Document:

WELLS FARGO & COMPANY 8-K

Exhibit
4.17

 

[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. 95001HFR7

	
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 S&P 500® Index 

and
the Russell 2000® Index due March 30, 2021

 

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 redeemed prior
to the Stated Maturity Date as provided below under “Optional Redemption,” and to pay Contingent Coupon Payments (as
defined below) on the Face Amount of this Security to the extent provided herein on the Contingent Coupon Payment Dates specified
herein at the Contingent Coupon Rate (as defined below) until the earlier of the Stated Maturity Date and the Optional Redemption
Date (as defined below), if any. The “Initial Stated Maturity Date” shall be March 30, 2021. 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.”

 

Optional
Redemption

 

The
Company may, at its option, redeem this Security, in whole but not in part, on any Optional Redemption Date (as defined below)
by giving notice to the Holder hereof on or before the Calculation Day (as defined below) immediately preceding that Optional
Redemption Date. If this

 

     

     

    

 

Security is redeemed, the Holder hereof will receive the Optional Redemption Price (as defined below)
plus a final Contingent Coupon Payment (as defined below), if any, on the applicable Optional Redemption Date. Unless the Company
defaults in the payment of the Optional Redemption Price plus the final Contingent Coupon Payment, if any, this Security will
cease to be outstanding on such Optional Redemption Date, no additional Contingent Coupon Payments will be payable on this Security
and the Holder hereof will have no further rights under this Security after such Optional Redemption Date. The “Optional
Redemption Price” is equal to the Face Amount of this Security. The “Optional Redemption Dates” shall
be the Contingent Coupon Payment Dates (as defined below) following each Calculation Day scheduled to occur from May 2020 to February
2021, inclusive.

 

Payment
of Contingent Coupon Payments, the Maturity Payment Amount and the Optional Redemption Price

 

On
each monthly Contingent Coupon Payment Date, the Company shall pay a Contingent Coupon Payment if, and only if, the Closing Level
(as defined below) of the Lowest Performing Index (as defined below) on the related Calculation Day is greater than or equal to
its Threshold Level (as defined below). A “Contingent Coupon Payment,” if payable as provided herein, shall
be equal to (i) the product of the Face Amount of this Security and the Contingent Coupon Rate, (ii) divided by 12. The “Contingent
Coupon Payment Dates” shall be the third Business Day following each Calculation Day, as each such Calculation Day may
be postponed as herein provided, provided that the Contingent Coupon Payment Date with respect to the Final Calculation Day will
be the Stated Maturity Date. If a Calculation Day is postponed with respect to one or both Indices, the related Contingent Coupon
Payment Date will be three Business Days after the last Calculation Day as postponed. The “Contingent Coupon Rate”
is 7.80% per annum. Any Contingent Coupon Payments will be rounded to the nearest cent, with one-half cent rounded upward. If
a Contingent Coupon Payment Date is postponed, the Contingent Coupon Payment, if any, due on that Contingent Coupon Payment Date
will be made on that Contingent Coupon Payment Date as so postponed with the same force and effect as if it had been made on the
originally scheduled Contingent Coupon Payment Date, with no additional amount accruing or payable as a result of the postponement.

 

Any
Contingent Coupon Payment so payable, and punctually paid or duly provided for, on any Contingent 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 Contingent Coupon Payment next preceding such Contingent Coupon Payment
Date. The Regular Record Date for a Contingent Coupon Payment Date shall be the date one Business Day prior to such Contingent
Coupon Payment Date.

 

Any
Contingent 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

 

    2 

     

    

 

may be listed, and upon such notice as may be required by such exchange, all as more fully provided
in the Indenture.

 

Payment
of any Contingent Coupon Payment 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 any Contingent Coupon Payment 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 any Contingent Coupon Payment and the Maturity Payment Amount or the Optional Redemption Price, as 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 Optional Redemption Price, as applicable, and any Contingent 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 Optional Redemption Price and Contingent Coupon Payments

 

If
this Security is not redeemed prior to the Stated Maturity Date as provided above under “Optional Redemption,” 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 S&P 500 Index and the Russell 2000 Index.

 

The
“Pricing Date” shall mean February 25, 2020.

 

    3 

     

    

 

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

 

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

 

The
“Starting Level” with respect to the S&P 500 Index is 3234.65, and with respect to the Russell 2000 Index
is 1627.600.

 

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

 

The
“Threshold Level” with respect to the S&P 500 Index is 2264.255, which is equal to 70% of its Starting
Level, and with respect to the Russell 2000 Index is 1139.320, which is equal to 70% of its Starting Level.

 

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 25th day of each month commencing March 2020 and ending February
2021, 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. The “Final Calculation Day” is March 25, 2021. 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

 

    4 

     

    

 

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 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.

 

“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, whether a Contingent Coupon Payment will be made, the Optional Redemption 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

 

    5 

     

    

 

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 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 

                                                                                

 

    6 

     

    

 

			

                                                                                Index
at any time during the one-hour period that ends at the Close of Trading on that day, whether by reason of movements in price
exceeding limits permitted by those Relevant Stock Exchanges or otherwise.

 

		(B)	The
                                         occurrence or existence of a material suspension of or limitation imposed on trading
                                         by any Related Futures or Options Exchange or otherwise in futures or options contracts
                                         relating to 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.

 

    7 

     

    

 

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 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 a Contingent Coupon Payment will be made, the Optional Redemption 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.

 

    8 

     

    

 

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

 

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

 

Redemption
and Repayment

 

This
Security is not subject to repayment at the option of the Holder hereof prior to March 30. 2021. This Security is subject to redemption
prior to March 30. 2021 as set forth under “Optional Redemption” above. 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 a final Contingent Coupon
Payment, if any. The Maturity Payment Amount and any final Contingent Coupon Payment will be calculated as though the date of
acceleration were the Final Calculation Day. The final Contingent Coupon Payment, if any, will be prorated from and including
the immediately preceding Contingent 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.

 

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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 S&P 500® Index 

and
the Russell 2000® Index due March 30, 2021

 

This
Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued
and to be issued in one or more series under an indenture dated as of April 25, 2018, as amended or supplemented from time to
time (herein called the “Indenture”), among the Company, as issuer, Wells Fargo & Company, as guarantor
(the “Guarantor”) and Citibank, N.A., as trustee (herein called the “Trustee,” which term
includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor,
the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series A, of the Company. The
amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity-
or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic or financial
performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed
rate or a floating rate. The Securities of this series may mature at different times, be redeemable at different times or not
at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies.
The Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented
by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities
issued to and registered in the names of, the beneficial owners or their nominees.

 

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

 

Guarantee

 

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

 

Modification
and Waivers 

 

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

 

    11 

     

    

 

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

 

Defeasance

 

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

 

Authorized
Denominations

 

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

 

Registration
of Transfer

 

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

 

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

 

    12 

     

    

 

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 Contingent Coupon Payments, if any, and the Maturity Payment Amount or
the Optional Redemption 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 any Contingent Coupon Payments or the Maturity Payment Amount or the Optional Redemption
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 4.13

DESCRIPTION OF SHARE CAPITAL 
General 
We are an exempted company incorporated under the laws of Bermuda. We are registered with the Registrar of Companies in Bermuda under registration number 45834. We were incorporated on October 6, 2011 under the name Third Point Reinsurance Ltd. Our registered office is located at 2 Church Street, Hamilton HM 11, Bermuda. Our agent for service of process in the United States is Registered Agent Solutions, Inc. 
The objects of our business are unrestricted, and the Company has the capacity of a natural person. We can therefore undertake activities without restriction on our capacity. The following description reflects amendments to our Memorandum of Association and Bye-laws. 
Share Capital 
Our authorized share capital consists of 300,000,000 common shares, par value $0.10 per share and 30,000,000 preference shares, par value $0.10 per share. The following descriptions of our share capital, Memorandum of Association and Bye-laws are intended as summaries only and are qualified in their entirety by reference to our Memorandum of Association and Bye-laws, as filed as exhibits to our Annual Report on Form 10-K and to applicable Bermuda law.
As of February 25, 2020, there were 94,213,343 common shares of our common shares outstanding, including 2,202,630 restricted shares.
As of December 31, 2019, we also had reserved for issuance common shares underlying warrants to purchase common shares, in the aggregate, up to 3,494,979 common shares.
As of December 31, 2019, a total of 22,252,206 common shares were reserved for issuance under our current share incentive plans and in connection with restricted share award agreements entered into between us and certain of our employees and directors. As of December 31, 2019, there were share options outstanding (subject to vesting) for 8,306,658 common shares.
Preference Shares 
Pursuant to Bermuda law and our Bye-laws, our board of directors by resolution may establish one or more series of preference shares having such number of shares, designations, dividend rates, relative voting rights, conversion or exchange rights, redemption rights, liquidation rights and other relative participation, optional or other special rights, qualifications, limitations or restrictions as may be fixed by the board without any further shareholder approval. Such rights, preferences, powers and limitations as may be established could have the effect of discouraging an attempt to obtain control of the Company. 
As of February 25, 2020, there were 30,000,000 preference shares authorized and 0 issued.
Common Shares 
Common shares have no pre-emptive rights or other rights to subscribe for additional shares, and no rights of redemption, conversion or exchange. Under certain circumstances and subject to 

 

the provisions of Bermuda law and our Bye-laws, we may be required to make an offer to repurchase shares held by members. 
Dividend Policy 
The board may, subject to Bermuda law and our Bye-laws, declare a dividend to be paid to our members as of a record date determined by the board, in proportion to the number of shares held by such holder. No unpaid dividend shall bear any interest. 
Voting Rights 
In general, and subject to the adjustments described below, members have one vote for each share held by them and are entitled to vote, on a non-cumulative basis, at all meetings of members. 
Under our Bye-laws if, and so long as, the votes conferred by the “Controlled Shares” (as defined below) of any person would otherwise cause such person (or any other person) to be treated as a “9.5% Shareholder” (as defined below) with respect to any matter (including, without limitation, election of directors), the votes conferred by the Controlled Shares owned by shareholders of such person’s “Controlled Group” (as defined below) will be reduced (and will be automatically reduced in the future) by whatever amount is necessary so that after any such reduction the votes conferred by the Controlled Shares of such person will not result in any other person being treated as a 9.5% Shareholder with respect to the vote on such matter. These reductions will be made pursuant to formulas provided in our Bye-laws, as applied by the board within its discretion. Under these provisions certain members may have their voting rights limited to less than one vote per share, while other members may have voting rights in excess of one vote per share. 
“Controlled Shares” means, in reference to any person, all shares that such person is deemed to own directly, indirectly (within the meaning of Section 958(a) of the Code) or, in the case of any U.S. Person, constructively (within the meaning of Section 958(b) of the Code); “Controlled Group” means, with respect to any person, all shares directly owned by such person and all shares directly owned by each other member any of whose shares are included in the Controlled Shares of such person; “9.5% Shareholder” means a U.S. Person that (a) owns (within the meaning of Section 958(a) of the Code) any shares and (b) owns, is deemed to own, or constructively owns Controlled Shares which confer votes in excess of 9.5% of the votes conferred by all of the issued and outstanding shares. 
In addition, our Bye-laws provide that the board may determine that certain shares shall not carry voting rights or shall have reduced voting rights to the extent that the board reasonably determines, by the affirmative vote of a majority of the directors, that it is necessary to do so to avoid any adverse tax consequences or materially adverse legal or regulatory treatment to us, any of our subsidiaries or any member or its affiliates, provided that the Board will use reasonable efforts to ensure equal treatment to similarly situated members to the extent possible under the circumstances. 
Our Bye-laws authorize us to request information from any member for the purpose of determining whether a member’s voting rights are to be adjusted as described above. If, after a reasonable cure period, a member fails to respond to a request by us for information or submits incomplete or inaccurate information in response to a request, the board may eliminate the member’s voting rights. A member will be required to notify us in the event it acquires actual knowledge that 

2
 

it or one of its investors is the actual, deemed or constructive owner of 9.5% or more of our controlled shares. 
Certain Bye-laws Provisions 
The provisions of our Bye-laws may have an anti-takeover effect and may delay, defer or prevent a tender offer or takeover attempt that an investor might consider in its best interest, including an attempt that might result in its receipt of a premium over the market price for its shares. These provisions are also designed, in part, to encourage persons seeking to acquire control of us to first negotiate with our board of directors, which could result in an improvement of such persons’ terms. 
Number of Directors. Our Bye-laws provide that the Board shall consist of such number of Directors, not fewer than five Directors, as the Board may from time to time determine in its sole discretion, up to a maximum of eleven Directors. 
Classified Board of Directors. In accordance with the terms of our Bye-laws, our board is divided into three classes, class I, class II and class III. Directors shall hold office for a three year term. If the number of Directors is changed, any increase or decrease shall be apportioned among the classes so as to maintain the number of Directors in each class as nearly equal as possible, and any Director of any class elected to fill a vacancy shall hold office for a term that shall coincide with the remaining term of the other Directors of that class, but in no case shall a decrease in the number of Directors shorten the term of any Director then in office. A Director shall hold office until the annual general meeting for the year in which his term expires, subject to conditions of the Bye-laws. Our Bye-laws further provide that the authorized number of directors may only be changed by resolution of the board. Additionally, the Board of Directors has the power to fill vacancies on the Board as a result of any increase in the size of the Board. This will allow the Board to elect a class Director to fill a vacant class seat (created by any increase in the number of Directors on the Board), without the need to wait for the expiry of such class of Director’s three year term.
 
Removal of Directors. Our directors may be removed only for cause by the affirmative vote of the holders of at least a 50% of our voting shares. Any vacancy on our board, including a vacancy resulting from an enlargement of our board, may be filled only by vote of a majority of our directors then in office, subject to limited exceptions. 
No Shareholder Action by Written Consent. Our Bye-laws provide that shareholder action may be taken only at an annual meeting or special meeting of shareholders and may not be taken by written consent in lieu of a meeting. Failure to satisfy any of the requirements for a shareholder meeting could delay, prevent or invalidate shareholder action. 
Shareholder Advance Notice Procedure. Our Bye-laws establish an advance notice procedure for shareholders to make nominations of candidates for election as directors or to bring other business before an annual meeting of our shareholders. The Bye-laws provide that any shareholder wishing to nominate persons for election as directors at, or bring other business before, an annual meeting must deliver to our secretary a written notice of the shareholder’s intention to do so. These provisions may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed. We expect that these provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise 

3
 

attempting to obtain control of our company. To be timely, the shareholder’s notice must be delivered to or mailed and received by us not less than 90 days nor more than 120 days before the anniversary date of the preceding annual meeting, except that if the annual meeting is set for a date that is not within 30 days before or after such anniversary date, we must receive the notice not later than the close of business on the tenth day following the earlier of the date on which notice of the annual general meeting was posted to shareholders or the date on which public disclosure of the date of the annual general meeting was made. The notice must include the following information: 
 
	
				
	 
	•
	 
	the name and address of the shareholder who intends to make the nomination and the name and address of the person or persons to be nominated or the nature of the business to be proposed;

	
				
	 
	•
	 
	a representation that the shareholder is a holder of record of our share capital entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to nominate the person or persons or to introduce the business specified in the notice;

	
				
	 
	•
	 
	if applicable, a description of all arrangements or understandings between the shareholder and each nominee and any other person or persons, naming such person or persons, pursuant to which the nomination is to be made by the shareholder;

	
				
	 
	•
	 
	such other information regarding each nominee or each matter of business to be proposed by such shareholder as would be required to be included in a proxy statement filed under the SEC’s proxy rules if the nominee had been nominated, or intended to be nominated, or the matter had been proposed, or intended to be proposed, by the board of directors;

	
				
	 
	•
	 
	if applicable, the consent of each nominee to serve as a director if elected; and such other information that the board of directors may request in its discretion; and

	
				
	 
	•
	 
	such other information that the board of directors may request in its discretion.

Amendments to Memorandum of Association and Bye-laws. Amendments to our Bye-laws require an affirmative vote of majority of our board and a majority of the outstanding shares then entitled to vote at any annual or special meeting of shareholders. Amendments to our Memorandum of Association require an affirmative vote of majority of our board and 66.67% of the outstanding shares then entitled to vote at any annual or special meeting of shareholders. Our Bye-laws also provide that specified provisions of our Bye-laws may not be amended, altered or repealed unless the amendment is approved by the affirmative vote of the holders of at least 66.67% of the issued and outstanding shares then entitled to vote at any annual or special meeting of shareholders, including the provisions governing voting, the election of directors, our classified board, director removal and amendments to our Bye-laws and memorandum of association. 
In addition, no amendment to the Bye-laws or Memorandum of Association which would have a material adverse effect on the rights of Daniel S. Loeb may be made without his consent, but only 

4
 

for so long as he holds a number of shares equal to at least 25% of the total number of shares held by such party on December 22, 2011. 
These provisions make it more difficult for any person to remove or amend any provisions in our Memorandum of Association and Bye- laws that may have an anti-takeover effect. 
Business Combinations. Our Bye-laws provide that we are prohibited from engaging in any “business combination” with any “interested shareholder” for a period of three years following the time that the shareholder became an interested shareholder without the approval by the board and the authorization at an annual or special general meeting, by the affirmative vote of at least 66.67% of our issued and outstanding voting shares that are not owned by the interested shareholder unless: 
 
	
				
	 
	•
	 
	prior to the time that the person became an interested shareholder, the board approved either such business combination or the transaction which resulted in the person becoming an interested shareholder; or

	
				
	 
	•
	 
	upon consummation of the transaction which resulted in the person becoming an interested shareholder, the interested shareholder owned at least 85% of the number of our issued and outstanding voting shares at the time the transaction commenced, excluding for the purposes of determining the number of shares issued and outstanding those shares owned (i) by persons who are directors and also officers and (ii) employee share plans in which employee participants do not have the right to determine whether shares held subject to the plan will be tendered in a tender or exchange offer.

Our Bye-laws define “business combination” to include the following: 
	
				
	 
	•
	 
	any merger or consolidation of the Company with the interested shareholder or its affiliates;

	
				
	 
	•
	 
	any sale, lease, exchange, mortgage, transfer, pledge or other disposition of 10% or more of our assets involving the interested shareholder;

	
				
	 
	•
	 
	subject to specified exceptions, any transaction that results in the issuance or transfer by us of any share of the Company to the interested shareholder;

	
				
	 
	•
	 
	any transaction involving the us that has the effect of increasing the proportionate share of any class or series of our shares beneficially owned by the interested shareholder; or

	
				
	 
	•
	 
	any receipt by the interested shareholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through us.

An “interested shareholder” is any entity or person who, together with affiliates and associates, owns, or within the previous three years owned, 15% or more of the issued and outstanding voting shares of the Company. 

5
 

Consent to Special Actions. Our Bye-laws provide that we shall not and shall cause TP Re not to enter into any transaction with any (i) our affiliates, (ii) shareholder and/or director, officer, employee, and/or affiliate of any shareholder, and/or (iii) director, officer, employee, and/or affiliate of any of the foregoing without the prior written consent of Daniel S. Loeb for so long as he holds shares representing at least 25% of the shares respectively held by him on December 22, 2011. 
 
Meetings of Shareholders. Our annual general meeting will be held each year. A special general meeting will be held when, in the judgment of the Chairman, any of our two directors, any director and our secretary or the board, such a meeting is necessary. In addition, upon receiving a requisition from holders of at least 1/10th of our voting shares, the board shall convene a special general meeting. At least two or more persons representing more than 50% of our aggregate voting power must be present to constitute a quorum for the transaction of business at a general meeting, provided that if we shall at any time have only one member, one member present in person or by proxy shall form a quorum for the transaction of business at any general meeting held during such time. As determined according to certain adjustments of voting power specified in our Bye-laws (see “—Voting Rights”), questions proposed for consideration by the shareholders will be decided by the affirmative vote of the majority of the votes cast. 
Repurchase of Shares. Our Bye-laws provide that, if at any time following the first anniversary of the completion of our initial offering, the average of our closing price per share on NYSE (or such other principal stock exchange or automated quotation system on which our shares are then traded) for each trading day in the then most recent 12 month period is 90% or less than the book value per our shares, we will make offers, from time to time, to repurchase, in the open market or in a tender offer, a number of its shares that, when combined with all prior similar repurchases, does not exceed 15% of sum of (a) the number of shares outstanding offer such repurchase and (b) the aggregate number of shares repurchased, provided that the majority of the members of the board other than Daniel S. Loeb and the directors affiliated with or employed by Third Point LLC or its affiliates (such disinterested directors, the “Disinterested Board Members”) may, in their sole discretion, determine not to offer to make such a repurchase. Any such offer to repurchase shall be for a price per share determined by the board, but in no event greater than the book value per share, provided that we will not make any such offers to the extent our repurchase of shares (A) does not comply with the Companies Act, or (B) would result in (i) an adverse ratings action against us or Third Point Re by A.M. Best, or (ii) any adverse action against us or Third Point Re by any regulatory authority. 
Transfer Agent and Registrar
Upon the completion of this offering, the transfer agent and registrar for our common shares will be ComputerShare Trust Company, N.A.

6

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