Accounting Firm”). The Company will direct the Accounting Firm to provide detailed supporting
calculations both to the Company and Mr. Thomas within 15 business days after receipt of notice from Mr. Thomas that there has been a Payment or such earlier time as is requested by the Company. If the Accounting Firm is then serving as
accountant, auditor, or consultant for the individual, entity or group effecting the Change in Control, then Mr. Thomas will have the right to appoint another nationally recognized accounting firm to make the determinations required hereunder
(which accounting firm shall then be referred to as the Accounting Firm hereunder). 

  
 -16-

	4.3	Access to Records. Mr. Thomas and the Company will each provide the Accounting Firm access to and copies of any books, records and documents in the
possession of the Company or Mr. Thomas, as the case may be, reasonably requested by the Accounting Firm, and otherwise cooperate with the Accounting Firm in connection with the preparation and issuance of the determination contemplated by this
Article 4. 

  

	4.4	Accounting Firm’s Fees and Expenses. The Company will pay the fees and expense of the Accounting Firm for its services in connection with the determinations
and calculations contemplated by this Article 4. 

  

	4.5	Adjustments. If the Payment is reduced as described in Section 4.1 and the Internal Revenue Service (“IRS”) subsequently and finally determines
that the Payment, even after the reduction applied by Section 4.1, will result in a loss of deduction to the Company under Section 280G of the Internal Revenue Code and the Company could avoid such loss of deduction by causing
Mr. Thomas to return an additional amount of the Payment to the Company, the Company may request that Mr. Thomas remit an additional amount to the Company equal to the difference between the amount previously paid and the minimum amount
necessary to avoid such loss of deduction, which amount shall be remitted by Mr. Thomas within five business days after notification by the Company. 

  

	4.6	IRS Claims. Mr. Thomas will notify the Company in writing of any claim by the IRS that, if successful, would result in the imposition of Additional Tax
after the reduction (if any) applied by Section 4.1. Mr. Thomas will give the Company such notice as promptly as practicable but no later than ten business days after Mr. Thomas actually receives notice of such claim. Mr. Thomas
will further apprise the Company of the nature of such claim and the date on which such claim is requested to be paid (in each case, to the extent known by Mr. Thomas). Mr. Thomas agrees not to pay such claim before the earlier of
(a) the expiration of the 30-calendar-day period following the date on which Mr. Thomas gives such notice to the Company and (b) the date that any payment with respect to such claim is due. If the Company notifies Mr. Thomas in
writing at least five business days before the expiration of such period that it desires to contest such claim, then Mr. Thomas will – 

  

	 	(A)	Provide the Company with any written records or documents in Mr. Thomas’ possession relating to such claim reasonably requested by the Company;

  

	 	(B)	Take such action in connection with contesting such claim as the Company reasonably requests in writing from time to time, including without limitation, accepting legal
representation with respect to such claim by an attorney competent in respect of the subject matter and reasonably selected by the Company; 

  
 -17-

	 	(C)	Cooperate with the Company in good faith in order effectively to contest such claim; and 

 

	 	(D)	Permit the Company to participate in any proceedings relating to such claim; 

 provided, however, that the Company will bear and pay directly all costs and expenses (including interest and penalties) incurred in connection with such contest and shall indemnify and defend
Mr. Thomas and hold Mr. Thomas harmless, on an after-tax basis, from and against any Additional Tax or income tax, including interest and penalties with respect thereto, imposed as a result of such representation and payment of costs and
expenses. Without limiting the foregoing provisions of this Section 4.6, the Company will control all proceedings taken in connection with the contest of any claim contemplated by this Section 4.6 and, at its sole option, may pursue or
forego any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim; provided, however, that Mr. Thomas may participate therein at Mr. Thomas’ own cost and expense. The
Company may, at its option, either direct Mr. Thomas to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and Mr. Thomas will prosecute such contest to a determination before any administrative
tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall direct; provided, however, that if the Company directs Mr. Thomas to pay the tax claimed and sue for a refund, the Company will indemnify and
defend Mr. Thomas and hold Mr. Thomas harmless, on an after-tax basis, from such Additional Tax or income tax, including interest or penalties with respect thereto, imposed with respect to such payment; and provided further that any
extension of the statute of limitations relating to payment of taxes for Mr. Thomas’ taxable year with respect to which the contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s
control of any such contested claim will be limited to issues with respect to which the Additional Tax would be payable hereunder and Mr. Thomas will be entitled to settle or contest, as the case may be, any other issue raised by the Internal
Revenue Service or any other taxing authority. 
 Article 5 – Mr. Thomas’ Commitments 

 

	5.1	Continuation of Employment. Mr. Thomas affirms that, if a Potential Change in Control occurs during the Term, Mr. Thomas intends to remain in the
employ of the Company at least until a Change in Control occurs or such Change in Control is abandoned. 

  

	5.2	Noncompetition Covenant. Whether or not a Change in Control occurs during the Term, Mr. Thomas will not, at any time during the Restricted Period (as
defined below), accept employment with, own an interest in, form a partnership or joint venture with, consult with or otherwise assist any person or enterprise that manufactures or sells products (“Competitive Products”) similar to, or
competitive with, the products manufactured or sold by the Company on the Termination Date. For purposes of this Section 5.2, the term “Restricted Period” means 

  
 -18-

	 	A.	24 months after the Termination Date; and 

  

	 	B.	An additional 12 months thereafter (the “Additional Noncompetition Period”) if: 

 

	 	(1)	The Company has not terminated Mr. Thomas’ employment because of Disability; 

 

	 	(2)	The Company elects to impose the Additional Noncompetition Period by providing to Mr. Thomas written notice of such election not later than two months after the
termination of Mr. Thomas’ employment; and 

  

	 	(3)	The Company pays Mr. Thomas, in 12 monthly installments during the Additional Noncompetition Period, an aggregate amount equal to Mr. Thomas’ Base Salary
for the calendar year in which Mr. Thomas’ employment terminated or, if higher, Mr. Thomas’ Base Salary immediately before the Change in Control. 

The restrictions of this Section 5.2 will, however, cease to apply and have no further force or effect from and after the occurrence
of a Change in Control and will not apply if the relevant person or enterprise acquires a business or product line that manufactures or sells Competitive Products after the commencement of Mr. Thomas’ employment or other relationship with
such person or enterprise (and the relevant person or enterprise has not manufactured or sold such Competitive Products previously) and Mr. Thomas does not participate in any way in the business of the Competitive Products for 24 months after
the termination of Mr. Thomas’ employment and, at the request of the Company, Mr. Thomas and the relevant person or enterprise certify to the Company in writing that Mr. Thomas has and will comply with the restrictions of this
Section 5.2. 
  

	5.3	Non-Disparagement. Mr. Thomas agrees that during his employment and at all times thereafter, Mr. Thomas will not, unless compelled by a court or
governmental agency, make, or cause to be made, any statement, observation or opinion, or communicate any information (whether oral or written) regarding the Company, or its Affiliates, together with their respective directors, partners, officers or
employees (such entities, collectively, the “Ferro Related Persons”), which disparages the reputation or business of the Company or the Ferro Related Persons; provided, however, that such restriction shall not apply to statements,
observations, opinions or communications made in good faith in the fulfillment of Mr. Thomas’ duties with the Company and provided further that such restriction shall cease to apply and shall be of no further force and effect from and
after the occurrence of a Change in Control. 

  

	5.4	Qualification. Nothing in this Article 5 eliminates or affects any right to payments or benefits that Mr. Thomas otherwise has under other provisions of
this Agreement and nothing in this Article 5 gives Mr. Thomas the right to any payment or benefit under other provisions of this Agreement that he does not otherwise have. 

  
 -19-

 Article 6 – Employment at Will 

 

	6.1	Employment at Will. The parties acknowledge and confirm that Mr. Thomas’ employment by the Company is employment-at-will, and is subject to termination
by Mr. Thomas or by the Company at any time with Cause or Without Cause. Mr. Thomas acknowledges that such employment-at-will status cannot be modified except in a specific writing that has been authorized or ratified by the Board.

  

	6.2	Employment Actions. This Agreement is not intended to create, and will not be construed as creating, an express or implied contract of employment. Nothing
contained in this Agreement will prevent the Company at any time from terminating Mr. Thomas’ right and obligation to perform service for the Company or prevent the Company from removing Mr. Thomas from any position which
Mr. Thomas holds in the Company, provided, however, that no such action shall affect the obligation of the Company to make payments and provide benefits if and to the extent required under this Agreement. The payments and benefits provided in
this Agreement will be full and complete liquidated damages for any such employment action taken by the Company. 

Article 7 – Mitigation 
  

	7.1	No Obligation to Seek Other Employment. If Mr. Thomas’ employment with the Company terminates during the Term, Mr. Thomas will not be required to
seek other employment or to attempt in any way to reduce any amounts payable to Mr. Thomas by the Company pursuant to this Agreement. 

  

	7.2	No Reduction in Payments or Benefits. The Company’s obligation to make payments and provide benefits under this Agreement will not be reduced or offset by
any compensation earned by Mr. Thomas as the result of employment by another employer, by retirement benefits, by offset against any amount claimed to be owed by Mr. Thomas to the Company, or otherwise. 

Article 8 – Termination Procedures 
  

	8.1	Termination Notice. If either party desires that Mr. Thomas’ employment be terminated after a Change in Control and during the Term, then such party
will deliver to the other party a written notice (a “Termination Notice”) in the manner provided in Section 10.3 below. For purposes of this Agreement, a Termination Notice must indicate the specific termination provision in this
Agreement relied upon and must set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated. Further, if the Company proposes to deliver to Mr. Thomas a Termination
Notice for Cause, then the Company must first convene a meeting of the Board to consider that action, provide Mr. Thomas with reasonable notice of such meeting and the specific conduct of Mr. Thomas that the Company believes gives rise to
Cause, and afford Mr. Thomas with opportunity, together with his counsel, to be heard by the Board. If, after having complied with the requirements of the preceding sentence, the Company nonetheless desires to provide Mr. Thomas with a
Termination Notice for Cause, then such Termination Notice must include a certified copy of a resolution duly adopted by the affirmative vote of not less than three-fourths (3/4) of the entire membership of the Board at a meeting of the Board
after the Board has made a finding, in the good faith opinion of the Board, that Mr. Thomas was guilty of conduct constituting Cause and specifying the particulars thereof in detail. 

  
 -20-

	8.2	Termination Date. The “Termination Date,” with respect to any purported termination of Mr. Thomas’ employment after a Change in Control and
during the Term, will be determined as follows: 

  

	 	A.	Termination for Disability. If Mr. Thomas’ employment is terminated for Disability, then the Termination Date will be 30 days after Termination Notice
is given (provided that Mr. Thomas shall not have returned to the full-time performance of Mr. Thomas’ duties during such 30-day period), and 

 

	 	B.	Termination for Any Other Reason. If Mr. Thomas’ employment is terminated for any other reason, then the Termination Date will be the date specified in
the Termination Notice (which, in the case of a termination by the Company, shall not be less than 30 days (except in the case of a termination for Cause) and, in the case of a termination by Mr. Thomas, shall not be less than 15 days nor more
than 120 days, respectively, from the date such Termination Notice is given). 

 Notwithstanding the foregoing, in
no event will the Termination Date occur until the Mr. Thomas experiences a “separation from service” within the meaning of Section 409A of the Code, and notwithstanding anything contained in this Agreement to the contrary, the
date on which such separation from service takes place shall be deemed to be the “Termination Date.” 
  

	8.3	Dispute Concerning Termination. If within 15 days after any Termination Notice is given, or, if later, before the Termination Date (as determined without regard
to this Section 8.3), the party receiving such Termination Notice notifies the other party that a dispute exists concerning the termination, then the Company’s obligation to make payments or provide benefits pursuant to Section 3.4
shall be extended until the date on which the dispute is finally resolved, either by mutual written agreement of the parties or by a final judgment, order or decree of an arbitrator or a court of competent jurisdiction (which is not appealable or
with respect to which the time for appeal therefrom has expired and no appeal has been perfected); provided, however, that such obligations shall be extended by a notice of dispute given by Mr. Thomas only if such notice is given in good faith
and Mr. Thomas pursues the resolution of such dispute with reasonable diligence; provided, further, that the Company’s obligation to make payments or provide benefits shall be satisfied, to the extent required, no later than the end of the
first calendar year in which such mutual written agreement is executed or such final judgment is rendered. 

  
 -21-

 Article 9 — Disputes 

 

	9.1	Agreement to Arbitrate. The parties will resolve any further dispute or controversy arising under or in connection with this Agreement exclusively by arbitration
in Cleveland, Ohio, in accordance with the rules of the American Arbitration Association then in effect. The evidentiary standards set forth in this Agreement shall apply to such arbitration. Judgment may be entered on the arbitrator’s award in
any court having jurisdiction. Notwithstanding any provision of this Agreement to the contrary, Mr. Thomas will be entitled to seek specific performance of Mr. Thomas’ right to be paid until the Termination Date during the pendency of
any dispute or controversy arising under or in connection with this Agreement. The Company will be solely responsible for paying the costs and expenses incurred by both parties in connection with such arbitration. 

 

	9.2	Injunctive Relief. Notwithstanding the provisions of Section 9.1 above, the Company will be entitled, in addition to any other remedy or remedies available
to the Company at law or in equity, to injunctive relief, without the necessity of proving the inadequacy of monetary damages or the posting of any bond or security, enjoining or restraining Mr. Thomas from any violation of threatened violation
of the covenants contained in Section 5.2. 

  

	9.3	Legal Expenses. The Company will pay or reimburse Mr. Thomas all legal fees and expenses incurred by Mr. Thomas in disputing in good faith any issue
(regardless of the outcome thereof) under this Agreement relating to the termination of Mr. Thomas’ employment at any time from the date of a Change in Control through the Mr. Thomas’ remaining lifetime (or, if longer, through
the 20th anniversary of the date of a Change in Control) to the full extent permitted by law, in seeking in good faith to obtain or enforce any benefit or right provided by this Agreement or in connection with any tax audit or proceeding to the
extent attributable to the application of §409A(a)(1)(B) or §4999 of the Internal Revenue Code to any payment or benefit provided under this Agreement. The Company will pay or reimburse such amounts within five business days after
Mr. Thomas’ delivers a written request for payment accompanied by such evidence of fees and expenses incurred as the Company reasonably may require, provided that Mr. Thomas submits an invoice for such fees and expenses at least 10
days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and expenses that the Company is obligated to pay in any given calendar year shall not affect the
legal fees and expenses that the Company is obligated to pay in any other calendar year, and Mr. Thomas’ right to have the Company pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.

  

	9.4	No Waiver. The provisions of the Article 9 do not constitute a waiver by the Company of any rights to damages or other remedies which it may have pursuant to
this Agreement or otherwise. Mr. Thomas acknowledges that, due to the uniqueness of Mr. Thomas’ services and confidential nature of the information Mr. Thomas will possess the covenant set forth in Section 5.2 is reasonable
and necessary for the protection of the business and goodwill of the Company. 

  
 -22-

 Article 10 — Miscellaneous 

 

	10.1	Binding Agreement. In addition to any obligations imposed by law upon any successor to the Company, the Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform it if no such succession had taken place. Failure of the Company to obtain such assumption and agreement before the effectiveness of any such succession shall be a breach of this Agreement and will entitle
Mr. Thomas to compensation from the Company in the same amount and on the same terms as Mr. Thomas would be entitled to under this Agreement if Mr. Thomas were to terminate Mr. Thomas’ employment for Good Reason after a
Change in Control, provided, however, that in such case the date on which any such succession becomes effective shall be deemed to be the Termination Date. 

 

	10.2	Successors. This Agreement shall inure to the benefit of and be enforceable by Mr. Thomas’ personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees, and legatees. If Mr. Thomas dies while any amount would still be payable to Mr. Thomas under this Agreement (other than amounts which, by their terms, terminate upon the death of
Mr. Thomas) if Mr. Thomas had continued to live, then all such amounts, unless otherwise provided in this Agreement, will be paid in accordance with the terms of this Agreement to the executors, personal representatives or administrators
of Mr. Thomas’ estate. Whether or not any Change in Control of the Company has occurred, any successor to the Company’s business and/or assets by operation of law or otherwise will automatically succeed to the rights and obligations
of the Company under this Agreement. 

  

	10.3	Notices. For the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have
been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed, if to Mr. Thomas, to the last home address Mr. Thomas has provided the Company’s human resources
department and, if to the Company, to the address set forth below, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon
actual receipt: 

  

	 	To the Company:	Ferro Corporation 

 6060
Parkland Avenue 
 Mayfield Heights, Ohio 44124 
 Attention: Lead Director 

  
 -23-

	10.4	Waivers. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by
Mr. Thomas and such officer as may be specifically designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of, or of any lack of compliance with, any condition or provision of this Agreement
to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

 

	10.5	Withholding. Any payments provided for hereunder shall be reduced to the extent necessary so that the Company may satisfy any applicable withholding required
under Federal, state or local law and any additional withholding to which Mr. Thomas has agreed. 

  

	10.6	Survival. The obligations of the Company and Mr. Thomas under this Agreement which by their nature may require either partial or total performance after the
expiration of the Term (including, without limitation, those under Articles 3, 4 and 5 above) will survive such expiration. 

  

	10.7	 Compliance with §409A of the Internal Revenue Code. This Agreement is intended to comply with the requirements of §409A of the
Internal Revenue Code or an exemption or exclusion therefrom and shall in all respects be administered so as to be in compliance with such §409A. Each payment under this Agreement shall be treated as a separate payment for purposes of
Section 409A of the Code. In no event may Mr. Thomas, directly or indirectly, designate the calendar year of any payment to be made under this Agreement. All reimbursements and in-kind benefits provided under this Agreement that constitute
deferred compensation within the meaning of Section 409A of the Code shall be made or provided in accordance with the requirements of Section 409A of the Code, including, without limitation, that (i) in no event shall reimbursements
by the Company under this Agreement be made later than the end of the calendar year next following the calendar year in which the applicable fees and expenses were incurred, provided, that Mr. Thomas shall have submitted an invoice for such
fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred; (ii) the amount of in-kind benefits that the Company is obligated to pay or provide in any
given calendar year shall not affect the in-kind benefits that the Company is obligated to pay or provide in any other calendar year; (iii) Mr. Thomas’ right to have the Company pay or provide such reimbursements and in-kind benefits
may not be liquidated or exchanged for any other benefit; and (iv) in no event shall the Company’s obligations to make such reimbursements or to provide such in-kind benefits apply later than the Mr. Thomas’ remaining lifetime
(or if longer, through the 20th anniversary of the date of a Change in Control). Within the time period permitted by the applicable Treasury Regulations, the Company may, in consultation with Mr. Thomas, modify this Agreement, in the least
restrictive manner necessary and without any diminution in the value of the payments to Mr. Thomas, in order to cause the provisions of the Agreement to comply with the requirements of such §409A , so as to avoid the imposition of taxes
and penalties on Mr. Thomas pursuant to §409A. Notwithstanding anything in this Agreement to the contrary, if any amount or benefit that 

  
 -24-

	 	
would constitute non-exempt “deferred compensation” for purposes of §409A would otherwise be payable or distributable under this Agreement by reason of Mr. Thomas’
separation from service during a period in which Mr. Thomas is a Specified Employee, then subject to any permissible acceleration of payment by the Company under Treas. Reg. §1.409A 3(j)(4)(ii) (domestic relations order), (j)(4)(iii)
(conflicts of interest) or (j)(4)(vi) (payment of employment taxes): 

  

	 	(1)	If the payment or distribution is payable in a lump sum, then Mr. Thomas’ right to receive payment or distribution of such non-exempt deferred compensation
will be delayed until the earlier of Mr. Thomas’ death or the first day of the seventh month following Mr. Thomas’ separation from service; and 

 

	 	(2)	If the payment or distribution is payable over time, then the amount of such non-exempt deferred compensation that would otherwise be payable during the six-month
period immediately following Mr. Thomas’ separation from service will be accumulated and Mr. Thomas’ right to receive payment or distribution of such accumulated amount will be delayed until the earlier of Mr. Thomas’
death or the first day of the seventh month following Mr. Thomas’ separation from service, whereupon the accumulated amount will be paid or distributed to Mr. Thomas and the normal payment or distribution schedule for any remaining
payments or distributions will resume. 

 Whether and when Mr. Thomas is deemed to be a “Specified
Employees” and the application of the six-month delay rule of §409A(a)(2)(B)(i) to payments to Mr. Thomas will be determined in accordance with methodology adopted by the Board or a Committee thereof and such methodology will be
applied consistently with respect to all nonqualified deferred compensation arrangements of the Company, including this Agreement. 
  

	10.8	Validity. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this
Agreement, which shall remain in full force and effect. 

  

	10.9	Governing Law. This Agreement will be governed by the internal substantive laws of the State of Ohio and will be enforced in courts sitting in the State of Ohio.

  

	10.10	Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute
one and the same instrument. 

  
 -25-

	10.11	Complete Agreement. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter of this Agreement and supersedes
all prior letters of intent, agreements, covenants, arrangements, communications, representations, or warranties, whether oral or written, by any officer, employee, or representative of the Company relating thereto, including, without limitation,
the Prior Agreement and the Letter Agreement. For the avoidance of doubt, the rights and amount of benefits that Mr. Thomas will be entitled to under this Agreement will not be reduced as indicated in the Letter Agreement notwithstanding
Mr. Thomas or another individual being elected as the Company’s Chief Executive Officer. Mr. Thomas and the Company agree that the entry into this Agreement satisfies the Company’s obligations under the heading “Amendment to
Change in Control Agreement” contained in the Letter Agreement and supersedes the provisions contained therein under such heading. 

  
 -26-

 To evidence their agreement as stated above, Peter T. Thomas has executed and delivered, and
Ferro Corporation has caused its duly authorized representative to execute and deliver, this Change in Control Agreement. 
  

					
		 		 	FERRO CORPORATION
			
	

	 		 	

	Peter T. Thomas	 		 	

  
 -27-

 Definitions 
 The following terms identified with initial capital letters are defined in the following Sections of the Change in Control Agreement: 

 

			
	Term	  	Cross Reference
	 Accounting Firm.
	  	Section 4.2
	 Additional Noncompetition Period.
	  	Section 5.2.B
	 Agreement.
	  	Preamble
	 Base Salary.
	  	Section 3.4.B(1)(a)
	 Base Trust Amount.
	  	Section 2.2.D(1)
	 Board.
	  	Recital A
	 Cause.
	  	Section 3.2.A
	 Change in Control.
	  	Section 3.1
	 Company.
	  	Preamble
	 Competitive Products.
	  	Section 5.2
	 Ferro Related Persons.
	  	Section 5.3
	 Good Reason.
	  	Section 3.2.C
	 Incumbent Board.
	  	Section 3.1.B
	 IRS
	  	Section 4.5
	 Mr. Thomas.
	  	Preamble
	 Outstanding Performance Shares.
	  	Section 3.5
	 Payment.
	  	Section 4.1
	 Potential Change in Control.
	  	Section 2.1
	 Renewal Date.
	  	Section 1.4
	 Restricted Period.
	  	Section 5.2
	 Severance Payments.
	  	Section 3.4
	 Term.
	  	Section 1.4
	 Termination Date.
	  	Section 8.2
	 Termination Notice.
	  	Section 8.1
	 Trust Account.
	  	Section 2.2
	 Trust Agreement.
	  	Section 2.2.B
	 Trust Amount.
	  	Section 2.2.D
	 Trustee.
	  	Section 2.2.A
	 Without Cause.
	  	Section 3.2.B

  
 -28-

 In addition, the following terms have the meanings set forth below where used in the Change in Control
Agreement and identified with initial capital letters: 
  

			
	Term	  	Meaning
		
	 Additional Tax
	  	Any excise tax imposed under Section 4999 of the Internal Revenue Code.
		
	 Affiliate
	  	As defined forth in Rule 12b-2 under §12 of the Exchange Act.
		
	 Annual Incentive Plan
	  	 The Company’s annual incentive plan, as the same had been and
 may hereafter be amended, and any successor plan thereto.

		
	 Applicable Board
	  	The Board, or if the Company is not the ultimate parent corporation of the Affiliated Companies and is not publicly-traded, the board of directors of the ultimate parent of the
Company.
		
	 Beneficial Owner
	  	As defined in Rule 13d-3 under the Exchange Act.
		
	 Benefit Plan
	  	Any perquisite, benefit, or compensation plan established or maintained by the Company, including, without limitation, the plans described in Section 3.4.A-3.4.D and any plans that
are successors to such plans, but excluding awards under the Company’s Long-Term Incentive Plan.
		
	 Disability
	  	Mr. Thomas’ incapacity due to physical or mental illness resulting in Mr. Thomas’ absence from the full-time performance of his duties with the Company for a period of six
consecutive months.
		
	 Exchange Act
	  	The Securities Exchange Act of 1934, as amended from time to time.
		
	 Internal Revenue Code
	  	The Internal Revenue Code of 1986, as amended from time to time.
		
	 Long-Term Incentive Plan
	  	The Company’s long-term incentive plan, including, without limitation, the 2006 Long-Term Incentive Plan as the same had been and may hereafter be amended and any successor
plan thereto.
		
	 Person
	  	As defined in Section 13(d)(3) and 14(d)(2) of the Exchange Act.
		
	 Retirement
	  	Termination of Mr. Thomas’ employment by retirement under a Company retirement plan or policy (including early retirement).

  
 -29-

			
		
	Specified Employee	  	Within the meaning of §409A of the Internal Revenue Code and the final regulations thereunder, as determined in accordance with the methodology adopted by the Board or a
Committee thereof.
		
	Welfare Plan	  	Each welfare benefit plan or program sponsored by the Company in existence immediately before the Termination Date or Change in Control, as the case may be, including, without
limitation, medical, pharmacy, dental, vision, accidental death and dismemberment, life insurance and long-term disability plans and programs, which is then provided to Mr. Thomas or in which Mr. Thomas then participates.

  
 -30-Form of Medium-Term Notes, Series K, Notes Linked to 3 Month LIBOR

 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. 94986RPH8	  	PRINCIPAL AMOUNT: $                    
	REGISTERED NO.             	  	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 
 Due Nine Months or More From Date of Issue 
 Notes Linked to 3 Month
LIBOR due April 24, 2023 
 WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of
the State of Delaware (hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered
assigns, the principal sum of
                                         
                DOLLARS
($                        ) on April 24, 2023 (the “Stated Maturity Date”) and to pay interest
thereon from April 24, 2013 or from the most recent Interest Payment Date to which interest has been paid or duly provided for quarterly on each January 24, April 24, July 24 and October 24, commencing
July 24, 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, (i) 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 and (ii) that is also a London Banking Day (as
defined below). 

 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 April 24, 2013 and end on and include July 23, 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 the first six Interest Periods (up to and including the Interest Period ending
October 23, 2014) will be equal to 3.00% per annum. For all Interest Periods commencing on or after October 24, 2014, the interest rate on this Security will be determined by the calculation agent for this Security (the
“Calculation Agent”) and will be equal to 3 month LIBOR on the Determination Date for such Interest Period plus 0.75%, subject to the Maximum Interest Rate. 
 The “Determination Date” for an Interest Period commencing on or after October 24, 2014 will be two London Banking Days prior to the first day of such Interest Period. A
“London Banking Day” is any day on which commercial banks and foreign exchange markets settle payments in London. 
 “3 month LIBOR” means, for any Determination Date, the arithmetic mean of the offered rates for deposits in U.S. dollars having a 3 month maturity, commencing on the second London
Banking Day immediately following that Determination Date that appear on the Designated LIBOR Page as of 11:00 a.m., London time, on that Determination Date, if at least two offered rates appear on the Designated LIBOR Page, provided that if
the Designated LIBOR Page by its terms provides only for a single rate, that single rate will be used. The “Designated LIBOR Page” means the display on Reuters, or any successor service, on page LIBOR01, or any other page as may
replace that page on that service, for the purpose of displaying the London Interbank rates for U.S. dollars. 
 If
(i) fewer than two offered rates appear or (ii) no rate appears and the Designated LIBOR Page by its terms provides only for a single rate, then the Calculation Agent will request the principal London offices of each of four major banks in
the London Interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotation for deposits in U.S. dollars for a 3 month period commencing on the second London Banking Day immediately following that
Determination Date to prime banks in the London Interbank market at approximately 11:00 a.m., London time, on that Determination Date and in a principal amount that is representative of a single transaction in U.S. dollars in that market at
that time. If at least two quotations are provided, 3 month LIBOR determined on that Determination Date will be the arithmetic mean of those quotations. 
 If fewer than two quotations are provided, 3 month LIBOR will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York, New York on that Determination Date by three major
banks in New York, New York selected by the Calculation Agent for loans in U.S. dollars to leading European banks, having a 3 month maturity and in a principal amount that is representative of a single transaction in U.S. dollars in that market at
that time. 

  
 2 

 If the banks so selected by the Calculation Agent are not quoting as set forth above, 3
month LIBOR on such Determination Date will be determined by the Calculation Agent in a commercially reasonable manner. 
 The
“Maximum Interest Rate” is 5.00% per annum. 
 The Calculation Agent shall, upon the request of a Holder
of this Security, provide the interest rate then in effect and, if determined, the interest rate that will become effective for the next Interest Period. All calculations of the Calculation Agent, in the absence of manifest error, shall be
conclusive for all purposes and binding on the Company and the Holder hereof. The Calculation Agent shall notify the Paying Agent of each determination of the interest applicable to this Security promptly after the determination is made. Wells Fargo
Securities, LLC will initially act as Calculation Agent. The Company may appoint a successor Calculation Agent with the written consent of the Trustee. 
 Any interest not punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one
or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less
than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture. 
 Payment of interest on this Security will be
made in immediately available funds at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that, at the option of the Company, payment of interest may be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register or
by wire transfer to such account as may have been designated by such Person. Payment of principal of and interest on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for
that purpose in the City of Minneapolis, Minnesota. Notwithstanding the foregoing, for so long as this Security is a Global Security registered in the name of the Depositary, payments of principal and interest on this Security will be made to the
Depositary by wire transfer of immediately available funds. 
 This Security is not subject to redemption at the option of the
Company or, except as set forth in the next sentence, repayment at the option of the Holder hereof prior to April 24, 2023. This Security may be subject to repayment if requested by the authorized representative of a beneficial owner of this
Security as described on the reverse hereof under “Repayment upon Exercise of Survivor’s Option.” This Security is not entitled to any sinking fund. 

 
  

  
 3 

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

  
 4 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 DATED: ___________ 
  

									
		 		 	WELLS FARGO & COMPANY
				
		 		 	By:	 	 
		 		 		 	 
		 		 		 	Its:	 	 
					
	[SEAL]	 		 		 		 	
				
		 		 	Attest:	 	 
		 		 		 	 
		 		 		 	Its:	 	 

  

			
	 TRUSTEE’S CERTIFICATE OF
 AUTHENTICATION
 This is one of the Securities of the

series designated therein described
 in the
within-mentioned Indenture.
  
 CITIBANK, N.A.,

    as Trustee

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

		
	By:	 	 
		 	Authorized Signature

  
 5 

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

 Due Nine Months or More From Date of Issue 
 Notes Linked to 3 Month LIBOR due April 24, 2023 
 This Security is
one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to
time (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as
applicable, of $25,000,000,000 or the equivalent thereof in one or more foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or
currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at
a fixed rate or a floating rate. The Securities of this series may mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different
currencies. 
 Article Sixteen of the Indenture shall not apply to this Security. 

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

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

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

  
 6 

 
provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together as a
class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the
Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 Defeasance 
 Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating to defeasance at any time of (a) the entire
indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions of
Section 401 of the Indenture shall apply to this Security. 
 Authorized Denominations 

This Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which is an
integral multiple of $1,000. 
 Repayment upon Exercise of Survivor’s Option 

The Company has agreed to repay beneficial ownership interests in this Security, if requested by the authorized representative of the
beneficial owner of such beneficial ownership interest following the death of the beneficial owner, so long as the beneficial ownership interest in this Security was acquired by the beneficial owner at least six months prior to the request (the
“Survivor’s Option”). 
 Upon the valid exercise of the Survivor’s Option and the proper tender of a
beneficial ownership interest in this Security for repayment, the Company will repay such beneficial ownership interest in this Security, in whole or in part, at a price equal to 100% of the principal amount of the deceased beneficial owner’s
beneficial interest in this Security, plus any accrued and unpaid interest to the date of repayment. 
 To be valid, the
Survivor’s Option must be exercised by or on behalf of the Person who has authority to act on behalf of a deceased beneficial owner of this Security under the laws of the applicable jurisdiction (including, without limitation, the personal
representative of or the executor of the estate of the deceased beneficial owner or the surviving joint owner with the deceased beneficial owner). 
 A beneficial owner of this Security is a Person who has the right, immediately prior to such Person’s death, to receive the proceeds from the disposition of such beneficial owner’s interest in
this Security, as well as the right to receive the principal amount of the deceased beneficial owner’s interest in this Security plus any accrued and unpaid interest thereon. 

  
 7 

 The death of a Person holding a beneficial ownership interest in this Security as a joint
tenant or tenant by the entirety with another Person, or as a tenant in common with the deceased holder’s spouse, will be deemed the death of a beneficial owner of that beneficial ownership interest in this Security, and the entire principal
amount of the deceased beneficial owner’s interest in this Security held in this manner will be subject to repayment by the Company upon exercise of the Survivor’s Option. However, the death of a Person holding a beneficial ownership
interest in this Security as tenant in common with a Person other than such deceased holder’s spouse will be deemed the death of a beneficial owner only with respect to such deceased Person’s interest in this Security, and only the
deceased beneficial owner’s percentage interest in that beneficial ownership interest in the principal amount of this Security will be subject to repayment. 
 The death of a Person who, during his or her lifetime, was entitled to substantially all of the beneficial ownership interests in this Security will be deemed the death of the beneficial owner of this
Security for purposes of the Survivor’s Option, regardless of whether that beneficial owner was the registered holder of this Security, if the beneficial ownership interest can be established to the satisfaction of the Paying Agent. A
beneficial ownership interest will be deemed to exist in typical cases of nominee ownership, ownership under the Uniform Transfers to Minors Act or Uniform Gifts to Minors Act, community property, or other joint ownership arrangements between a
husband and wife. In addition, the beneficial ownership interest in this Security will be deemed to exist in custodial and trust arrangements where one Person has all of the beneficial ownership interest in this Security during his or her lifetime.
In the case of a joint trust, the joint tenant rules above will apply to the respective beneficial ownership interests. 
 The
Company has the discretionary right to limit the aggregate principal amount of this Security as to which exercises of the Survivor’s Option will be accepted by the Company from the authorized representative for any individual deceased
beneficial owner of this Security in any calendar year to $250,000. In addition, the Company will not permit the exercise of the Survivor’s Option for any portion of this Security with a principal amount of less than $1,000, and the Company
will not permit the exercise of the Survivor’s Option if such exercise will result in this Security having a principal amount that is not an integral multiple of $1,000. 
 An otherwise valid election to exercise the Survivor’s Option may not be withdrawn. An election to exercise the Survivor’s Option will be accepted in the order that it was received by the Paying
Agent, except for any beneficial ownership interest in this Security the acceptance of which would contravene the limitation described above. Beneficial ownership interests in this Security accepted for repayment through the exercise of the
Survivor’s Option normally will be repaid on the first Interest Payment Date that occurs 20 or more calendar days after the date of the acceptance. Each tendered beneficial ownership interest in this Security that is not accepted in a calendar
year due to the application of the limitation described in the preceding paragraph will be deemed to be tendered in the following calendar year in the order in which all such beneficial interests were originally tendered. If a beneficial ownership
interest in this Security tendered through a valid exercise of the Survivor’s Option is not accepted, the Paying Agent will deliver a notice by first-class mail to the registered holder, at that registered holder’s last known address as
indicated in the Security Register, that states the reason that the beneficial ownership interest in this Security has not been accepted for repayment. 

  
 8 

 Since this Security is a Global Security, DTC, as depository, or its nominee will be treated
as the holder of this Security and will be the only entity that can exercise the Survivor’s Option. To obtain repayment of this Security pursuant to exercise of the Survivor’s Option, the deceased beneficial owner’s authorized
representative must provide the following items to the broker or other entity through which the beneficial interest in this Security is held by the deceased beneficial owner: 

 

	 	•	appropriate evidence satisfactory to the Paying Agent that: 

  

	 	(a)	the deceased was a beneficial owner of this Security at the time of death and his or her interest in this Security was acquired by the deceased beneficial owner at
least six months prior to the request for repayment, 

  

	 	(b)	the death of the beneficial owner has occurred and the date of death, and 

  

	 	(c)	the representative has authority to act on behalf of the deceased beneficial owner; 

 

	 	•	if the beneficial interest in this Security is held by a nominee or trustee of, or custodian for, or other Person in a similar capacity to, the deceased beneficial
owner, a certificate satisfactory to the Paying Agent from the nominee, trustee, custodian or similar Person attesting to the deceased’s beneficial ownership in this Security; 

 

	 	•	a written request for repayment signed by the authorized representative of the deceased beneficial owner with the signature guaranteed by a member firm of a registered
national securities exchange or of the Financial Industry Regulatory Authority, Inc. or a commercial bank or trust company having an office or correspondent in the United States; 

 

	 	•	if applicable, a properly executed assignment or endorsement; 

  

	 	•	tax waivers and any other instruments or documents that the Paying Agent reasonably requires in order to establish the validity of the beneficial ownership in this
Security and the claimant’s entitlement to payment; and 

  

	 	•	any additional information the Paying Agent requires to evidence satisfaction of any conditions to the exercise of the Survivor’s Option or to document beneficial
ownership or authority to make the election and to cause the repayment of this Security. 

 In turn, the broker or other entity
will deliver each of these items to the Paying Agent and will certify to the Paying Agent that the broker or other entity represents the deceased beneficial owner. 
 The Company retains the right to limit the aggregate principal amount of this Security as to which exercises of the Survivor’s Option will be accepted by the Company from the authorized
representative for any individual deceased beneficial owner in this Security in any calendar year as described above. All other questions regarding the eligibility or validity of any exercise of the Survivor’s Option will be determined by the
Paying Agent, in its sole discretion, which determination will be final and binding on all parties. 

  
 9 

 The broker or other entity will be responsible for disbursing payments received from the
Paying Agent to the authorized representative. Forms for the exercise of the Survivor’s Option may be obtained from the Paying Agent. 

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 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. 

  
 10 

 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. 

  
 11 

 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) 

  
 12 

 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. 

  
 13

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