Document:

Exhibit 10.23

  

   

  

  PDS BIOTECHNOLOGY CORPORATION

   

  

  CONSULTING SERVICES AGREEMENT

   

        

  This CONSULTING SERVICES AGREEMENT (this “Agreement”), is
      made as of this 26th day of March, 2015 by and between Greg Conn (“Consultant”), and PDS
      Biotechnology Corporation (“Company”) with its corporate headquarters at 675 Highway One, North Brunswick, New Jersey 08902.

   

    

  WITNESSETH:

   

    

  WHEREAS, Company wishes to retain Consultant to provide certain consulting services to Company as set forth in Paragraph 1 below (the “Services”);

      and

   

    

  WHEREAS, Consultant has agreed to provide the, Services on the terms and conditions set forth in this Agreement.

   

    

  NOW, THEREFORE, in consideration of the promises and of the mutual representations, warranties and agreements set forth herein, Consultant
      and Company agree as follows:

   

    

  1.           Services. 

      During the Term (as defined in Paragraph 4 below), Consultant shall provide advisory and drug development/ CMC leadership services to Company, in particular the services described on Exhibit

          A (the “Services”).  Consultant agrees to use his best efforts in connection with performing the Services under this Agreement.  Consultant acknowledges and
      agrees that Consultant does not have the authority to bind Company with respect to any matters, including the execution of agreements, without authorization from a majority of the Board.

   

    

  2.           Fees. 

      Consultant shall be paid $14,500 per month for the Services (the “Fees”) on a monthly basis, and will pursuant to Nonqualified Stock Option Grant Agreement, in the form
      attached hereto as Exhibit B, receive a grant to purchase twelve thousand three hundred (12,300) shares of Common Stock of the Company, ten percent of which will be vested
      upon the grant date and the balance shall vest equally on a monthly basis thereafter until the second anniversary of the date of grant, provided that if this Agreement is terminated without Cause (as defined below) by the Company, all unvested
      options shall automatically vest.  Options will have a term of 10 years and will continue to be exercisable as to vested shares for the full remaining term of the option agreement following any termination of this Agreement.  The consultant will be
      reimbursed for all travel related expenses.

   

    

  3.           No
          Benefits; Taxes; Travel Expenses.

   

    

  (a)          Consultant is not an employee of Company and will not be entitled to
      participate in, or receive any, benefit or right as a Company employee under any Company employee benefit and welfare plans, including, without limitation, employee insurance, pension, savings and security plans, as a result of his entering into this
      Agreement.

   

    

  (b)          Consultant shall be responsible for all estimated, withholding, social
      security, disability, unemployment, self employment and other taxes, imposed on Consultant by the federal government or any other domestic or non-domestic, federal, state, or local tax authority.

  
    
      

  

  
  (c)          Company shall reimburse Consultant for his reasonable travel expenses
      associated with rendering the Services; provided, however, that Consultant is not authorized to incur any expenses on behalf of Company without authorization from the Company, and all statements submitted by Consultant for services and expenses shall
      be in the form prescribed by Company and shall be accompanied by receipts for all expenses in excess of twenty-five dollars.

   

    

  4.           Term and
          Termination.  The term of this Agreement (the “Term”) shall commence on January 1st, 2015 and, shall be terminable by either party with or without Cause upon
      ninety (90) days advance written notice.  “Cause” shall mean a party defaults in the performance of this Agreement or materially breaches any of its obligations under this Agreement.  The effective date of the termination set forth in the written
      notice will be, the “Termination Date.” Paragraphs 5 through 15 hereof shall survive the termination or expiration of this Agreement.

   

    

  5.           Confidential

          Information.  During the Term, and at any time thereafter, Consultant shall not, without the consent of the Company’s Chief Executive Officer, disclose to any person, firm or corporation (except, during the Term, to the extent
      necessary to perform his duties hereunder) any customer lists, trade secrets, reports, correspondence, mailing lists, manuals, price lists, Consultant lists, prospective Consultant lists, letters, records or any other confidential information
      relating to the business of Company or any persons or entities controlling, controlled by or under common control with the Company (“Affiliate”) of Company and shall not,
      without the consent of the Company’s Chief Executive Officer, deliver any oral address or speech or publish, or knowingly permit to be published, any written matter in any way relating to confidential information regarding the business of Company or
      any Affiliate.

   

    

  6.           Non-Disparagement. 

      Upon the Termination Date, Consultant shall not malign, criticize, or otherwise disparage Company, the Affiliates or their respective officers, Consultants or directors.

   

    

  7.           Delivery
          of Records and Injunctive Relief.

   

    

  (a)          Upon the Termination Date, Consultant shall deliver to Company all
      correspondence, reports, customer lists, office keys, manuals, advertising brochures, sample contracts, price lists.  Consultant lists, prospective customer lists, mailing lists, letters, records and any and all other documents pertaining to or
      containing information relative to the business of Company or shall provide Company with written certification that all such tangible records of Company has been destroyed, and Consultant shall not remove any of such records either during the Term or
      upon the Termination Date.

   

    

  (b)          Consultant understands that in the event of a violation of the provisions of
      this Paragraph 7, Company shall have the right to seek injunctive relief, in addition to any other existing rights provided herein or by operation of law, without the requirement of posting bond.  The remedies provided in this Paragraph 7 shall be in
      addition to any legal or equitable remedies existing between Consultant and Company, and shall not be construed as a limitation upon, or as alternative or in lieu of, such remedies.

   

    

  8.           Indemnification. 

      Company shall indemnify Consultant from any loss, damage, cost or expense (including reasonable attorney’s fees) (“Loss”) arising from or related to a third party claim,
      demand, assessment, action, suit or proceeding (“Claim”), including without limitation, any Claim arising from or related to Consultant’s services to the Company. 
      Notwithstanding the foregoing, Company shall not be liable for Losses to the extent such Losses arc caused by the negligence, recklessness or misconduct of Consultant or breach of any of the terms of this Agreement by Consultant.

  
    2

    
      

  

  9.           Survival. 

      Notwithstanding anything to the contrary in this Agreement, the parties agree that Consultant’s obligations under Paragraphs 5, 6, and 7 of this Agreement and Company’s obligations under Paragraph 8 of this Agreement shall continue despite the
      expiration of the term of this Agreement or its termination.

   

    

  10.         No Agency
          Relationship.  This Agreement does not, and shall not be deemed to, make either party hereto the agent or legal representative of the other for any purpose whatsoever.  Neither party shall have the right or authority to assume or
      create any obligations or responsibility whatsoever, express or implied, on behalf of or in the name of the other, or to bind the other in any respect whatsoever.

   

    

  11.         Independent

          Contractor.  In making and performing this Agreement, Consultant shall act at all times as an independent contractor and nothing contained in this Agreement shall be construed or implied to create between Consultant and Company an
      agency, partnership, or employee-employer relationship, or to create between Consultant and Company any other form of legal association or arrangement which imposes liability upon one party for the act or failure to act of the other party.

   

    

  12.         Assignment. 

      This Agreement shall be binding upon the parties hereto, the heirs and legal representatives of Consultant and the successors and assigns of Company.  The Consultant may not assign or otherwise transfer any of his rights or obligations under this
      Agreement without the prior written consent of Company.

   

    

  13.         Notices. 

      Any notice required, permitted or intended to be given under this Agreement shall be in writing and shall be deemed to have been given only if delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid to
      the appropriate address shown below, or such revised address as is delivered to the other party by the same means.

   

    

  (a)          Notices to Compaq’ shall be sent to:

   

    

  
    	
            

            

          	
            PDS Biotechnology Corporation

            Attn. CEO

            675 Highway One

            North Brunswick, NJ 08902 

          

  

  

  

  (b)          Notices to Consultant shall be sent to the most recent address on file with,
      Company.

   

    

  14.         Entire
          Agreement.  This Agreement constitutes the entire agreement between the parties in connection with the subject matter hereof, supersedes any and all prior agreements or understandings between the parties and may only be changed by
      agreement in writing between the parties.

  
    3

    
      

  

  15.         Construction. 

      This Agreement shall be construed and enforced in accordance with the laws of the State of New Jersey, without application of the principles of conflicts of laws.

   

    

  16.          Counterparts;

          Facsimile Signatures.  This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Facsimile signatures shall be
      considered original signatures.

   

    

  17.         Severability. 

      If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, this Agreement shall be interpreted and enforceable as if such provision were severed or limited, but only to the extent necessary to
      render such provision and this Agreement enforceable.

   

    

  [Signature page follows]

  
    4

    
      

  

  IN WITNESS WHEREOF, and intending to be legally bound, the parties have executed this Agreement the day and year first above written.

   

    

  	 	
          PDS BIOTECHNOLOGY CORPORATION

        
	 	 	 
	 	
          By:

        	
          /s/ Frank Bedu-Addo

        
	 	
          Name:

        	
          Frank Bedu-Addo

        
	 	
          Title:

        	
          Chief Executive Officer

        
	 	 	 
	 	 	 
	 	
          By:

        	
          /s/ Gregory Conn

        
	 	 	
          Gregory Conn

        

  

  

  

  

  
    Signature page to PDS Biotechnology Corporation Consulting Services AgreementWELLS FARGO & COMPANY 8-K 

 

Exhibit 4.1

 

[Face of Note]

 

Unless this certificate
is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

CUSIP NO. 95001BBL7

FACE AMOUNT: $__________

REGISTERED NO. ___

 

 WELLS FARGO & COMPANY

 MEDIUM-TERM NOTE, SERIES S

 Due Nine Months or More From Date of
Issue

 

Principal at Risk Securities Linked to the
S&P 500® Index

due June 23, 2021

 

WELLS FARGO &
COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,”
which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises
to pay to CEDE & Co., or registered assigns, an amount equal to the Maturity Payment Amount (as defined below), in such
coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts,
on the Stated Maturity Date. The “Initial Stated Maturity Date” shall be June 23, 2021. If the Calculation Day
(as defined below) is not postponed, the Initial Stated Maturity Date will be the “Stated Maturity Date.” If
the Calculation Day is postponed, the “Stated Maturity Date” shall be the later of (i) the Initial Stated
Maturity Date and (ii) three Business Days (as defined below) after the Calculation Day as postponed. This Security shall
not bear any interest.

Any payments on
this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained
for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose.

“Face Amount”
shall mean, when used with respect to this Security, the amount set forth on the face of this Security as its “Face Amount.”

    	  

    	 

    

Determination of Maturity Payment
Amount

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

 

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

 

	 	(i)	 	Face Amount	 ×  	 	
        Ending Level – Starting
        Level

        Starting Level
	 	 	  ×  Participation Rate  		  ; and 

 

(ii)       the Maximum Return;

 

		•	if the Ending Level is less than or equal to the Starting Level, but greater than or equal to the Threshold Level: the Face
Amount; or

 

		•	if the Ending Level is less than the Threshold Level: the Face Amount minus:

 

	 		Face Amount	×	
        Threshold Level – Ending
        Level

        Starting Level
		 

 

 

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

 

“Index”
shall mean the S&P 500® Index.

 

The “Pricing Date”
shall mean December 18, 2018.

 

The “Starting
Level” is 2546.16, the Closing Level of the Index on the Pricing Date.

 

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

 

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

 

The “Threshold
Level” is 2164.236, which is equal to 85% of the Starting Level.

 

The “Participation
Rate” is 150%.

 

The “Maximum Return”
is 38% of the Face Amount of this Security.

 

    	2 

    	 

    

“Index Sponsor”
shall mean S&P Dow Jones Indices LLC.

 

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

 

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

 

The “Related Futures
or Options Exchange” for the Index means an exchange or quotation system where trading has a material effect (as determined
by the Calculation Agent) on the overall market for futures or options contracts relating to the Index.

 

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

 

The “Calculation
Day” shall be June 18, 2021. If such day is not a Trading Day, the Calculation Day will be postponed to the next succeeding
Trading Day. The Calculation Day is also subject to postponement due to the occurrence of a Market Disruption Event (as defined
below). If a Market Disruption Event occurs or is continuing with respect to the Index on the Calculation Day, such Calculation
Day will be postponed to the first succeeding Trading Day on which a Market Disruption Event has not occurred and is not continuing;
however, if such first succeeding Trading Day has not occurred as of the eighth Trading Day after the originally scheduled Calculation
Day, that eighth Trading Day shall be deemed to be the Calculation Day. If the Calculation Day has been postponed eight Trading
Days after the originally scheduled Calculation Day and a Market Disruption Event occurs or is continuing on such eighth Trading
Day, the Calculation Agent will determine the Closing Level of the Index on such eighth Trading Day in accordance with the formula
for and method of calculating the Closing Level of the Index last in effect prior to commencement of the Market Disruption Event,
using the closing price (or, with respect to any relevant security, if a Market Disruption Event has occurred with respect to such
security, its good faith estimate of the value of such security at the Scheduled Closing Time of the Relevant Stock Exchange for
such security or, if earlier, the actual closing time of the regular trading session of such Relevant Stock Exchange) on such date
of each security included in the Index. As used herein, “closing price” means, with respect to any security
on any date, the Relevant Stock Exchange traded or quoted price of such security as of the Scheduled Closing Time of the Relevant
Stock Exchange for such security or, if earlier, the actual closing time of the regular trading session of such Relevant Stock
Exchange.

 

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

 

    	3 

    	 

    

“Calculation Agent”
shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among other things,
the determination of the Ending Level and the Maturity Payment Amount, which term shall, unless the context otherwise requires,
include its successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC.
Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time to time after the
initial issuance of this Security without the consent of the Holder of this Security and without notifying the Holder of this Security.

 

Adjustments to the Index

 

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

 

Discontinuance of the Index

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

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

    	4 

    	 

    

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

Market Disruption Events 

A “Market Disruption
Event” means any of the following events as determined by the Calculation Agent in its sole discretion:

 

		(A)	The occurrence or existence of a material suspension of or limitation imposed on trading by the
Relevant Stock Exchanges or otherwise relating to securities which then comprise 20% or more of the level of the Index or any Successor
Equity Index at any time during the one-hour period that ends at the Close of Trading on that day, whether by reason of movements
in price exceeding limits permitted by those Relevant Stock Exchanges or otherwise.

		(B)	The occurrence or existence of a material suspension of or limitation imposed on trading by any
Related Futures or Options Exchange or otherwise in futures or options contracts relating to the Index or any Successor Equity
Index on any Related Futures or Options Exchange at any time during the one-hour period that ends at the Close of Trading on that
day, whether by reason of movements in price exceeding limits permitted by the Related Futures or Options Exchange or otherwise.

		(C)	The occurrence or existence of any event, other than an early closure, that materially disrupts
or impairs the ability of market participants in general to effect transactions in, or obtain market values for, securities that
then comprise 20% or more of the level of the Index or any Successor Equity Index on their Relevant Stock Exchanges at any time
during the one-hour period that ends at the Close of Trading on that day.

		(D)	The occurrence or existence of any event, other than an early closure, that materially disrupts
or impairs the ability of market participants in general to effect transactions in, or obtain market values for, futures or options
contracts relating to the Index or any Successor Equity Index on any Related Futures or Options Exchange at any time during the
one-hour period that ends at the Close of Trading on that day.

		(E)	The closure on any Exchange Business Day of the Relevant Stock Exchanges on which securities that
then comprise 20% or more of the level of the Index or any Successor Equity Index are traded or any Related Futures or Options
Exchange prior to its Scheduled Closing Time unless the earlier closing time is announced by the Relevant Stock Exchange or Related
Futures or Options Exchange, as

    	5 

    	 

    

applicable, at least one hour
prior to the earlier of (1) the actual closing time for the regular trading session on such Relevant Stock Exchange or Related
Futures or Options Exchange, as applicable, and (2) the submission deadline for orders to be entered into the Relevant Stock
Exchange or Related Futures or Options Exchange, as applicable, system for execution at such actual closing time on that day.

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

For purposes of
determining whether a Market Disruption Event has occurred:

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

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

		(3)	the “Scheduled Closing Time” of any Relevant Stock Exchange or Related Futures
or Options Exchange on any Trading Day for the Index or any Successor Equity Index means the scheduled weekday closing time of
such Relevant Stock Exchange or Related Futures or Options Exchange on such Trading Day, without regard to after hours or any other
trading outside the regular trading session hours; and

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

    	6 

    	 

    

trading sessions, notwithstanding
any such Relevant Stock Exchange or Related Futures or Options Exchange closing prior to its Scheduled Closing Time.

Calculation Agent

The Calculation
Agent will determine the Maturity Payment Amount and the Ending Level. In addition, the Calculation Agent will (i) determine if
adjustments are required to the Closing Level of the Index under the circumstances described in this Security, (ii) if publication
of the Index is discontinued, select a Successor Equity Index or, if no Successor Equity Index is available, determine the Closing
Level of the Index under the circumstances described in this Security, and (iii) determine whether a Market Disruption Event or
non-Trading Day has occurred.

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

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

Tax Considerations

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

Redemption and Repayment

This Security is
not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to June 23, 2021.
This Security is not entitled to any sinking fund.

Acceleration

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

__________________

Reference is hereby
made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

    	7 

    	 

    

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]

 

 

    	8 

    	 

    

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

DATED:

 

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

 

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

This is one of the Securities of the

series designated therein described

in the within-mentioned Indenture.

 

 

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

 

 

    	9 

    	 

    

[Reverse of Note]

 

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES S

 

Due Nine Months or More From Date of Issue

 

Principal at Risk Securities Linked to the
S&P 500® Index

due June 23, 2021

 

This Security is
one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an indenture dated as of February 21, 2017, as amended or supplemented from time to
time (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series
S, of the Company. The amount payable on the Securities of this series may be determined by reference to the performance of one
or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical
measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure
or may bear interest at a fixed rate or a floating rate. The Securities of this series may mature at different times, be redeemable
at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated
in different currencies.

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

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

Modification and Waivers 

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

    	10 

    	 

    

behalf of the Holders of all Securities
of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture
and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Solely for the purpose of determining
whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture
has been given or taken by the Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount
of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof.
Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Security.

Defeasance

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

Authorized Denominations

This Security is
issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which is an integral
multiple of $1,000.

Registration of Transfer

Upon due presentment
for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new
Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate
Face Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided
therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection
therewith.

This Security is
exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling
or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered
under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days after the
Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that
this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z) an Event
of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant
to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date of issuance,
Stated Maturity Date and other terms and of authorized denominations aggregating a like amount.

    	11 

    	 

    

This Security may
not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the
Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a
nominee of such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled
to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under
the Indenture.

Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

Obligation of the Company Absolute

No reference herein
to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the Maturity Payment Amount at the times, place and rate, and in the coin or currency, herein
prescribed, except as otherwise provided in this Security.

No Personal Recourse

No recourse shall
be had for the payment of the Maturity Payment Amount, or for any claim based hereon, or otherwise in respect hereof, or based
on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director,
as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution, statute or
rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof
and as part of the consideration for the issuance hereof, expressly waived and released.

Defined Terms

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

Governing Law

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

    	12 

    	 

    

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)

 

    	13 

    	 

    

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.

 

 

    	 	14

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