Document:

Exhibit 10.3

 Exhibit 10.3 
 MANAGEMENT CONTINUITY AGREEMENT 
 This Management
Continuity Agreement (the “Agreement”), is made as of June 19, 2009, by and between Union Bankshares Corporation, a Virginia corporation (the “Company”), and David J. Fairchild (the “Executive”). 
 WHEREAS, the Company and First Market Bank, FSB, a federally chartered savings bank (“FMB”), have entered into the First Amended
and Restated Agreement and Plan of Reorganization (the “Reorganization Agreement”), under which FMB will merge with and into a direct wholly-owned subsidiary of the Company (the “Merger”) organized to facilitate the transaction
(the “Resulting Bank”), and thereafter Union Bank and Trust Company, a direct wholly-owned banking subsidiary of the Company, will merge with and into the Resulting Bank at such time as is reasonably practicable after the Merger, with the
Resulting Bank being the surviving bank; 
 WHEREAS, the Company and the Executive have agreed that upon the consummation of the
Merger contemplated by the Reorganization Agreement, the Executive shall become an employee of the Company under the terms and conditions set forth in that certain Employment Agreement, dated June 19, 2009, by and between the Company and the
Executive (the “Employment Agreement”); 
 WHEREAS, the Company desires to encourage the Executive to continue his
employment with the Company after a Change in Control (as defined in Section 13 of this Agreement) by providing reasonable employment security to the Executive; and 
 WHEREAS, the Company desires to recognize the Executive’s prior service to the Company in the event of a termination after a Change in Control. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt of
which is hereby acknowledged, the parties do hereby agree as follows: 
 1. Conditions. Conditional upon consummation of
the Merger and the Executive and the Company executing the Employment Agreement, the parties agree to be bound by the terms and subject to the conditions set forth in this Agreement. 
 2. Purpose. The Company recognizes that the possibility of a Change in Control exists and the uncertainty and questions that it may
raise among management may result in the departure or distraction of management personnel to the detriment of the Company and its shareholders. Accordingly, the purpose of this Agreement is to encourage the Executive to continue employment after a
Change in Control by providing reasonable employment security to the Executive and to recognize the prior service of the Executive in the event of a termination of employment under certain circumstances after a Change in Control. 

 3. Term of the Agreement. This Agreement will be effective on the
effective date of the Merger (the “Merger Date”) and will expire on December 31, 2011, provided that on January 1, 2012 and on each January 1st thereafter (each such January 1st is referred to as the “Renewal Date”), this Agreement will be automatically extended for an additional
calendar year. This Agreement will not, however, be extended if the Company gives written notice of such non-renewal to the Executive no later than September 30th before the Renewal Date (the original and any extended term of this Agreement is referred to as the “Change in
Control Period”). 
 4. Employment After a Change in Control. If a Change in Control of the Company occurs during
the Change in Control Period and the Executive is employed by the Company on the date the Change in Control occurs (the “Change in Control Date”), the Company will continue to employ the Executive in accordance with the terms and
conditions of this Agreement for the period beginning on the Change in Control Date and ending on the third anniversary of such date (the “Employment Period”). If a Change in Control occurs on account of a series of transactions, the
Change in Control Date is the date of the last of such transactions. 
 5. Terms of Employment. 
 (a) Position and Duties. During the Employment Period, (i) the Executive’s position, authority, duties and
responsibilities will be commensurate in all material respects with the most significant of those held, exercised and assigned at any time during the 90-day period immediately preceding the Change in Control Date and (ii) the Executive’s
services will be performed at the location where the Executive was employed immediately preceding the Change in Control Date or any office that is the headquarters of the Company and is less than 35 miles from such location. 
 (b) Compensation. 
 (i) Base Salary. During the Employment Period, the Executive will receive an annual base salary (the “Annual Base Salary”) at least equal to the base salary paid or payable to the
Executive by the Company and its affiliated companies for the twelve-month period immediately preceding the Change of Control Date. During the Employment Period, the Annual Base Salary will be reviewed at least annually and will be increased at any
time and from time to time as will be substantially consistent with increases in base salary generally awarded in the ordinary course of business to other peer executives of the Company and its affiliated companies. Any increase in the Annual Base
Salary will not serve to limit or reduce any other obligation to the Executive under this Agreement. The Annual Base Salary will not be reduced after any such increase, and the term Annual Base Salary as used in this Agreement will refer to the
Annual Base Salary as so increased. The term “affiliated companies” includes any company controlled by, controlling or under common control with the Company. 
 (ii) Annual Bonus. In addition to the Annual Base Salary, the Executive will be awarded for each year ending during
the Employment Period and for which the Executive is employed on the last day of the year an annual bonus (the “Annual Bonus”) in

  

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cash at least equal to the average annual bonus paid or payable, including by reason of any deferral, for the two years immediately preceding the year in which the Change in Control Date occurs.
Each such Annual Bonus will be paid no later than two and one-half months after the end of the year for which the Annual Bonus is awarded. 
 (iii) Incentive, Savings and Retirement Plans. During the Employment Period, the Executive will be entitled to participate in all incentive (including stock incentive), savings and retirement,
insurance plans, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event will such plans, policies and programs provide the Executive with incentive opportunities, savings
opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than those provided by the Company and its affiliated companies for the Executive under such plans, policies and programs as in effect at any time
during the six months immediately preceding the Change in Control Date. 
 (iv) Welfare Benefit Plans.
During the Employment Period, the Executive and/or the Executive’s family, as the case may be, will be eligible for participation in and will receive all benefits under welfare benefit plans, policies and programs provided by the Company and
its affiliated companies to the extent applicable generally to other peer executives of the Company and its affiliated companies, but in no event will such plans, policies and programs provide the Executive with benefits that are less favorable, in
the aggregate, than the most favorable of such plans, policies and programs in effect at any time during the six months immediately preceding the Change in Control Date. 
 (v) Fringe Benefits. During the Employment Period, the Executive will be entitled to fringe benefits in accordance
with the most favorable plans, policies and programs of the Company and its affiliated companies in effect for the Executive at any time during the six months immediately preceding the Change in Control Date or, if more favorable to the Executive,
as in effect generally from time to time after the Change in Control Date with respect to other peer executives of the Company and its affiliated companies. 
 (vi) Vacation. During the Employment Period, the Executive will be entitled to paid vacation in accordance with the
most favorable plans, policies and programs of the Company and its affiliated companies in effect for the Executive at any time during the six months immediately preceding the Change in Control Date or, if more favorable to the Executive, as in
effect generally from time to time after the Change in Control Date with respect to other peer executives of the Company and its affiliated companies. 
  

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 6. Termination of Employment Following a Change in Control. 
 (a) Death or Disability. The Executive’s employment will terminate automatically upon the Executive’s death
during the Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period, it may terminate the Executive’s employment. For purposes of this Agreement,
“Disability” means the Executive’s inability to perform his duties with the Company on a full time basis for 180 consecutive days or a total of at least 240 days in any twelve month period as a result of the Executive’s
incapacity due to physical or mental illness (as determined by an independent physician selected by the Board). 
 (b) Cause. The Company may terminate the Executive’s employment during the Employment Period for Cause. For purposes of this Agreement, “Cause” means (i) gross incompetence, gross negligence, willful misconduct in
office or breach of a material fiduciary duty owed to the Company, the Resulting Bank or any affiliated company; (ii) conviction of a felony or a crime of moral turpitude (or a plea of nolo contendere thereto) or commission of an act of
embezzlement or fraud against the Company, the Resulting Bank or any affiliated company; (iii) any material breach by the Executive of a material term of this Agreement, including, without limitation, material failure to perform a substantial
portion of his duties and responsibilities hereunder; or (iv) deliberate dishonesty of the Executive with respect to the Company, the Resulting Bank or any affiliated company. 
 (c) Good Reason; Window Period. The Executive’s employment may be terminated (i) during the Employment
Period by the Executive for Good Reason or (ii) during the Window Period by the Executive without any reason. For purposes of this Agreement, the “Window Period” means the 45-day period beginning on the later of the one-year
anniversary of the Change in Control Date or the date of closing of the corporate transaction that is the subject of shareholder approval in Section 13. For purposes of this Agreement, “Good Reason” means: 
 (i) a material reduction in the Executive’s duties or authority; 
 (ii) a failure by the Company to comply with any of the provisions of Section 5(b); 
 (iii) the Company’s requiring the Executive to be based at any office or location other than that described in
Section 5(a)(ii); 
 (iv) the failure by the Company to comply with and satisfy Section 8(b); or

 (v) the Company fails to honor any term or provision of this Agreement; 
 (d) Notice of Termination. Any termination during the Employment Period by the Company or by the Executive for Good
Reason or during the Window Period shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific
termination provision in this Agreement relied upon. 
  

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 (e) Date of Termination. “Date of Termination” means
(i) if the Executive’s employment is terminated by the Company for Cause, or by the Executive during the Window Period or for Good Reason, the date of receipt of the Notice of Termination or any later date specified therein, as the case
may be, (ii) if the Executive’s employment is terminated by the Company other than for Cause or Disability, the date specified in the Notice of Termination (which shall not be less than 30 nor more than 60 days from the date such Notice of
Termination is given), and (iii) if the Executive’s employment is terminated for Disability, 30 days after Notice of Termination is given, provided that the Executive shall not have returned to the full-time performance of his duties
during such 30-day period. 
 (f) Key Employee. “Key Employee” shall have the meaning assigned
to that term under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), which generally defines a Key Employee as an employee who, with respect to a publicly traded company, is (a) one of the top fifty most
highly compensated officers with an annual compensation in excess of $130,000 (as adjusted from time to time by Treasury Regulations), (b) a five percent owner of the Company, or (c) a one percent owner of the Company with annual
compensation in excess of $150,000 (as adjusted from time to time by Treasury Regulations). 
 7. Compensation Upon
Termination. 
 (a) Termination Without Cause or for Good Reason or During Window Period. The
Executive will be entitled to the following benefits if, during the Employment Period, the Company terminates his employment without Cause or the Executive terminates his employment with the Company or any affiliated company for Good Reason or
during the Window Period. 
 (i) Accrued Obligations. The Accrued Obligations are the sum of: (1) the
Executive’s Annual Base Salary through the Date of Termination at the rate in effect just prior to the time a Notice of Termination is given; (2) the amount, if any, of any incentive or bonus compensation theretofore earned which has not
yet been paid; (3) the product of the Annual Bonus paid or payable, including by reason of deferral, for the most recently completed year and a fraction, the numerator of which is the number of days in the current year through the Date of
Termination and the denominator of which is 365; and (4) any benefits or awards (including both the cash and stock components) which pursuant to the terms of any plans, policies or programs have been earned or become payable, but which have not
yet been paid to the Executive (but not including amounts that previously had been deferred at the Executive’s request, which amounts will be paid in accordance with the Executive’s existing directions). The Accrued Obligations will be
paid to the Executive in a lump sum cash payment within ten days after the Date of Termination. Notwithstanding the foregoing, if the Executive is a Key Employee on the Date of Termination, then to the extent the Accrued Obligations constitute
deferred compensation under Code Section 409A, then the Accrued Obligations shall not be paid until the first day of the seventh month following the Date of Termination. 
  

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 (ii) Salary Continuance Benefit. The “Salary
Continuance Benefit” is an amount equal to 2.0 times the Executive’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the Annual Base Salary in effect at the Date of Termination, plus the highest
Annual Bonus paid or payable for the two most recently completed years and any amount contributed by the Executive during the most recently completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary
reductions or compensation deferrals. The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the 45th day following the Date of Termination; however, (1) if the Executive is a Key Employee on the Date of
Termination, the Salary Continuation Benefit shall not be paid until the first day of the seventh month following the Date of Termination; or (2) if the Date of Termination occurs more than two years after the Change in Control Date, the Salary
Continuation Benefit will be paid in the form of periodic salary payments as if the Executive had not been terminated. 
 (iii) Welfare Continuance Benefit. For 24 months following the Date of Termination, the Executive and his dependents will continue to be covered under all health and dental plans, disability plans, life insurance plans and all other
welfare benefit plans (as defined in Section 3(1) of ERISA) (the “Welfare Plans”) in which the Executive or his dependents were participating immediately prior to the Date of Termination (the “Welfare Continuance Benefit”).
The Company will pay all or a portion of the cost of the Welfare Continuance Benefit for the Executive and his dependents under the Welfare Plans on the same basis as applicable, from time to time, to active employees covered under the Welfare Plans
and the Executive will pay any additional costs. If participation in any one or more of the Welfare Plans included in the Welfare Continuance Benefit is not possible under the terms of the Welfare Plan or any provision of law would create an adverse
tax effect for the Executive or the Company due to such participation, the Company will provide substantially identical benefits directly or through an insurance arrangement. The Welfare Continuance Benefit as to any Welfare Plan will cease if and
when the Executive has obtained coverage under one or more welfare benefit plans of a subsequent employer that provides for equal or greater benefits to the Executive and his dependents with respect to the specific type of benefit. The Executive or
his dependents will become eligible for COBRA continuation coverage as of the date the Welfare Continuance Benefit ceases for all health and dental benefits. 
 (b) Death. If the Executive dies during the Employment Period, this Agreement will terminate without any further
obligation on the part of the Company under this Agreement, other than for (i) payment of the Accrued Obligations and six months of the Executive’s Base Salary (which shall be paid to the Executive’s beneficiary designated in writing
or his estate, as applicable, in a lump sum cash payment within 30 days of the date of death); (ii) the timely payment or provision of the Welfare Continuance Benefit to the Executive’s spouse and other dependents for 24 months following
the date of death; and (iii) the timely payment of all death and retirement benefits pursuant to the terms of any plan, policy or arrangement of the Company and its affiliated companies. 
  

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 (c) Disability. If the Executive’s employment is terminated
because of the Executive’s Disability during the Employment Period, this Agreement will terminate without any further obligation on the part of the Company under this Agreement, other than for (i) payment of the Accrued Obligations and six
months of the Executive’s Base Salary (which shall be paid to the Executive in a lump sum cash payment within 30 days of the Date of Termination unless the Executive is a Key Employee on the Date of Termination, in which case these amounts
shall not be paid (or begin to be paid) until the first day of the seventh month following the Date of Termination); (ii) the timely payment or provision of the Welfare Continuance Benefit for 24 months following the Date of Termination; and
(iii) the timely payment of all disability and retirement benefits pursuant to the terms of any plan, policy or arrangement of the Company and its affiliated companies. 
 (d) Cause; Other than for Good Reason. If the Executive’s employment is terminated for Cause during the
Employment Period, this Agreement will terminate without further obligation to the Executive other than the payment to the Executive of the Annual Base Salary through the Date of Termination, plus the amount of any compensation previously deferred
by the Executive. If the Executive terminates employment during the Employment Period, excluding a termination either for Good Reason or during the Window Period, this Agreement will terminate without further obligation to the Executive other than
for the Accrued Obligations (which will be paid in a lump sum in cash within 30 days of the Date of Termination) and any other benefits to which the Executive may be entitled pursuant to the terms of any plan, program or arrangement of the Company
and its affiliated companies. 
 (e) Gross-Up Payment. In the event any payment or distribution by the
Company to or for the benefit of the Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this
Section 6(e)) (a “Payment”) would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred by the Executive with respect to such excise tax (collectively, the “Excise
Tax”), then the Executive will be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by the Executive of all taxes (including any income taxes and interest or penalties imposed with
respect to such taxes) and the Excise Tax imposed on the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed on the Payments. All determinations required to be made under this Section 6(e),
including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment, will be made by the independent accounting firm of the Company immediately prior to the Executive’s termination of employment (the
“Accounting Firm”). All fees and expenses of the Accounting Firm will be borne solely by the Company, and any determination by the Accounting Firm will be binding upon the Company and the Executive. Any Gross-Up Payment, as determined
pursuant to this Section 6(e), will be paid by the Company to the Executive within ten days of the receipt of the Accounting Firm’s determination, but in no event later than the end of the year next following the year in which the
Executive pays the Excise Tax. 
 (i) If the Accounting Firm determines that no Excise Tax is payable by the
Executive, it shall so indicate to the Executive in writing. 
  

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 (ii) In the event there is an under-payment of the Gross-Up Payment due to
the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm and the Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm will determine the
amount of any such under-payment that has occurred and such amount will be promptly paid by the Company to or for the benefit of the Executive, but in no event shall it be paid later than the end of the year next following the year in which the
Executive initially paid the Excise Tax. 
 8. Binding Agreement; Successors. 
 (a) This Agreement will be binding upon and inure to the benefit of the Executive (and his personal representative), the
Company and any successor organization or organizations which shall succeed to substantially all of the business and property of the Company, whether by means of merger, consolidation, acquisition of all or substantially of all of the assets of the
Company or otherwise, including by operation of law. 
 (b) 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 assume expressly 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. 
 (c) For purposes of this
Agreement, the term “Company” includes any subsidiaries of the Company and any corporation or other entity which is the surviving or continuing entity in respect of any merger, consolidation or form of business combination in which the
Company ceases to exist; provided, however, that for purposes of determining whether a Change in Control has occurred herein, the term “Company” refers to Union Bankshares Corporation or its successors. 
 9. Fees and Expenses; Mitigation. 
 (a) The Company will pay or reimburse the Executive for all costs and expenses, including without limitation court costs and reasonable attorneys’ fees, incurred by the Executive (i) in
contesting or disputing any termination of the Executive’s employment or (ii) in seeking to obtain or enforce any right or benefit provided by this Agreement, in each case provided the Executive’s claim is upheld by a court of
competent jurisdiction. The Company shall reimburse the foregoing costs on a current basis after the Executive submits a claim for reimbursement with the proper documentation of the expenses, provided that no expense will be reimbursed after the end
of the year following the year in which the expense is incurred. 
 (b) The Executive shall not be required to
mitigate the amount of any payment the Company becomes obligated to make to the Executive in connection with this Agreement, by seeking other employment or otherwise. Except as specifically provided above with respect to the Welfare Continuance
Benefit, the amount of any payment provided for in Section 7 shall not be reduced, offset or subject to recovery by the Company by reason of any compensation earned by the Executive as the result of employment by another employer after the Date
of Termination, or otherwise. 
  

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 10. No Employment Contract. Nothing in this Agreement will be construed as creating
an employment contract between the Executive and the Company prior to Change in Control. 
 11. Continuance of Welfare
Benefits Upon Death. If the Executive dies while receiving a Welfare Continuation Benefit, the Executive’s spouse and other dependents will continue to be covered under all applicable Welfare Plans during the remainder of the 24-month
coverage period. The Executive’s spouse and other dependents will become eligible for COBRA continuation coverage for health and dental benefits at the end of such 24-month period. 
 12. Notice. Any notices and other communications provided for by this Agreement will be sufficient if in writing and delivered in
person or sent by registered or certified mail, postage prepaid (in which case notice will be deemed to have been given on the third day after mailing), or by overnight delivery by a reliable overnight courier service (in which case notice will be
deemed to have been given on the day after delivery to such courier service). Notices to the Company shall be directed to the Secretary of the Company, with a copy directed to the Chairman of the Board of the Company. Notices to the Executive shall
be directed to his last known address. 
 13. Definition of a Change in Control. No benefits shall be payable hereunder
unless there shall have been a Change in Control of the Company as set forth below. For purposes of this Agreement, a “Change in Control” means: 
 (a) The acquisition by any Person of beneficial ownership of 20% or more of the then outstanding shares of common stock of the Company, provided that an acquisition directly from the Company (excluding an
acquisition by virtue of the exercise of a conversion privilege) shall not constitute a Change in Control; 
 (b)
Individuals who constitute the Board on the Merger Date (the “Incumbent Board”) cease to constitute a majority of the Board, provided that any director whose nomination was approved by a vote of at least two-thirds of the directors then
comprising the Incumbent Board will be considered a member of the Incumbent Board, but excluding any such individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of the
directors of the Company (as such terms are used in Rule 14a-11 promulgated under the Securities Exchange Act of 1934 (the “Exchange Act”)); 
 (c) Approval by the shareholders of the Company of a reorganization, merger, share exchange or consolidation (a “Reorganization”), provided that shareholder approval of a Reorganization will not
constitute a Change in Control if, upon consummation of the Reorganization, each of the following conditions is satisfied: 
 (i) more than 60% of the then outstanding shares of common stock of the corporation resulting from the Reorganization is beneficially owned by all or substantially all of the former shareholders of the
Company in substantially the same proportions as their ownership existed in the Company immediately prior to the Reorganization; 
  

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 (ii) no Person beneficially owns 20% or more of either (1) the then
outstanding shares of common stock of the corporation resulting from the transaction or (2) the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors; and

 (iii) at least a majority of the members of the board of directors of the corporation resulting from the
Reorganization were members of the Incumbent Board at the time of the execution of the initial agreement providing for the Reorganization. 
 (d) Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company, or of the sale or other disposition of all or substantially all of the assets of the Company.

 (e) For purposes of this Agreement, “Person” means any individual, entity or group (within the
meaning of Section 13(d)(3) of the Exchange Act, other than any employee benefit plan (or related trust) sponsored or maintained by the Company or any affiliated company, and “beneficial ownership” has the meaning given the term in
Rule 13d-3 under the Exchange Act. 
 14. Confidentiality. The Executive will hold in a fiduciary capacity for the
benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its affiliated companies and their respective businesses, which was obtained by the Executive during the Executive’s employment
by the Company or any of its affiliated companies and which will not be or become public knowledge. After termination of the Executive’s employment with the Company, the Executive will not, without the prior written consent of the Company or
except as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. In no event shall an asserted violation of the provisions of
this Section 14 constitute a basis for deferring or withholding any amounts otherwise payable to the Executive under this Agreement. 
 15. Miscellaneous. No provision of this Agreement may be amended, modified, waived or discharged unless such amendment, modification, waiver or discharge is agreed to in a writing signed by the
Executive and the Chairman of the Board or President of the Company. No waiver by either party hereto at any time of any breach by the other party hereto of, or 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. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof
have been made by either party which are not expressly set forth in this Agreement. 
 16. Governing Law. The validity,
interpretation, construction and performance of this Agreement shall be governed by the laws of the Commonwealth of Virginia. 
  

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 17. 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. 
 18. TARP Capital Purchase Program. The Executive hereby acknowledges and agrees that, for as long as the Company is a participant in and is subject to the Troubled Asset Relief Program (“TARP”) rules and guidance, with debt
or equity held by the U.S. Department of the Treasury (the “Treasury”), the Company will be bound by the executive compensation and corporate governance requirements of Section 111 of the Emergency Economic Stabilization Act of 2008,
as amended, and any and all implementing regulations or guidance issued by the Treasury. The Executive further agrees that despite any contrary provision within this Agreement, the Board shall have the right to modify, unilaterally and without the
Executive’s consent, any of the provisions of this Agreement, including but not limited to reducing the amount of compensation and benefits provided under Sections 5 and 7 herein, if in the Board’s sole judgment the modification is
necessary to comply with the mandatory application of the Treasury’s rules and guidance governing executive compensation of participants of the TARP Capital Purchase Program, as such rules and guidance may be supplemented or amended from time
to time after the date of this Agreement. The Board’s power under this Section 19 to modify the provisions of this Agreement shall expire when the Company is no longer a participant in and subject to the TARP Capital Purchase Program rules
and guidance. 
 19. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall
be deemed to be an original but all of which together will constitute one and the same instrument. 
 (Signatures appear on the
following page) 
  

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 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by Union
Bankshares Corporation by its duly authorized officer, and by the Executive, as of the date first above written. 
  

			
	UNION BANKSHARES CORPORATION
		
	By:	 	/s/ G. William Beale
		 	G. William Beale
		 	President and Chief Executive Officer
	
	EXECUTIVE
	
	/s/ David J. Fairchild
	David J. Fairchild

  

 12Notes Linked to an Equity Basket

 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. 949746QK0	  	FACE AMOUNT: $                
	REGISTERED NO.             	  	

 WELLS FARGO & COMPANY 
 Notes Linked to an Equity Basket 
 due August 7, 2013 
 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 August 7, 2013. If no Market Disruption Event (as defined below) occurs or is continuing with respect to a Basket Component (as defined
below) on the scheduled Valuation Date (as defined below), the Initial Stated Maturity Date will be the “Stated Maturity Date.” If a Market Disruption Event occurs or is continuing on the scheduled Valuation Date with respect to a
Basket Component, the “Stated Maturity Date” shall be the later of (i) three Business Days (as defined below) after the postponed Valuation Date with respect to such Basket Component (or, if the Valuation Date is postponed with
respect to more than one Basket Component, three Business Days after the latest postponed Valuation Date) and (ii) the Initial Stated Maturity Date. 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. 
 Determination of Maturity Payment Amount 
 “Maturity Payment
Amount” shall mean, for each $1,000 Face Amount of this Security: 
  

	 	•	 	 if the Final Basket Level is greater than the Initial Basket Level, $1,000 plus the lesser of (A) the Additional Amount and (B) the Capped
Return Amount; 

  

	 	•	 	 if the Final Basket Level is equal to the Initial Basket Level or is at least 85% of the Initial Basket Level, $1,000; and

  

	 	•	 	 if the Final Basket Level is less than 85% of the Initial Basket Level, $1,000 minus the product of: 

  

	 	•	 	 $1,000; and 

  

	 	•	 	 Initial Basket Level – Final Basket Level     -.15 

 Initial Basket Level 
 “Additional Amount” shall mean, for each $1,000 Face Amount of this Security, an amount equal to the product of: 
  

	 	•	 	 $1,000; 

  

	 	•	 	 1.50; and 

  

	 	•	 	 Final Basket Level – Initial Basket Level 

 Initial Basket Level 
 “S&P 500 Index” shall mean the S&P
500 Index. 
 “S&P MidCap 400 Index” shall mean the S&P MidCap 400 Index. 
 “Russell 2000 Index” shall mean the Russell 2000 Index. 
 “Sponsor” shall mean Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.
(“S&P”) or Frank Russell Company, doing business as Russell Investment Group (“Russell”), as applicable. 
 “Basket Component” shall mean each of the S&P 500 Index (50%); the S&P MidCap 400 Index (25%); and the Russell 2000 Index (25%), with each Basket Component having the weighting
noted parenthetically. 
 “Capped Return Amount” is $410 per $1,000 Face Amount of this Security. 

The “Initial Basket Level” is 100. 

 The “Final Basket Level” will be equal to the product of (i) 100 and
(ii) an amount to equal 1 plus the sum of: (A) 50% of the Component Return (as defined herein) of the S&P 500 Index; (B) 25% of the Component Return of the S&P MidCap 400 Index; and (C) 25% of the Component Return of the
Russell 2000 Index. 
 “Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a
legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York or Minneapolis, Minnesota. 
 “Calculation Agency Agreement” shall mean the Calculation Agency Agreement dated as of February 5, 2010 between the Company and the Calculation Agent, as amended from time to time.

 “Calculation Agent” shall mean the Person that has entered into the Calculation Agency Agreement with the
Company providing for, among other things, the determination of the Final Basket Level, the Additional Amount, if any, and the Maturity Payment Amount, which term shall, unless the context otherwise requires, include its successors under such
Calculation Agency Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agency Agreement, the Company may appoint a different Calculation Agent from time to time after the initial issuance of the
Securities of this series without the consent of the Holders of the Securities of this series and without notifying the Holders of the Securities of this series. 
 The “Closing Level” on any Trading Day (as defined herein) means (A) with respect to the S&P 500 Index, the closing level of the S&P 500 Index as reported by S&P (or of
any successor index (as defined herein), as reported by the index sponsor of the successor index); (B) with respect to the S&P MidCap 400 Index, the closing level of the S&P MidCap 400 Index as reported by S&P (or of any successor
index, as reported by the index sponsor of the successor index); and (C) with respect to the Russell 2000 Index, the closing level of the Russell 2000 Index as reported by Russell (or of any successor index, as reported by the index sponsor of
the successor index) on such Trading Day or as determined by the Calculation Agent as described in “—Discontinuance of a Basket Component; Alteration of Method of Calculation.” 
 The “Component Return” of a Basket Component will be equal to: 
 Final Component Level – Initial Component Level 
 Initial Component Level 
 where, 
  

	 	•	 	 the “Initial Component Level” is the Closing Level of such Basket Component on the Pricing Date; and 

  

	 	•	 	 the “Final Component Level” will be the Closing Level of such Basket Component on the Valuation Date. 

  

 The Initial Component Levels of the Basket Components are as follows: S&P 500 Index
(1073.87); S&P MidCap 400 Index (702.80); and Russell 2000 Index (602.04). 
 “Face Amount” shall mean,
when used with respect to any Security or Securities of this series, the amount set forth on the face of such Security or Securities as its or their “Face Amount.” 
 The “Pricing Date” shall mean the date the notes were priced for initial sale to the public. 
 A “Trading Day” means any day on which The New York Stock Exchange, The Nasdaq Stock Market and the American Stock
Exchange, or any successor thereto, are open for trading during their regular trading sessions. 
 The “Valuation
Date” shall be the last Trading Day of July 2013, subject to postponement due to the occurrence of a Market Disruption Event. If a Market Disruption Event occurs or is continuing with respect to a Basket Component on the scheduled Valuation
Date, the Calculation Agent will determine the Closing Level of such Basket Component by reference to the Closing Level of such Basket Component on the next Trading Day on which there is not a Market Disruption Event for such Basket Component;
provided, however, if a Market Disruption Event occurs with respect to a Basket Component on each of the five Trading Days following the originally scheduled Valuation Date, then (i) that fifth Trading Day will be deemed the Valuation Date for
such Basket Component and (ii) the Calculation Agent will determine the Closing Level of such Basket Component subject to a Market Disruption Event based on its good faith estimate of the Closing Level on that fifth Trading Day. Notwithstanding
a postponement of the Valuation Date with respect to a Basket Component that is subject to a Market Disruption Event, the originally scheduled Valuation Date will remain the Valuation Date for any Basket Component not subject to a Market Disruption
Event. See “—Market Disruption Events.” 
 Discontinuance Of A Basket Component; Alteration Of Method Of Calculation

 If the Sponsor of a Basket Component discontinues publication of such Basket Component and such Sponsor or another entity
publishes a successor or substitute index that the Calculation Agent determines, in its sole discretion, to be comparable to the discontinued Basket Component, then any subsequent Closing Level of that Basket Component will be determined by
reference to the level of such successor index or substitute index (in any such case, referred to herein as a “successor index”) at 4:00 p.m., New York City time, on the date that any such subsequent Closing Level of such Basket Component
is to be determined. 
 Upon any selection by the Calculation Agent of a successor index, the Company will promptly give notice
to the Holders of the Securities of this series. 
 If the Sponsor of a Basket Component discontinues publication of such Basket
Component prior to, and such discontinuance is continuing on, the date that any Closing Level of such Basket Component is to be determined and the Calculation Agent determines that no successor index is available at such time, then, on such date,
the Calculation Agent will determine the Closing Level of such Basket Component to be used in computing the amount

 
payable at stated maturity. Such Closing Level will be computed by the Calculation Agent in accordance with the formula for and method of calculating such Basket Component last in effect prior to
such discontinuance, using the closing price (or, if trading in the relevant securities has been materially suspended or materially limited, its good faith estimate of the closing price that would have prevailed but for such suspension or
limitation) at the close of the principal trading session on such date of each security most recently comprising such Basket Component on the primary organized exchange or trading system. As used herein, “closing price” means, with
respect to any security on any date, the last reported sales price regular way on such date or, in case no such reported sale takes place on such date, the average of the reported closing bid and asked prices regular way on such date, in either case
on the primary organized exchange or trading system on which such security is then listed or admitted to trading. 
 If a
successor index is selected or the Calculation Agent calculates a Closing Level as a substitute for a Basket Component, such successor index or Closing Level will be used as a substitute for such Basket Component for all purposes, including for
purposes of determining whether a Market Disruption Event exists. 
 If at any time the method of calculating a Basket Component
or a successor index, or the Closing Level thereof, is changed in a material respect, or if a Basket Component or a successor index is in any other way modified so that such index does not, in the opinion of the Calculation Agent, fairly represent
the value of such Basket Component or such successor index had such changes or modifications not been made, then the Calculation Agent will, at the close of business in New York City on the date that any Closing Level of a Basket Component or a
successor index is to be determined, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a value of a stock index comparable to such Basket Component or such
successor index, as the case may be, as if such changes or modifications had not been made, and calculate the Closing Level and the amount payable at stated maturity with reference to such Basket Component or such successor index, as adjusted.
Accordingly, if the method of calculating such Basket Component or such successor index is modified so that the level of such index is a fraction of what it would have been if it had not been modified (for example, due to a split in the index), then
the Calculation Agent will adjust such index in order to arrive at a level of such Basket Component or such successor index as if it had not been modified (for example, as if such split had not occurred). 
 Market Disruption Events 
 A
“Market Disruption Event” with respect to a Basket Component will occur on any day if the Calculation Agent determines, in its sole discretion, any of the following: 
  

	 	•	 	 A material suspension or material limitation of trading in 20% or more of the underlying stocks which then comprise such Basket Component or any
successor index has occurred on that day, in each case, during the one-hour period preceding the close of trading on the primary organized U.S. exchange or trading system on which those stocks are traded or, if in the case of a common stock not
listed or quoted in the United States, on the primary non-U.S. exchange, trading system or market for that security. Limitations on trading during significant market fluctuations imposed pursuant to New York Stock Exchange Rule 80B or any

	 	 
applicable rule or regulation enacted or promulgated by The New York Stock Exchange, any other exchange, trading system or market, any other self regulatory organization or the Securities and
Exchange Commission of similar scope or as a replacement for Rule 80B, may be considered material. For purposes of this certificate “trading system” includes bulletin board services. 

  

	 	•	 	 A material suspension or material limitation has occurred on that day, in each case during the one-hour period preceding the close of trading in
options or futures contracts related to such Basket Component or any successor index, whether by reason of movements in price exceeding levels permitted by the exchange, trading system or market on which those options or futures contracts are traded
or otherwise. 

  

	 	•	 	 Any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or
obtain market values for, the securities that then comprise 20% or more of such Basket Component or any successor index, at any time during the one-hour period preceding the close of trading on that day. 

  

	 	•	 	 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, the futures or options contracts relating to such Basket Component or any successor index on the primary exchange or quotation system on which those futures or options contracts are traded, at any time during the one-hour
period preceding the close of trading on that day. 

  

	 	•	 	 The closure of an exchange, trading system or market on which the securities that then comprise 20% or more of such Basket Component or any successor
index are traded or which futures or options contracts relating to such Basket Component or any successor index are traded prior to its scheduled closing time unless the earlier closing time is announced by such exchange, trading system or market at
least one hour prior to the earlier of (1) the actual closing time for the regular trading session of the exchange, trading system or market and (2) the submission deadline for orders to be entered in the exchange, trading system or market
for execution on such trading day. 

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

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

  

	 	•	 	 “close of trading” means 4 p.m., New York City time. 

 Calculation Agent 
 The Calculation Agent will determine the Maturity Payment Amount, the Final Basket Level, and the Additional Amount, if any. In addition, the Calculation Agent will (i) determine if adjustments are
required to the Closing Level of a Basket Component under the circumstances described in this Security, (ii) if publication of a Basket Component is discontinued, select a successor index or, if no successor index is available, determine the
Closing Level of such Basket Component under the circumstances described in this Security, and (iii) determine whether a Market Disruption Event has occurred. 
 The Company covenants that, so long as any of the Securities of this series are Outstanding, there shall at all times be a Calculation Agent (which shall be a broker-dealer, bank or other financial
institution) with respect to the Securities of this series. 
 All determinations made by the Calculation Agent with respect to
the Securities of this series 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 Holders of the Securities of this series. All
percentages and other amounts resulting from any calculation with respect to the Securities of this series will be rounded at the Calculation Agent’s discretion. 
 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] 

 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

 [Reverse of Note] 
 WELLS FARGO & COMPANY 
 Notes Linked to an
Equity Basket 
 due August 7, 2013 
 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 designated on the face hereof, limited in aggregate Face Amount to
$            ; provided, however, that the Company may, so long as no Event of Default has occurred and is continuing, without the consent of the Holders of the Securities of
this series, issue additional Securities with the same terms as the Securities of this series, and such additional Securities shall be considered part of the same series under the Indenture as the Securities of this series. 
 The Securities of this series are not subject to redemption at the option of the Company or repayment at the option of the Holder hereof
prior to August 7, 2013. The Securities will not be entitled to any sinking fund. 
 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 Securities of this series. 
 If an Event of Default, as defined in the Indenture, with respect to Securities of this series shall occur and be continuing, the Maturity Payment Amount (calculated as set forth in the next sentence) of
the Securities of this series 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 though the date of acceleration was the Valuation Date; provided, however, if such date is not a Trading Day or if a Market Disruption Event has occurred or is continuing on that day, the next Trading Day on which
there is not a Market Disruption Event will be deemed to be the Valuation Date. Upon payment of the amount so declared due and payable, all of the Company’s obligations in respect of payment of the Maturity Payment Amount shall terminate. The
Securities of this series will not bear a default rate of interest after the occurrence of an Event of Default or an acceleration under the Indenture. 
 The Company agrees, and by acceptance of a beneficial ownership interest in this Security each beneficial owner 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 pre-paid derivative contract with
respect of the Basket. 
 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. 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, 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. 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. 
 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. 
 Article Sixteen of the Indenture shall not apply to this Security. 
 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 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 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 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. 
 No reference herein to the Indenture and no provision of 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 and place, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 
 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.

 No recourse shall be had for the payment of the Maturity Payment Amount, or for any claim based on this Security, 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. 
 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. 
 This Security shall be governed by and construed in
accordance with the laws of the State of New York. 

 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)

 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.

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