Document:

WELLS FARGO & COMPANY 8-K 

 

Exhibit
4.1

 

[Face
of Note]

 

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

 

	CUSIP
    NO. 95001HFX4	FACE
    AMOUNT: $____________
	REGISTERED
    NO. __	 

 

WELLS
FARGO FINANCE LLC

 

MEDIUM-TERM
NOTE, SERIES A 

Fully
and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal
at Risk Securities Linked to the Lowest Performing of

the Russell 2000® Index and the S&P 500® Index due March 8, 2022

 

WELLS
FARGO FINANCE LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under and as defined in the Indenture hereinafter
referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Maturity
Payment Amount (as defined below) on the Stated Maturity Date (as defined below), unless this Security is automatically called
prior to the Stated Maturity Date as provided below under “Automatic Call,” and to pay Coupon Payments (as defined
below) on the Face Amount of this Security to the extent provided herein on the Coupon Payment Dates specified herein at the Coupon
Rate (as defined below) until the earlier of the Stated Maturity Date and the Call Settlement Date (as defined below), if any.
The “Initial Stated Maturity Date” shall be March 8, 2022. If the Final Calculation Day (as defined below)
is not postponed, the Initial Stated Maturity Date will be the “Stated Maturity Date.” If the Final Calculation
Day is postponed, the “Stated Maturity Date” shall be the later of (i) the Initial Stated Maturity Date and
(ii) three Business Days (as defined below) after the last Final Calculation Day as postponed.

 

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

 

Automatic
Call

 

If
the Closing Level (as defined below) of the Lowest Performing Index (as defined below) on any of the semi-annual Call Dates (as
defined below) from March 2021 to September 2021, inclusive, is greater than or equal to its Starting Level (as defined below),
this Security will be automatically called by the Company, and on the related Call Settlement Date the Holder hereof will receive
the Call Price (as defined below) plus a final Coupon Payment. Unless the Company defaults

 

     

     

    

 

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

 

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

 

On
each semi-annual Coupon Payment Date, the Company shall pay a Coupon Payment. A “Coupon Payment” shall be equal
to (i) the product of the Face Amount of this Security and the Coupon Rate, (ii) divided by 2. The “Coupon Payment Dates”
shall be September 9, 2020 or, if such day is not a Business Day, the next Business Day, and thereafter the third Business Day
following each Call Date, as each such Call Date may be postponed as herein provided, and the Stated Maturity Date. If a Call
Date is postponed with respect to one or both Indices, the related Coupon Payment Date will be three Business Days after the last
Call Date as postponed. The “Coupon Rate” is 5.00% per annum. Coupon Payments will be rounded to the nearest
cent, with one-half cent rounded upward. If a Coupon Payment Date is postponed, the Coupon Payment due on that Coupon Payment
Date will be made on that Coupon Payment Date as so postponed with the same force and effect as if it had been made on the originally
scheduled Coupon Payment Date, with no additional amount accruing or payable as a result of the postponement.

 

A
Coupon Payment so payable, and punctually paid or duly provided for, on any Coupon Payment Date will, as provided in the Indenture,
be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such Coupon Payment next preceding such Coupon Payment Date. The Regular Record Date for a Coupon
Payment Date shall be the date one Business Day prior to such Coupon Payment Date.

 

Any
Coupon Payment not punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record
Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at
the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof
shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at
any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities
of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

 

Payment
of the Coupon Payments on this Security will be made in immediately available funds at the office or agency of the Company maintained
for that purpose in the City of Minneapolis, Minnesota; provided, however, that, at the option of the Company, payment of Coupon
Payments may be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security
Register or by wire transfer to such account as may have been designated by such Person. Payments of the Coupon Payment and the
Maturity Payment Amount or the Call Price, as

 

    2 

     

    

 

applicable, on this Security at Maturity will be made against presentation of this
Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other
office or agency maintained by the Company for such purpose. Notwithstanding the foregoing, for so long as this Security is a
Global Security registered in the name of the Depositary, any payments on this Security will be made to the Depositary by wire
transfer of immediately available funds.

 

Payment
of the Maturity Payment Amount or the Call Price, as applicable, and the Coupon Payments on this Security will be made in such
coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

 

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

 

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

 

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

 

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

	 	 	 
	 	 

                                

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

 

“Index”
shall mean each of the Russell 2000 Index and the S&P 500 Index.

 

The
“Pricing Date” shall mean February 26, 2020.

 

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

 

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

 

The
“Starting Level” with respect to the Russell 2000 Index is 1552.761, its Closing Level on the Pricing Date,
and with respect to the S&P 500 Index is 3116.39, its Closing Level on the Pricing Date.

 

    3 

     

    

 

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

 

The
“Threshold Level” with respect to the Russell 2000 Index is 1242.2088, which is equal to 80% of its Starting
Level, and with respect to the S&P 500 Index is 2493.112, which is equal to 80% of its Starting Level.

 

The
“Multiplier” is equal to the Starting Level of the Lowest Performing Index on the Final Calculation Day divided
by its Threshold Level, which is 1.25.

 

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

 

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

 

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

 

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

 

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Calculation Day for one Index due to a Market Disruption Event with respect to such Index on such Calculation Day, the originally
scheduled Calculation Day will remain the Calculation Day for the other Index if such other Index is not affected by a Market
Disruption Event on such day.

 

The
“Final Calculation Day” is March 3, 2022, subject to postponement as provided herein.

 

The
“Call Dates” shall occur semi-annually on the 3rd day of each March and September, commencing March
2021 and ending September 2021, as each such Call Date may be postponed as provided herein.

 

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

 

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

 

Certain
Definitions 

 

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

 

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

 

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

 

Adjustments
to an Index

 

If
at any time the method of calculating an Index or a Successor Equity Index, or the closing level thereof, is changed in a material
respect, or if an Index or a Successor Equity Index is in any other way modified so that such index does not, in the opinion of
the Calculation Agent, fairly represent the level of such index had those changes or modifications not been made, then the Calculation
Agent will, at the close of business in New York, New York, on each date that the closing level of such index is to be calculated,
make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive
at a level of an index comparable to such Index or Successor Equity Index as if those changes or modifications

 

    5 

     

    

 

had not been made,
and the Calculation Agent will calculate the closing level of such Index or Successor Equity Index with reference to such index,
as so adjusted. Accordingly, if the method of calculating an Index or Successor Equity Index is modified so that the level of
such index is a fraction or a multiple of what it would have been if it had not been modified (e.g., due to a split or
reverse split in such equity index), then the Calculation Agent will adjust such Index or Successor Equity Index in order to arrive
at a level of such index as if it had not been modified (e.g., as if the split or reverse split had not occurred).

 

Discontinuance
of an Index

 

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

 

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

 

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

 

Market
Disruption Events 

 

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

 

		(A)	The
                                         occurrence or existence of a material suspension of or limitation imposed on trading
                                         by the Relevant Stock Exchanges or otherwise relating to securities which then comprise
                                         20% or more of the level of such Index or any Successor Equity Index at any time during
                                         the one-hour period that ends at the Close of Trading on 

 

    6 

     

    

 

	 	 	that day, whether by reason
                                         of movements in price exceeding limits permitted by those Relevant Stock Exchanges or
                                         otherwise.

 

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

 

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

 

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

 

		(E)	The
                                         closure on any Exchange Business Day of the Relevant Stock Exchanges on which securities
                                         that then comprise 20% or more of the level of such Index or any Successor Equity Index
                                         are traded or any Related Futures or Options Exchange with respect to such Index or any
                                         Successor Equity Index prior to its Scheduled Closing Time unless the earlier closing
                                         time is announced by the Relevant Stock Exchange or Related Futures or Options Exchange,
                                         as applicable, at least one hour prior to the earlier of (1) the actual closing time
                                         for the regular trading session on such Relevant Stock Exchange or Related Futures or
                                         Options Exchange, as applicable, and (2) the submission deadline for orders to be entered
                                         into the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable,
                                         system for execution at such actual closing time on that day.

 

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

 

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

 

		(1)	the
                                         relevant percentage contribution of a security to the level of such Index or any Successor
                                         Equity Index will be based on a comparison of (x) the portion of the level of 

 

    7 

     

    

 

	 	 	such Index
                                         attributable to that security and (y) the overall level of such Index or Successor Equity
                                         Index, in each case immediately before the occurrence of the Market Disruption Event;

 

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

 

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

 

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

 

Calculation
Agent

 

The
Calculation Agent will determine whether this Security will be automatically called prior to stated maturity, the Call Price,
if any, and the Maturity Payment Amount, if any. In addition, the Calculation Agent will (i) determine if adjustments are required
to the Closing Level of an Index under the circumstances described in this Security, (ii) if publication of an Index is discontinued,
select a Successor Equity Index or, if no Successor Equity Index is available, determine the Closing Level of such Index under
the circumstances described in this Security, and (iii) determine whether a Market Disruption Event has occurred.

 

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

 

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

 

Redemption
and Repayment

 

This
Security is not subject to repayment at the option of the Holder hereof prior to March 8, 2022. Except as set forth above under
“Automatic Call,” this Security is not subject to redemption prior to March 8, 2022. This Security is not entitled
to any sinking fund.

 

Acceleration

 

If
an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Maturity Payment
Amount (calculated as set forth in the next two sentences) of this Security may be declared due and payable in the manner and
with the effect provided in the Indenture. The amount payable to the
Holder hereof upon any acceleration permitted under the Indenture will be equal to the Maturity Payment Amount
hereof calculated as provided herein, plus a portion of the final Coupon Payment. The Maturity Payment Amount
will be calculated as though the date of acceleration were the Final Calculation Day. The final Coupon Payment will
be prorated from and including the immediately preceding Coupon Payment Date to but excluding the date of acceleration.

 

 

 

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

 

Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature
or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

[The
remainder of this page has been left intentionally blank]

 

    9 

     

    

 

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

	
 

 

    10 

     

    

 

[Reverse
of Note]

 

WELLS
FARGO FINANCE LLC

 

MEDIUM-TERM
NOTE, SERIES A 

Fully
and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal
at Risk Securities Linked to the Lowest Performing of the Russell 2000® Index

and the S&P 500® Index due March 8, 2022

 

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

 

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

 

Defeasance

 

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

 

Authorized
Denominations

 

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

 

Registration
of Transfer

 

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

 

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

 

    12 

     

    

 

represented hereby has occurred and is continuing. If this Security is exchangeable
pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, bearing interest at
the same rate, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating
a like amount.

 

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

 

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

 

Obligation
of the Company Absolute

 

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

 

No
Personal Recourse

 

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

 

Defined
Terms

 

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

 

Governing
Law

 

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

 

    13 

     

    

 

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)

 

    14 

     

    

 

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.

 

    15Exhibit

Exhibit 10(oo)

    

TCF FINANCIAL CORPORATION

DEFERRED COMPENSATION PLAN

Table of Contents

	
			
	SECTION 1 - Declaration
	1
	

	1.1    Establishment of Plan
	1
	

	1.2    Effective Date
	1
	

	SECTION 2 - Definitions
	2
	

	2.1    Defined Terms
	2
	

	2.2    Administrator
	2
	

	2.3    Agent for Service of Process
	3
	

	2.4    Beneficiary
	3
	

	2.5    Change in Control
	3
	

	2.6    Compensation
	4
	

	2.7    Disability
	4
	

	2.8    Employee
	4
	

	2.9    Employee
	4
	

	2.10    Employer
	5
	

	2.11    Flexible Distribution Account
	5
	

	2.12    Participant
	5
	

	2.13    Persons Acting as a Group
	5
	

	2.14    Plan Year
	5
	

	2.15    Retirement
	5
	

	2.16    Retirement Distribution Accounts
	5
	

	2.17    Separation From Service
	5
	

	2.18    Severance Compensation
	6
	

	2.19    Specified Employee
	6
	

	2.20    Spouse
	6
	

	2.21    Surviving Spouse
	6
	

	2.22    Unforeseeable Emergency
	6
	

	2.23    Years of Service
	6
	

	SECTION 3 - Participation
	7
	

	3.1    Designation as Participant
	7
	

	3.2    Termination of Participation
	7
	

	3.3    Participation Agreement
	7
	

	SECTION 4 - Elective Deferral Credits
	7
	

	4.1    Payroll Deductions
	7
	

	4.2    Amount Allowed
	7
	

	4.3    Prior Irrevocable Election
	8
	

	SECTION 4A - Supplemental Contributions
	9
	

	SECTION 5 - Accounting; Earnings Credits
	9
	

	5.1    Accounting Records
	9
	

	5.2    Timing of Credits
	10
	

	5.3    Earnings Credits and Debits
	10
	

	5.4    Rabbi Trust
	10
	

	SECTION 6 - Vesting
	11
	

	SECTION 7 - Payment of Benefits
	11
	

	7.1    Events of Payment
	11
	

	
			
	7.2    Form of Payment
	12
	

	7.3    Time of Payment
	12
	

	7.4    Death
	13
	

	SECTION 8 - General Provisions
	13
	

	8.1    Amendment and Termination
	13
	

	8.2    Employment Relationship
	13
	

	8.3    Rights Not Assignable
	14
	

	8.4    Unsecured Obligation
	14
	

	8.5    Construction; Interpretation
	14
	

	8.6    Governing Law
	14
	

	8.7    Unfunded Plan
	15
	

TCF FINANCIAL CORPORATION

DEFERRED COMPENSATION PLAN

As Amended and Restated Effective January 1, 2020

SECTION 1

Declaration

1.1    Establishment of Plan    

This is the TCF Financial Corporation Deferred Compensation Plan (“plan” or “this plan”), established by TCF Financial Corporation (formerly known as Chemical Financial Corporation, the “Employer”), as a nonqualified plan for a select group of management personnel employed by Employer.  This plan is intended to be a plan described in Sections 201(2), 301(a)(3), and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).  This plan is a nonqualified supplemental retirement program that is not subject to limitations in the Internal Revenue Code of 1986, as amended (“Code”), applicable to benefits provided through a qualified, tax-exempt employee benefit plan established under Section 401(a) of the Code.  This plan is intended to comply with Section 409A of the Code.

1.2    Effective Date

The “Initial Effective Date” of this plan is September 8, 2006 and the “Restated Effective Date” of this plan is January 1, 2020.  In certain cases, a provision of this plan may specify a different effective date and, even if not explicitly stated in this restated plan, certain provisions are effective earlier than the Restated Effective Date as specified in prior Amendments to this plan that are incorporated in this restated plan.  Each plan provision applies until the effective date of an amendment of that provision.  Except as specifically noted, the plan as restated effective January 1, 2019 applies to elective deferrals under the plan in 2019 and later years.  Any elective deferrals prior to January 1, 2019 shall continue to be governed by the plan as it existed immediately prior to the Restated Effective Date, and no provision of this plan shall operate to accelerate, delay, or otherwise modify the previously elected (or operable) time or form of payment of deferrals that were elected prior to the Restated Effective Date or otherwise operate to affect any prior election under the plan in any manner that would cause a violation of Section 409A of the Code.

- 1 -

SECTION 2

Definitions

2.1    Defined Terms

Defined terms are found in the following locations:

	
			
	 
	Term
	Location

	 
	 
	 

	 
	Administrator
	2.2

	 
	Agent for Service of Process
	2.3

	 
	Beneficiary
	2.4

	 
	Board of Directors
	2.9

	 
	Change in Control
	2.5

	 
	Code
	1.1

	 
	Compensation
	2.6

	 
	Designation as Participant
	3.1

	 
	Disability
Distribution Account
	2.7
2.8

	 
	Elective Deferral Credit
	4.1

	 
	Elective Deferral Credits Account
	5.1

	 
	Employee
	2.9

	 
	Employer
	2.10

	 
	ERISA
	1.1

	 
	Flexible Distribution Account
	2.11

	 
	Identification Date
	2.17

	 
	Initial Effective Date
	1.2

	 
	Participant
	2.12

	 
	Participation Agreement
	3.3

	 
	Persons Acting as a Group
	2.13

	 
	Plan Year
	2.14

	 
	Restated Effective Date
Retirement
	1.2
2.15

	 
	Separation From Service
	2.16

	 
	Specified Employee
	2.17

	 
	Spouse
	2.18

	 
	Surviving Spouse
	2.19

	 
	Termination of Participation
	3.2

	 
	Trust
	5.3

	 
	Unforeseeable Emergency
	2.20

	 
	Year of Service
	2.21

2.2    Administrator

“Administrator” means Employer.

- 2 -

2.3    Agent for Service of Process

“Agent for Service of Process” means the Administrator or the individual designated by the Administrator to accept service of process on behalf of this plan.

2.4    Beneficiary

“Beneficiary” means the individual, trust, or other entity designated by the Participant to receive any benefits payable under this plan after the Participant’s death.  A Participant may designate or change a Beneficiary by filing a signed designation with the Administrator in the form approved by the Administrator.  The Participant’s Will is not effective for this purpose.  The Administrator may require the written consent of the Participant’s Spouse to the designation of a Beneficiary other than the Participant’s Spouse.

If a designation has not been properly completed and filed with the Administrator or is ineffective for any other reason, the Beneficiary shall be the Participant’s Surviving Spouse.  If there is no effective designation and the Participant does not have a Surviving Spouse, the Beneficiary for each date of distribution shall be the first of the following classes with a living member on the date of distribution:

(a)    Children.  The Participant’s children, including those by adoption, dividing the distribution equally among the Participant’s children with the living descendants of any deceased child taking their parent’s share by right of representation;

(b)    Parents.  The Participant’s parents, dividing the distribution equally if both parents are living; and

(c)    Siblings.  The Participant’s brothers and sisters, dividing the distribution equally among the Participant’s living brothers and sisters.

If a deceased Participant has no surviving Beneficiary, the remaining balance, if any, will be paid to the Participant’s estate.  For purposes of this plan, “by right of representation” among a Participant’s descendants shall mean that the plan benefits shall be divided into as many equal shares as the Participant has (1) then living descendants in the nearest degree of kinship to the Participant and (2) deceased descendants in the same degree who left descendants who survived the Participant, if any.  Each then living descendant in the nearest degree of kinship is allocated one share.  The share of each deceased person in the same degree is divided among his or her descendants in the same manner.  A posthumous child is considered as living at the death of the child’s parent. 

2.5    Change in Control

A “Change in Control” occurs upon: 

(a)    50% Stock.  The acquisition, by a person or Persons Acting as a Group, of stock of Chemical Financial Corporation that together with stock held by such person or group constitutes more than 50% of the total fair market value or total voting power of the stock of TCF Financial Corporation; 

(b)    Board of Directors.  The majority of members of the Board of Directors of TCF Financial Corporation being replaced during any twelve month period by directors whose appointment or election is not endorsed by a majority of the members of the Board of Directors of TCF Financial Corporation prior to the date of appointment or election; or

(c)    Assets.  The acquisition, by a person or Persons Acting as a Group, of Employer’s assets that have a total gross fair market value exceeding fifty percent (50%) of the total gross fair market value of Employer’s assets in a single transaction or within a twelve month period ending with the most recent acquisition.  For the purpose of this section, gross fair market value means the value of the assets of the corporation, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

- 3 -

No event may be a Change in Control as provided in this Section 2.5 unless it is also a change in the ownership or effective control, or a change in the ownership of a substantial portion of the assets, of TCF Financial Corporation within the meaning of the regulations under Section 409A of the Code.

2.6    Compensation

“Compensation” includes “Base Compensation”, “Bonus Compensation” and “Severance Compensation.  Base Compensation means the gross salary, wages, and other remuneration paid to a Participant in a Plan Year for personal services performed for the Employer that are subject to income tax withholding under Code Section 3401(a) without regard to any rules that limit the remuneration included in wages based on the nature or location of the employment or the services performed.  Base Compensation includes elective contributions that are excluded from gross income by Code Sections 125, 132(f)(4), 402(g)(3) or 457; elective contributions for payment of group health coverage that are not available to a Participant in cash because the Participant is unable to certify to alternative health coverage but only if the Employer does not request or collect information regarding the Participant's alternative health coverage as part of the enrollment process for the group health plan; differential wage payments as defined under Code Section 3401(h)(2) with respect to any period the Participant is performing Qualified Military Service; and regular compensation paid after employment terminates for services performed during the Participant's regular working hours, or compensation for services performed outside the Participant's regular working hours (such as overtime or shift differential), commissions, bonuses or other similar payments, provided such payments would have been made had the Participant continued in employment with the Employer and they are paid by the later of 2 1/2 months after the date of termination or the end of the Plan Year that includes the date of termination.

Base Compensation excludes (whether or not includable in income) reimbursements or other expenses allowances, cash and noncash fringe benefits, moving expenses, deferred compensation, and welfare benefits; any amounts paid after termination of employment other than those specifically included above, Severance Compensation and Bonus Compensation.

Bonus Compensation means compensation under the Employer’s annual incentive plan, as well as any non-scheduled cash bonuses that may be paid from time to time, and which the Administrator deems eligible to be deferred to be deferred under the Plan. 

2.7    Disability

“Disability” means that a Participant is “disabled” within the meaning of the regulations under Section 409A of the Code.  Generally, this requires that the Participant is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months:

(a)    Activity.  Unable to engage in any substantial gainful activity; or 

(b)    Benefits.  Receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of Employer.

2.8    Distribution Account.

  “Distribution Account” or “Accounts” means, with respect to a Participant, the Retirement Distribution Account and each Flexible Distribution Account established on the books of the Employer pursuant to Section 5.1.

2.9    Employee

“Employee” means an individual employed by the Employer who receives compensation for personal services performed for the Employer that is subject to withholding for federal income tax purposes.

- 4 -

2.10    Employer

“Employer” means TCF Financial Corporation and its subsidiaries.  Actions on behalf of the Employer shall be taken by the TCF Financial Corporation Board of Directors (“Employer’s Board of Directors” or “Board of Directors”).

2.11    Flexible Distribution Account.

  “Flexible Distribution Account” means a Distribution Account maintained for a Participant to which Elective Deferral Credits are credited pursuant to Section 5.1.

2.12    Participant

“Participant” means a management or highly compensated Employee who has been designated by the Board of Directors of the Employer as eligible to participate in this plan and whose participation has not terminated.

2.13    Persons Acting as a Group

“Persons Acting as a Group” means more than one person acting as a group as defined in regulations under Section 409A of the Code.  For this purpose, persons will not be considered to be acting as a group solely because they purchase or own stock of the same corporation at the same time or as a result of the same public offering, or purchase assets of the same corporation at the same time.  However, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock or assets, or similar business transaction with the corporation.  If a person, including an entity or entity shareholder, owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of stock or assets, or similar transaction, such shareholder is considered to be acting as a group with other shareholders in a corporation only to the extent of the ownership in that corporation prior to the transaction giving rise to the change and not with respect to the ownership interest in the other corporation.
  
2.14    Plan Year

“Plan Year” means the 12-month period beginning each January 1.

2.15    Retirement. 

 “Retirement” means the Participant’s Separation from Service (for reasons other than death) upon or after attaining age 55 with at least 10 Years of Service with the Employer, or age 62 with less than 10 Years of Service with the Employer.

2.16    Retirement Distribution Account.

  “Retirement Distribution Account” means a Distribution Account maintained for a Participant to which Elective Deferral Credits and any Supplemental Contributions are credited pursuant to Section 5.1.

2.17    Separation From Service

“Separation From Service” has the meaning provided under Treasury Regulation § 1.409A-1(h), including the presumptions provided in that section.  Generally, a Separation From Service will occur when the Participant retires or otherwise has a termination of employment with the Employer for any reason other than death and after retirement or termination of employment provides no more than 20% of the average level of services provided during the thirty-six month period preceding the retirement or termination of employment.

- 5 -

2.18     Severance Compensation 

“Severance Compensation” means payments that are made during a period commencing upon severance from employment, except if they are payments that, absent a severance from employment, would have been paid to the Participant while the Participant continued in employment with the Employer, and are regular compensation for services during the Participant’s regular working hours, compensation for services outside the Participant’s regular working hours (such as overtime or shift differential), commissions, bonuses, or other similar payments.

2.19    Specified Employee

“Specified Employee” means a “specified employee” as defined in regulations under Section 409A of the Code.  Generally, a Specified Employee” is an employee who, at any time during the 12-month period ending on December 31 of each year (the “Identification Date”), is: (1) an officer of the Employer with annual compensation greater than $175,000 in 2017 (as adjusted for future years), (2) a 5-percent owner of the Employer, or (3) a 1-percent owner of the Employer with annual compensation greater than $150,000.  Such an employee is a Specified Employee for the 12-month period beginning the first April 1 following the Identification Date and ending on March 31 of the following year.

2.20    Spouse

“Spouse” means the Participant’s husband or wife on the date the benefit is scheduled to be paid or payment is scheduled to begin.  The legal existence of the spousal relationship shall be governed by the law of the state or other jurisdiction of domicile of the Participant.

2.21    Surviving Spouse

“Surviving Spouse” means the Spouse of the Participant at the time of the Participant’s death who survives the Participant.  If the Participant and Spouse die under circumstances that prevent ascertainment of the order of their deaths, it shall be presumed for this plan that the Participant survived the Spouse.

2.22    Unforeseeable Emergency

“Unforeseeable Emergency” means an “unforeseeable emergency” as provided in regulations under Section 409A of the Code.  In general, an Unforeseeable Emergency means a severe financial hardship of the Participant resulting from (1) an illness or accident of the Participant, the Participant’s Beneficiary, or the Participant’s or Beneficiary’s dependent, (2) a casualty loss of the Participant’s or Beneficiary’s property or (3) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the Participant’s or Beneficiary’s control.  The Chief Executive Officer of Chemical Financial Corporation will determine whether the Participant or Beneficiary has suffered an Unforeseeable Emergency based on all the facts and circumstances, and that decision shall be final and binding on all parties to this plan.  If the Unforeseeable Emergency involves the Chief Executive Officer, the determination shall be made by the Employer’s Board of Directors.

2.23    Year of Service. 

"Year of Service" shall mean each Plan Year during which the Participant completes at least one thousand five hundred (1,500) hours of service actually performed for the Employer, as required by the Employer during such applicable Plan Year.

- 6 -

SECTION 3

Participation

3.1    Designation as Participant

Only management and highly compensated Employees shall be eligible to become Participants under this plan.  The Employer’s Board of Directors shall designate those eligible Employees who shall become Participants from time to time and shall specify the effective date of participation for each Participant.

3.2    Termination of Participation

A Participant’s status as a Participant shall continue until the earlier of termination of employment or termination of the Participant’s status as a Participant by the Employer’s Board of Directors.  A former Participant may resume participation in the plan only upon redesignation as a Participant.

3.3    Participation Agreement

As a condition of participation in the plan, Participant will enter into a “Participation Agreement” with the Employer in a form offered by the Agent for Service of Process. 

SECTION 4

Elective Deferral Credits

4.1    Payroll Deductions

Subject to the limitations below, a Participant may elect to reduce the Participant’s Compensation for a Plan Year through payroll deductions that reduce the Participant’s Compensation.  A Participant may make separate payroll deduction elections for Base Compensation, each type of Bonus Compensation that is permitted to be deferred, and Severance Compensation.  The amount of the election shall be expressed in a whole percentage of the applicable Compensation.  Each payroll deduction will result in the credit of a corresponding dollar amount to be paid under this plan as deferred compensation for the Participant (“Elective Deferral Credit”).

4.2    Amount Allowed

A Participant may elect to defer up to 60% of the Participant’s Base Compensation, up to 85% of the Participant’s Bonus Compensation, both as defined in Section 2.6 of this Plan, and up to 85% of Severance Compensation, for the Plan Year.  For the avoidance of doubt, the aforementioned limits shall be applied separately to deferral elections from Base Compensation, each type of Bonus Compensation, and Severance Compensation. In addition, for deferrals for the 2017 Plan Year only, a Participant was able to elect to defer an additional amount equal to the maximum deferral amount permissible under an Employer-sponsored plan that is qualified under the Code and in which the Participant participates without regard to any limitations imposed by the Code except Section 402(g), less any amount the Participant actually deferred under that qualified plan.  

- 7 -

4.3    Prior Irrevocable Election

In general, the election to defer Compensation (other than Severance Compensation) under this plan (including the election of the amount of the deferral and the time and form of payment of the deferred amount) shall be made by the Participant on a form provided for that purpose prior to the beginning of a Plan Year and shall become irrevocable for each Plan Year thereafter as of the last day of the Plan Year preceding the Plan Year to which the election relates or such earlier time provided in this plan or otherwise specified by the Administrator.  In addition to that general rule, an election to defer Bonus Compensation under this plan (including the election of the amount of the deferral and the time and form of payment of the deferred amount) must be made by a Participant on a form provided for that purpose prior to the last day of the Plan Year preceding the beginning of the period of service for which the bonus is earned and shall be irrevocable as of the last day of the Plan Year preceding the beginning of the period of service or such earlier time provided in this plan or otherwise specified by the Administrator.  

A new Participant who has not previously participated in this or any other deferred compensation plan of the Employer (or a related party) that would be aggregated with this plan under Section 409A may make an initial, irrevocable election of payroll deductions (including the election of the amount of the deferral and the time and form of payment of the deferred amount) during the first 30 days of eligibility to participate applicable only to Compensation earned after the date of the election.  If a new Participant does not make an election during this 30-day period, the Participant may not make an election for the initial year of participation.  

The deferral election of the amount of the deferral and the form of payment of the deferred amount shall apply only to the deferrals elected in that annual election form and shall not apply to new deferrals for any subsequent Plan Year; however, for deferral elections with respect to Plan Years prior to 2019, once it has become irrevocable, the Participant’s initial election of the time of payment at a specified date or upon Separation From Service will apply to all deferrals under this Plan for Plan Years prior to 2019, and may not be changed except as provided in Sections 7.3(b) and (d).  In addition, in general, except as provided in Sections 7.3(b) and (d), in no event may a prior irrevocable deferral election be revoked or modified with respect to elective deferrals as to which the election has become irrevocable. 

An election of payroll deductions for a Plan Year shall be discontinued on the date the Participant’s employment terminates; provided that this shall not affect the deferral of any amounts that are Severance Compensation following the termination of a Participant’s employment.  The Participant shall have no claim or right to payment of the amounts deferred by payroll deductions and shall be limited solely to the rights and benefits conferred under the terms of this plan.  In no event shall an election to defer Compensation become effective sooner than the beginning of the next payroll period following the date of the written, irrevocable election.

A deferral election under this plan with respect to Severance Compensation (including the election of the amount of the deferral and the time and form of payment of the deferred amount) must be made by a Participant on a form provided for that purpose in accordance with the following:

(a)    If the Severance Compensation is negotiated at the time of separation and the Participant had no legally binding right to the Severance Compensation prior to time the deferral election is made, the Participant may elect to defer such portion of the Severance Compensation as is considered “separation pay” under Treasury Regulation § 1.401A-1(m) in accordance with Treasury Regulation § 1.401A-2(a)(11).

(b)    If the Severance Compensation is payable pursuant to a legally binding right that existed prior to any negotiations at the time of the Participant’s separation, then the Participant may only elect a deferral of Severance Compensation if the deferral election is made at least 12 months before the Participant’s Separation from Service and the payment must be deferred for a period of not less than five years from the date the Severance Compensation would otherwise have been paid.     

- 8 -

SECTION 4A

Supplemental Contributions

For each Plan Year prior to 2019, the Employer in its discretion may credit each Participant’s Restorative Match and/or Special Discretionary Employer Contribution Account, respectively, with additional amounts described in this Section 4A (Supplemental Contributions).  For each plan year that begins on or after January 1, 2019, the Employer in its discretion may credit each Participant’s Retirement Distribution Account with additional amounts described in this Section 4A (Supplemental Contributions)  

(a)Restorative Match.  For Plan Years prior to 2020, to the extent that a Participant’s compensation for purposes of the Employer’s 401(k) Plan is reduced by reason of elective deferrals made under Section 4.1 of this Plan, the Employer may credit each Participant’s Restorative Match Account or Retirement Distribution Account with an amount equal to the difference between (i) the amount of matching contributions that would have been made to the 401(k) Plan but for such deferrals, and (ii) the actual amount of matching contributions made to the 401(k) Plan.

For Plan Years after 2019, the Employer may credit each Participant’s Retirement Distribution Account with an amount equal to 5%, or some other amount determined from time to time by the Employer, of such Participant’s elective deferrals made under Section 4.1 of this Plan; provided that the Employer shall not credit a Participant’s Retirement Distribution Account for amounts deferred by the Participant under Section 4.1 of this Plan with respect to Severance Compensation.
(b)Special Discretionary Employer Contributions.  The Employer may credit a Participant’s Special Discretionary Employer Contribution Account or Retirement Distribution Account with an amount determined from time to time by the Employer.
Supplemental Contributions will become vested as provided in Section 6.  A Participant who has a Separation from Service prior to full vesting shall irrevocably forfeit any Supplemental Contributions that have not vested, unless the Employer determines otherwise.  Notwithstanding any provision of the Plan to the contrary, in the event of termination of a Participant’s employment for cause, as determined in the reasonable discretion of the Employer, the Participant shall forfeit all Supplemental Contributions (whether or not otherwise vested) and shall be required to repay to the Employer any Supplemental Contributions previously distributed to the Participant.  The Employer shall retain all forfeitures.

SECTION 5 

Accounting; Earnings Credits

5.1    Accounting Records

For plan years prior to 2019, the Administrator shall maintain separate accounting records for each Participant for the Participant’s Elective Deferral Credits under Section 4 and for the respective Supplemental Contributions under Section 4A.  The separate accounts shall be the Participant’s “Elective Deferral Credits Account”, “Restorative Match Account” and Special Discretionary Employer Contributions Account. In addition, the Administrator shall maintain separate subaccounts for each Participant for purposes of Elective Deferral Credits made before and after the Effective Time of the merger of Chemical Financial Corporation and Talmer Bancorp, Inc. (the “Merger”).  The subaccount for pre-Merger Elective Deferral Credits shall be the Participant’s “Pre-Merger Elective Deferral Credits Account” and the subaccount for post-Merger Elective Deferral Credits shall be the Participant’s “Post-Merger Elective Deferral Credits Account”.  The Administrator shall also maintain separate subaccounts for each Participant’s Elective Deferral Credits that have been designated for payment in a lump sum, five annual installments and 10 annual installments, respectively.  Effective January 1, 2019, the Administrator shall establish and maintain separate Distribution Accounts with respect to a Participant.  In particular, the following shall be established and maintained for each Participant:  (i) a Retirement Distribution Account, and/or (ii) up to five Flexible Distribution Accounts.  

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5.2    Timing of Credits

Elective Deferral Credits shall be credited to the Participant’s Elective Deferral Credits Account as of the end of the month that includes the payroll dates on which the corresponding amounts were deducted from the Participant’s Compensation.  Effective January 1, 2019, the amount of Elective Deferral Credits pursuant to Section 4.1 shall be credited by the Administrator to the Participant’s Distribution Accounts as of the end of the month that includes the payroll dates on which the corresponding amounts were deducted from the Participant’s Compensation, in accordance with the Participant’s election in the applicable Participation Agreement.  Any Supplemental Contributions shall be credited at least annually, as soon as administratively feasible following the close of each Plan Year.

5.3    Earnings Credits and Debits

A Participant may designate investments for the Participant’s accounts from time to time.  The Employer may purchase such investments and, whether purchased or not, will credit or debit the Participant’s account with the actual earnings or losses on the selected investments.  A Participant may change the designated investments at such times as mutually agreed by the parties.  Earnings credits and losses shall continue to accrue after a Participant’s employment has terminated and until all amounts due have been paid in full.

5.4    Rabbi Trust.

The Employer may establish a rabbi trust with respect to this plan.

(a)Trust.  The Employer may establish a trust or use any trust currently established by the Employer that meets the requirements of this Section 5.4 (the “Trust”) for the purpose of providing for the payment of deferred compensation under this plan.  Subject to the limitations of this Section 5.4, a Participant’s credits, as reflected in the Participant’s account, will be deposited into the Trust as soon as administratively feasible after the Participant’s credits are credited to the Participant’s account.  Notwithstanding the Trust, it is the intention of the Employer that this plan is unfunded for tax purposes and for purposes of ERISA.

(b)     Limitations.    Notwithstanding the general rules of the previous paragraph or any other provision of the plan or any Trust:
    
(1)    Covered Employees.  During a Restricted Period, no assets will be directly or indirectly set aside, reserved, or transferred to the Trust or to any other arrangement to pay or to provide for the payment of deferred compensation to or on behalf of a Covered Employee.
    
(i)    Covered Employee Defined.  A Covered Employee is the Chief Executive Officer of the Employer or any member of a controlled group that includes the Employer (or any individual acting in that capacity) during the taxable year, the four highest compensated officers of the Employer for the taxable year (in addition to the Chief Executive Officer), any other individuals subject to Section 16(a) of the Securities Exchange Act of 1934 for the taxable year, and any former employee of the Employer or any member of a controlled group that includes the Employer who was a Covered Employee at the time of termination of employment with the Employer or that controlled group member.

(ii)    Restricted Period Defined.  “Restricted Period” means:  (1) any period during which a single employer defined benefit plan sponsored by the Employer is in at risk status, as defined by Section 430(i) of the Code; (2) any period during which the Employer is in bankruptcy; and (3) the twelve (12) month period beginning on the date which is six (6) months before the termination date of a single employer defined benefit plan sponsored by the Employer, if, as of the termination date, that plan is not sufficient for benefit liabilities as determined under Section 4041 of the Employee Retirement Income Security Act of 1974, as amended.
    
(2)    Offshore Trust.  The Trust may not be located outside the United States unless substantially all of the services to which the payments under this plan relates are performed in such jurisdiction.
    

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(3)    Employer's Financial Health.  No assets of the Trust may be or become restricted to the provision of benefits under the Plan to any Participant or beneficiary in connection with a change in the Employer’s financial health or to a Covered Employee during a Restricted Period (or similar financial circumstances as provided under Section 409A of the Code).
    

SECTION 6

Vesting

A Participant shall be 100% vested with respect to all amounts in the Participant’s Elective Deferral Credits Account, Restorative Match Account and Special Discretionary Employer Contribution Account, except that the Employer may apply a vesting schedule, vesting conditions and forfeiture provisions to any Discretionary Match Contribution or Account or Special Discretionary Employer Contribution or Account by specifying those limitations in writing at the time a Contribution for the Participant is approved or in a subsequent amendment to this Plan. 

SECTION 7

Payment of Benefits

7.1    Events of Payment

The Participant’s Pre-Merger Elective Deferral Credits Account will be distributed or, if applicable, distribution in installments will commence, during January of the calendar year following the calendar year during which the Effective Time of the Merger occurs.  The Participant’s Post-Merger Elective Deferral Credits Account and the Participant’s Restorative Match Account will be distributed or, if applicable, distribution in installments will commence at the specific time previously elected by the Participant, or during January of the calendar year following the calendar year during which the first of the Participant’s Separation from Service (except as provided), a Change in Control (subsequent to the Merger) or the Participant’s death or Disability occurs.

The Participant’s Retirement Distribution Account and Flexible Distribution Account(s) will be distributed or, if applicable, distribution in installments will commence at the specific time previously elected by the Participant (except as provided below and in Section 7.2(a) as it pertains to the Retirement Distribution Account) or during January of the calendar year following the calendar year during which the Participant’s Death or Disability occurs, if sooner. 

In addition:

(a)    Unforeseeable Emergency.  With respect to a Participant’s Elective Deferral Credits Account, the Participant may request and the Administrator may make a distribution from the Participant’s vested accounts of an amount reasonably necessary to pay for the Unforeseeable Emergency (including any amount necessary to pay applicable taxes or penalties arising from the distribution).  In no case shall a distribution be made for an Unforeseeable Emergency to the extent that the emergency may be relieved through alternate means, such as insurance, liquidation of assets (to the extent the liquidation would not cause financial hardship), or by ceasing deferrals under this plan.

(b)    Specified Time.  The Participant may elect a specific time of payment on the form provided by the Administrator.  For avoidance of doubt, Flexible Distribution Accounts and the Account of a Participant who elects a specific time of payment will not be distributable upon the Participant’s earlier Separation From Service and, if the Participant elects distribution in installments, each installment after the first installment shall be paid during January of each calendar year following the calendar year in which the first installment was paid.  The Participant’s Special Discretionary Employer Contribution Account will be distributed during January of the calendar year following the calendar year during which the first of the Participant’s Separation From Service (except as provided below), a Change in Control (subsequent to the Merger), or the Participant’s death or Disability occurs.  The Participant may not control the time or form of payment of the Participant’s Special Discretionary Employer Contribution Account.

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7.2    Form of Payment

(a)    Participant Election.  Payment may be made in a lump sum or in up to 15 annual installments for each payment event (other than for payment upon an Unforeseeable Emergency, which may only be made in a lump sum), as the Participant elects on the forms provided by the Administrator. With respect to the Retirement Distribution Account for a Participant whose Separation from Service occurs prior to the earliest date on which the Participant is eligible for Retirement, other than on account of death or disability, the Participant's Retirement Distribution Account shall be distributed in a single lump sum in the first January or July that occurs at least thirteen months after his Separation from Service, subject to any Subsequent Deferral Election the Participant may make pursuant to Section 7.3(b).    If the Participant fails to make an effective election, then payment of the Elective Deferral Credits and Restorative Match that would otherwise have been governed by the form shall be paid as provided in Section 4.3 or, if Section 4.3 does not apply, in a lump sum (and the specified date payment rules shall not apply).  Except as provided here and in Sections 4.3 and 7.3, the Participant and any Beneficiary shall have no power or authority to require a different form of payment than the Participant elects in the Participation Agreement or Annual Deferral Election Form.  For benefits the Participant elects to be paid in installments, the series of installments shall be treated as a single payment for purposes of a Subsequent Deferral pursuant to Section 7.3(b).  

(b)    Calculation of Installments.  The amount of each payment shall be determined by dividing the vested balance of the Participant’s account as of the December 31 preceding the payment date for the first installment, and as of the anniversary of that December 31 date for subsequent installments, by the number of installment payments remaining to be made. 

(c)    Withholding.  The Employer has the right to withhold and deduct from a Participant’s payments, or make arrangements for the collection of, all amounts deemed necessary to satisfy federal, state and local withholding and employment-related tax requirements attributable to a Participant’s payments pursuant to this plan. 

Payment of the Participant’s Special Discretionary Employer Contribution Account shall be made in a lump sum.  The Participant may not defer payment of the Account under Section 7.3(b).

7.3    Time of Payment

Distribution shall occur at the time provided in Section 7.1.  The Participant and Beneficiary shall have no power or authority to require different timing of payment than the timing provided in Sections 7.1 and 7.2, except as provided in 7.3(b) and (d).

(a)    Delay in Payment to a Specified Employee.  Notwithstanding any other timing provision in the Plan, if, at the time any payment that is not exempt from Section 409A would commence due to a Separation From Service, an individual is a “Specified Employee” as defined by Section 409A, then no such payment under this Plan may be paid before the date that is six months after that individual’s Separation From Service (or, if earlier, the individual’s death).  Payments that are not exempt from Section 409A and that the individual would otherwise have been entitled to during those six months will be accumulated and paid on the first day after six months following the individual’s Separation From Service (or, if earlier, the individual’s death).  All payments that are exempt from Section 409A, or that would otherwise be made more than six months following the individual’s Separation From Service, will be made without regard to the delay described in this paragraph.

(b)    Subsequent Deferral.  A Participant who is a current Employee or whose Separation from Service occurred less than 10 years earlier may make a “Subsequent Deferral Election” that delays a payment or changes the form of a payment if the conditions of the regulations under Section 409A of the Code and the following conditions are met:  

(1)    12 Months.  A Subsequent Deferral Election related to a payment at a specified time or pursuant to a fixed schedule must be made and become irrevocable not less than 12 months before the date the payment is scheduled to be paid.

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(2)    Effect.  A Subsequent Deferral Election may not take effect until at least 12 months after the date on which it is made and has become irrevocable.

(3)    Five Years.  In the case of a Subsequent Deferral Election related to a payment that is not due to an Unforeseeable Emergency, death or Disability, the payment must be deferred for a period of not less than five years from the date the payment would otherwise have been paid.

(4)    Partial.  If the Participant is making a Subsequent Deferral relating to an amount otherwise payable as a lump sum, he may make such Subsequent Deferral with respect to a portion only of such lump sum, with the balance of the payment unaffected by the Subseqent Deferral.

(5)    Form.  The election is made in writing on a form acceptable to the Employer.  For distributions paid in installments, the series of installments shall be treated as a single payment.

(c)    No Acceleration.  The time and schedule of payment under this plan may not be accelerated.

(d)    Section 162(m) Delay.  A payment that is due under this Plan may be delayed by the Employer to the extent the Employer, in its sole discretion, reasonably anticipates that if the payment were made as scheduled, the Employer’s deduction with respect to such payment would not be permitted under Section 162(m) of the Code. If the Employer determines that a payment is to be delayed under this paragraph, the Employer must determine before the payment is delayed whether the delayed payment will be made either (i) during the first calendar year in which the Employer reasonably anticipates that the deduction of such payment will not be barred by application of Section 162(m) of the Code or (ii) during the period beginning with the date of the Participant’s Separation From Service (or later if required by Section 7.3(a) for a Specified Employee) and ending on the later of the last day of the taxable year of the Employer in which the Participant Separates From Service or the 15th day of the third month following the Participant’s Separation From Service. The Employer may only elect to delay payment under this paragraph if all payments scheduled to the Participant under all deferred compensation plans of the Employer that could be delayed under the application of Treasury Regulation § 1.409A-2(b)(7)(i) are delayed.

7.4    Death

If the Participant dies after his termination of employment, but prior to payment of all amounts due under this plan, payment shall be made or shall continue to be made to the Participant’s Beneficiary in the form the Participant elected in his or her Participation Agreement. 

SECTION 8

General Provisions

8.1    Amendment and Termination

The Employer shall have the right at any time to amend this plan prospectively or retroactively, or to terminate this plan, provided that an amendment or termination may not reduce or revoke the accrued benefits of Participants as of the end of the Plan Year preceding the Plan Year in which the amendment or termination is adopted.

Upon termination of this plan, the accrued benefits of affected Participants shall become nonforfeitable.  Each Participant’s vested accrued benefits shall be distributed in accordance with the provisions of this plan.

8.2    Employment Relationship

Nothing in this plan shall be construed as creating a contract of employment between the Employer and any Participant or otherwise conferring upon any Participant or other person a legal right to continuation of employment or any rights other than those specified in this plan.  This plan shall not limit or affect the right of the Employer to discharge or retire a Participant.

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8.3    Rights Not Assignable

Except for designation of a Beneficiary, amounts promised under this plan shall not be subject to assignment, conveyance, transfer, anticipation, pledge, alienation, sale, encumbrance, or charge, whether voluntary or involuntary, by the Participant or any Beneficiary of the Participant, even if directed under a qualified domestic relations order or other divorce order.  An interest in any amount promised shall not provide collateral or security for a debt of a Participant or Beneficiary or be subject to garnishment, execution, assignment, levy, or to another form of judicial or administrative process or to the claim of a creditor of a Participant or Beneficiary, through legal process or otherwise.  Any attempt to assign, convey, transfer, anticipate, pledge, alienate, sell, encumber, charge, or otherwise dispose of benefits payable, before actual receipt of the benefits, or a right to receive benefits, shall be void and shall not be recognized.

8.4    Unsecured Obligation

The right to a benefit under this plan constitutes merely the unsecured promise of Employer to pay benefits from Employer’ general assets.  Nothing contained in this plan, and no action taken pursuant to the provisions of this plan, shall create or be construed to create a trust of any kind, a fund, or any fiduciary relationship between Employer and any Participant, Beneficiary, or any other person, except as provided in Section 5.4(a).  Any reserve or fund established by Employer in connection with this plan shall be and shall remain, until paid to any Participant or Beneficiary, solely the property and rights of Employer, subject to the rights and claims of Employer’s general creditors.  No Participant, Beneficiary, or any other person other than Employer shall have any right, title, or interest in or to such funds or other assets.  Any right to a benefit under this plan shall be no greater than the claim of any other unsecured general creditor of Employer.

8.5    Construction and Interpretation

(a)    Interpretation.  This Plan is intended to either be exempt from or comply with Section 409A and the regulations and guidance promulgated thereunder and shall be interpreted and operated consistently with those intentions.

(b)    Permitted Accelerations or Delays.  The time and schedule of payment under this Plan may not be accelerated or delayed for any reason except as permitted by Section 409A and this plan.

(c)    Amendment or Termination.  In addition to any other restriction in the Plan, the Plan may not be amended or terminated except in compliance with Section 409A.

(d)    Construction.  The singular includes the plural, and the plural includes the singular, unless the context clearly indicates the contrary.  Capitalized terms (except those at the beginning of a sentence or part of a heading) have the meaning specified in this plan.

(e)    Determination.  All questions or issues regarding interpretation or application of the provisions of this plan, including, but not limited to, questions of eligibility for benefits, the amount of benefits, and forfeiture, payment, or termination of benefits, will be resolved by the Administrator, whose determination shall be final and binding.

8.6    Governing Law

This plan shall be interpreted, construed, enforced, and performed in accordance with applicable federal law and, to the extent not preempted by federal law, in accordance with the laws of the state of Michigan.

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8.7    Unfunded Plan

This shall be an unfunded plan within the meaning of ERISA.  Benefits provided herein shall consist solely of aggregate unfunded credits which are the sum of Elective Deferral Credits and earnings credits and shall constitute only an unsecured contractual promise to pay in accordance with the terms of this plan by the Employer.

IN WITNESS WHEREOF, this instrument is executed as an act of the Employer on October 23, 2019.

	
				
	 
	TCF FINANCIAL CORPORATION

	 
	 

	 
	By
	/s/ Joseph T. Green

	 
	 
	 
	 

	 
	 
	Its
	Executive Vice President

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