Document:

Exhibit

Exhibit 10.3

BLUE BIRD CORPORATION
RESTRICTED STOCK UNIT AWARD AGREEMENT
This Restricted Stock Unit Award Agreement (the “Agreement”), dated as of the “Award Date” set forth in the attached Exhibit A (the “Award Date”), is entered into between Blue Bird Corporation, a Delaware corporation (the “Company”), and the individual named in Exhibit A hereto (the “Awardee”). 
WHEREAS, the Company desires to provide the Awardee an incentive to participate in the success and growth of the Company through the opportunity to earn a proprietary interest in the Company; and
WHEREAS, to give effect to the foregoing intention, the Company desires to grant the Awardee an award of Restricted Stock Units pursuant to the Blue Bird Corporation 2015 Omnibus Equity Incentive Plan (the “Plan”);
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for good and valuable consideration, the parties hereto agree as follows:
1.Award.  The Company hereby awards the Awardee the number of Restricted Stock Units (each an “RSU” and collectively the “RSUs”) set forth in Exhibit A hereto, subject to the terms and conditions set forth herein and the provisions of the Plan, the terms of which are incorporated herein by reference.  Capitalized terms used but not otherwise defined in this Agreement shall have the meanings as set forth in the Plan.  

2.Vesting.  Except as otherwise provided in this Agreement or in Exhibit A (which shall supersede this Section 2 in the event of any inconsistency between this Section 2 and Exhibit A), the RSUs shall vest in accordance with the following vesting schedule subject to adjustment based on the payout of the Management Performance Bonus Plan for the prior fiscal year:
	
		
	The following percentage 
of the RSUs:
	Shall vest on the following date; provided that the Awardee is in the Service of the Company or any of its Subsidiaries on such date:

	1/3rd
	December 11, 2020

	1/3rd
	December 11, 2021

	1/3rd 
	December 11, 2022

Any RSUs not vested due to a failure to achieve the prior fiscal year’s Management Performance Bonus Plan shall be forfeited.  Further, each tranche of RSU’s is subject to downward adjustments consistent with each respective fiscal year’s actual percentage payout based solely on the financial metrics of the Management Performance bonus award.  Any given tranche may not vest less than 50% and may not vest more than 100%, regardless of the results of the Management Performance bonus award results.  For example, if the Company achieves a 75% payout of the fiscal year 2020 Management Performance Bonus Plan, then only 75% of the 1/3rd RSU award shall vest on December 11, 2020.  If the Company fails to achieve any payout of the fiscal year 2020 Management Performance Bonus Plan, then 50% of 1/3rd of the RSUs shall be deemed forfeited.  The performance objectives of each fiscal year’s Management Performance Plan shall be set by the Company’s Compensation Committee at its sole discretion and may vary year to year. 

Exhibit 10.3

For each RSU that becomes vested in accordance with this Agreement, the Company shall issue and deliver to Awardee, on or within ten (10) business days after becoming vested, one share of the Company’s common stock, par value $.0001 per share (the “Common Stock”).  Except as provided above, in the event that the Awardee ceases to be in the Service of the Company or any of its Subsidiaries, any RSUs that have not vested as of the date of such cessation of Service shall be forfeited.

3.No Rights as Stockholder.  The Awardee shall not be entitled to any of the rights of a stockholder with respect to any share of Common Stock that may be acquired following vesting of an RSU unless and until such share of Common Stock is issued and delivered to the Awardee.  Without limitation of the foregoing, the Awardee shall not have the right to vote any share of Common Stock to which an RSU relates and shall not be entitled to receive any dividend attributable to such share of Common Stock for any period priot to the issuance and delivery of such share to Awardee.  

4.Transfer Restrictions.  Neither this Agreement nor the RSUs may be sold, assigned, pledged or otherwise transferred or encumbered without the prior written consent of the Committee. 

5.Government Regulations.  Notwithstanding anything contained herein to the contrary, the Company’s obligation hereunder to issue or deliver certificates evidencing shares of Common Stock shall be subject to the terms of the Plan, all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required.

6.Investment Purpose.  The Awardee represents and warrants that any and all shares of Common Stock acquired by the Awardee under this Agreement will be acquired for investment for the Awardee’s own account and not with a view to, for resale in connection with, or with an intent of participating directly or indirectly in, any distribution of such shares of Common Stock within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).  The Awardee agrees not to sell, transfer or otherwise dispose of such shares unless they are either (1) registered under the Securities Act and all applicable state securities laws, or (2) exempt from such registration in the opinion of Company counsel.

7.Securities Law Restrictions.  Regardless of whether the offering and sale of shares of Common Stock issuable to Awardee pursuant to this Agreement and the Plan have been registered under the Securities Act, or have been registered or qualified under the securities laws of any state, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of such shares of Common Stock (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary in order to achieve compliance with the Securities Act or the securities laws of any state or any other law.

8.Lock-Up Agreement. The Awardee hereby agrees that in the event any shares of Common Stock become deliverable to Awardee with respect to RSUs at a time during which any directors or officers of the Company have agreed with one or more underwriters not to sell securities of the Company, then Awardee shall enter into an agreement, in form and substance satisfactory to the Company, pursuant to which the Awardee shall agree to restrictions on transferability of such shares of Common Stock comparable to the restrictions agreed upon by such directors or officers of the Company.

Exhibit 10.3

9.Withholding Taxes.  The Company shall have the right to require the Awardee to remit to the Company, or to withhold from amounts payable to the Awardee, as compensation or otherwise, the minimum statutory amount required to satisfy all federal, state and local income tax withholding requirements and the Awardee’s share of applicable employment withholding taxes (including, without limitation, any such income or employment taxes resulting from the vesting of RSUs and the issuance of Common Stock with respect thereto).

10.Awardee Representations.  The Awardee has reviewed with the Awardee’s own tax advisors the federal, state, local and foreign tax consequences of the transactions contemplated by this Agreement. The Awardee is relying solely on such advisors, and not on any statements or representations of the Company or any of its agents, if any, made to the Awardee. The Awardee understands that the Awardee (and not the Company) shall be responsible for the Awardee’s own liability arising as a result of the transactions contemplated by this Agreement.

11.No Guarantee of Continued Service.  The Awardee acknowledges and agrees that (i) nothing in this Agreement or the Plan confers on the Awardee any right to continue an employment, service or consulting relationship with the Company, nor shall it affect in any way the Awardee’s right or the Company’s right to terminate the Awardee’s employment, service, or consulting relationship at any time, with or without cause, subject to any employment agreement that may have been entered into by the Company and the Awardee; and (ii) the Company would not have granted this Award to the Awardee but for these acknowledgments and agreements.

12.Notices.  Notices or communications to be made hereunder shall be in writing and shall be delivered in person, by registered mail, by confirmed facsimile or by a reputable overnight courier service to the Company at its principal office or to the Awardee at his or her address contained in the records of the Company.  Alternatively, notices and other communications may be provided in the form and manner of such electronic means as the Company may permit.

13.Entire Agreement; Governing Law.  The Plan is incorporated herein by reference.  The Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Awardee with respect to the subject matter hereof, and may not be modified adversely to the Awardee’s interest except by means of a writing signed by the Company and the Awardee.  In the event of any conflict between this Agreement and the Plan, the Plan shall be controlling.  This Agreement shall be construed under the laws of the State of Delaware, without regard to conflict of laws principles.

14.Opportunity for Review.  Awardee and the Company agree that this Award is granted under and governed by the terms and conditions of the Plan and this Agreement.  The Awardee has reviewed the Plan and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to accepting this Agreement and fully understands all provisions of the Plan and this Agreement.  The Awardee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions relating to the Plan and this Agreement.  The Awardee further agrees to notify the Company upon any change in Awardee’s residence address.

15.Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the Company and the Awardee and their respective permitted successors, assigns, heirs, beneficiaries and representatives. 
 

Exhibit 10.3

16.Section 409A Compliance.  To the extent that this Agreement and the award of RSUs hereunder are or become subject to the provisions of Section 409A of the Code, the Company and the Awardee agree that this Agreement may be amended or modified by the Company, in its sole discretion and without the Awardee’s consent, as appropriate to maintain compliance with the provisions of Section 409A of the Code.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth in Exhibit A.

	
						
	 
	 
	BLUE BIRD CORPORATION
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Phil Horlock
	 
	 

	 
	 
	 
	Name: Phil Horlock
	 
	 

	 
	 
	 
	Title: President & Chief Executive Officer
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	AWARDEE
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	Name:
	 
	 

Exhibit 10.3

EXHIBIT A

BLUE BIRD CORPORATION

RESTRICTED STOCK UNIT AWARD AGREEMENT

(a).    Awardee’s Name:  ____________________        

(b).    Award Date:      ________________________    
    
(c).    Number of Restricted Stock Units Granted:  _______________    

_______  (Initials)
Awardee

_______ (Initials)
Company SignatoryWELLS 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. 95001HEV9

	FACE
                                         AMOUNT:  $_________

REGISTERED
NO. __

 

WELLS
FARGO FINANCE LLC

 

MEDIUM-TERM
NOTE, SERIES A

Fully
and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal
at Risk Securities Linked to the EURO STOXX 50® Index

 

WELLS
FARGO FINANCE LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under and as defined in the Indenture hereinafter
referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the
Cash Settlement 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 “Stated Maturity Date”
shall be December 15, 2021. If the Determination Date (as defined below) is postponed, the Stated Maturity Date will be postponed
to the second Business Day (as defined below) after the Determination Date 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 Cash Settlement Amount and Certain Definitions

 

The
“Cash Settlement Amount” of this Security will equal:

 

		●

	if
                 the Final Underlier Level is greater than or equal to the Threshold Level, the Maximum Settlement Amount; or

 

 

 

		●

	if
                 the Final Underlier Level is less than the Threshold Level, the sum of (i) the Face Amount plus (ii) the
                 product of (a) the Buffer Rate times (b) the sum of the Underlier Return plus the Threshold Amount
                 times (c) the Face Amount.

 

All
calculations with respect to the Cash Settlement 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 Cash Settlement Amount will be rounded to the nearest
cent, with one-half cent rounded upward.

 

The
“Underlier” shall mean the EURO STOXX 50® Index.

 

The
“Trade Date” shall mean February 6, 2020.

 

The
“Initial Underlier Level” is 3,805.52, the Closing Level of the Underlier on the Trade Date.

 

The
“Closing Level” of the Underlier on any Trading Day means the official closing level of the Underlier reported
by the Underlier 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 Underlier,”  “Discontinuance of the Underlier” and “Market
Disruption Events.”

 

The
“Final Underlier Level” will be the Closing Level of the Underlier on the Determination Date.

 

The
“Underlier Return” will be the quotient of (i) the Final Underlier Level minus the Initial Underlier Level
divided by (ii) the Initial Underlier Level, expressed as a percentage.

 

The
“Threshold Level” is 3,329.83, which is equal to 87.5% of the Initial Underlier Level.

 

The
“Threshold Amount” is 12.5%.

 

The
“Maximum Settlement Amount” is 112.30% of the Face Amount of this Security.

 

The
“Buffer Rate” is equal to the Initial Underlier Level divided by the Threshold Level.

 

“Underlier
Sponsor” shall mean STOXX Limited.

 

“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.

 

2

 

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

 

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

 

The
“Related Futures or Options Exchange” for the Underlier 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 Underlier.

 

The
“Determination Date” shall be December 13, 2021.  If the originally scheduled Determination Date is not
a Trading Day, the Determination Date will be postponed to the next succeeding Trading Day.  The Determination Date is also
subject to postponement due to the occurrence of a Market Disruption Event (as defined below).  See “–Market
Disruption Events.”

 

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of May 18, 2018 between the Company and the Calculation
Agent, as amended from time to time.

 

“Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among
other things, the determination of the Final Underlier Level and the Cash Settlement 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 Underlier

 

If
at any time the method of calculating the Underlier or a Successor Underlier, or the closing level thereof, is changed in a material
respect, or if the Underlier or a Successor Underlier is in any other way modified so that such underlier does not, in the opinion
of the Calculation Agent, fairly represent the level of such underlier 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 underlier
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 underlier comparable to the Underlier or Successor Underlier as if those changes or modifications
had not been made, and the Calculation Agent will calculate the closing level of the Underlier or Successor Underlier with reference
to such underlier, as so adjusted.  Accordingly, if the method of calculating the Underlier or Successor Underlier is modified
so that the level of such underlier 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 underlier), then the Calculation Agent will adjust the Underlier or Successor Underlier
in order to arrive at a level of such underlier as if it had not been modified (e.g., as if the split or reverse split had not
occurred).

 

3

 

Discontinuance
of the Underlier

 

If
the Underlier Sponsor discontinues publication of the Underlier, and the Underlier 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 Underlier (a
“Successor Underlier”), then, upon the Calculation Agent’s notification of that determination to the
Trustee and the Company, the Calculation Agent will substitute the Successor Underlier as calculated by the relevant Underlier
Sponsor or any other entity and calculate the Final Underlier Level as described above. Upon any selection by the Calculation
Agent of a Successor Underlier, the Company will cause notice to be given to the Holder of this Security.

 

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

 

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

 

Market
Disruption Events 

 

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

 

		(A)

	Any
                 of the following events occurs or exists with respect to any security included in the Underlier or any Successor
                 Underlier, and the aggregate of all securities included in the Underlier or Successor Underlier with respect
                 to which any such event occurs comprise 20% or more of the level of the Underlier or Successor Underlier:

 

		●

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

		●

	any
                 event, other than an early closure, that materially disrupts or impairs the ability of market participants in
                 general to effect transactions in, or obtain

 

4

 

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

		●

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

 

		(B)

	Any
                 of the following events occurs or exists with respect to futures or options contracts relating to the Underlier
                 or any Successor Underlier:

 

		●

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

		●

	any
                 event, other than an early closure, that materially disrupts or impairs the ability of market participants in
                 general to effect transactions in, or obtain market values for, futures or options contracts relating to the
                 Underlier or Successor Underlier on any Related Futures or Options Exchange at any time during the one-hour period
                 that ends at the close of trading on such Related Futures or Options Exchange on that day; or

		●

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

 

		(C)

	The
                 underlier sponsor fails to publish the level of the Underlier or any Successor Underlier (other than as a result
                 of the underlier sponsor having discontinued publication of the Underlier or Successor Underlier and no Successor
                 Underlier being available).

 

		(D)

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

 

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

 

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

 

5

 

(2)
  the “Scheduled Closing Time” of any Relevant Stock Exchange or Related Futures or Options Exchange on
any Trading Day means the scheduled weekday closing time of such Relevant Stock Exchange or Related Futures or Options Exchange
on such Trading Day, without regard to after hours or any other trading outside the regular trading session hours; and 

 

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

 

If
a Market Disruption Event occurs or is continuing on the Determination Date, then the Determination Date 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 Determination Date, that eighth
Trading Day shall be deemed to be the Determination Date. If the Determination Date has been postponed eight Trading Days after
the originally scheduled Determination Date and a Market Disruption Event occurs or is continuing on such eighth Trading Day,
the Calculation Agent will determine the Closing Level of the Underlier on such eighth Trading Day in accordance with the formula
for and method of calculating the Closing Level of the Underlier 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 time at which the official Closing Level of the
Underlier is calculated and published by the Underlier Sponsor) on such date of each security included in the Underlier. 
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 time at which the official Closing Level of the Underlier is calculated and
published by the Underlier Sponsor.

 

Calculation
Agent

 

The
Calculation Agent will determine the Cash Settlement Amount and the Final Underlier Level.  In addition, the Calculation
Agent will (i) determine if adjustments are required to the Closing Level of the Underlier under the circumstances described in
this Security, (ii) if publication of the Underlier is discontinued, select a Successor Underlier or, if no Successor Underlier
is available, determine the Closing Level of the Underlier 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.

 

6

 

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 December
15, 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 Cash Settlement
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 Cash Settlement Amount hereof calculated as provided herein as though the date
of acceleration was the Determination Date.  

 

__________________

 

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]

 

7

 

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

 

DATED: 

 

	 

	WELLS
                                         FARGO FINANCE LLC

	 

	 

	 

	 

	 

	By:

	 

	 

	 

	 

	 

	 

	 

	 

	Its:

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	Attest:

	 

	 

	 

	 

	 

	 

	 

	 

	Its:

	 

 

TRUSTEE’S
CERTIFICATE OF
AUTHENTICATION
This is one of the Securities of the 
series designated therein described
in the within-mentioned
Indenture.

 

	CITIBANK,
                                         N.A.,

	 

	 

	as
                                         Trustee

	 

	 

	 

	 

	By:

	 

	 

	 

	Authorized
                                         Signature

	 

	 

	 

	 

	 

	OR

	 

	 

	 

	 

	 

	WELLS
                                         FARGO BANK, N.A.,

	 

	 

	as
                                         Authenticating Agent for the Trustee

	 

	 

	 

	 

	By:

	 

	 

	 

	Authorized
                                         Signature

	 

	 

	 

	 

	 

 

8

 

[Reverse
of Note]

 

WELLS
FARGO FINANCE LLC

 

MEDIUM-TERM
NOTE, SERIES A

Fully
and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal
at Risk Securities Linked to the EURO STOXX 50® Index

 

This
Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued
and to be issued in one or more series under an indenture dated as of April 25, 2018, as amended or supplemented from time to
time (herein called the “Indenture”), among the Company, as issuer, Wells Fargo & Company, as guarantor
(the “Guarantor”) and Citibank, N.A., as trustee (herein called the “Trustee,” which term
includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor,
the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and
delivered.  This Security is one of the series of the Securities designated as Medium-Term Notes, Series A, of the Company. 
The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-,
commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic
or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest
at a fixed rate or a floating rate.  The Securities of this series may mature at different times, be redeemable at different
times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different
currencies.

 

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

 

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

 

Guarantee

 

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

 

Modification
and Waivers 

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture
at any time by the Company, the Guarantor and the Trustee with the consent of the Holders of a majority in principal

 

9

 

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

 

Defeasance

 

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

 

Authorized
Denominations

 

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

 

Registration
of Transfer

 

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

 

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

 

10

 

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. 

 

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

 

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

 

Obligation
of the Company Absolute

 

No
reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the Cash Settlement 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 Cash Settlement 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 or of the Guarantor or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly
waived and released.

 

Defined
Terms

 

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

 

Governing
Law

 

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

 

11

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written
out in full according to applicable laws or regulations:

	 

	 

	 

	 

	TEN
                                         COM

	--

	as
                                         tenants in common

	 

	 

	 

	 

	 

	TEN
                                         ENT

	--

	as
                                         tenants by the entireties

	 

	 

	 

	 

	 

	JT
                                         TEN

	--

	as
                                         joint tenants with right

	 

	 

	 

	of
                                         survivorship and not

	 

	 

	 

	as
                                         tenants in common

	 

 

	UNIF
                                         GIFT MIN ACT

	--

	 

	Custodian

	 

	 

	 

	(Cust)

	 

	(Minor)

 

	Under
                                         Uniform Gifts to Minors Act

	 

	 

	 

	 

	 

	(State)

	 

 

Additional
abbreviations may also be used though not in the above list.

 

FOR
VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

 

	Please
                                         Insert Social Security or

	 

	Other
                                         Identifying Number of Assignee

	 

	 

	 

	 

	 

 

	
	 
	 
	(Please
                                         print or type name and address including postal zip code of Assignee)

 

12

 

the
within Security of WELLS FARGO FINANCE LLC and does hereby irrevocably constitute and appoint __________________ attorney to transfer
the said Security on the books of the Company, with full power of substitution in the premises.

 

	Dated:
                                         _________________________

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

 

NOTICE: 
The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular,
without alteration or enlargement or any change whatever.

13

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