Document:

EX-10.2

 Exhibit 10.2 

SUBORDINATION AGREEMENT 

This Subordination Agreement (the “Agreement”) is made as of March 14, 2019, by and between each of the creditors listed
on and who or which have executed the signature pages hereto as “Creditors” (each, a “Creditor” and collectively, the “Creditors”), and SILICON VALLEY BANK, a California corporation, with its
principal place of business at 3003 Tasman Drive, Santa Clara, California 95054 (“SVB”), for itself as administrative Agent (the “Administrative Agent”) and on behalf of the Lenders, as such term is defined in
the Credit Agreement, defined below. 
 Recitals 

A. ORGANOGENESIS HOLDINGS INC., a Delaware corporation (“Holdings”) ORGANOGENESIS INC., a Delaware corporation
(“Organogenesis”) and PRIME MERGER SUB, LLC, a Delaware limited liability company (together with Holdings and Organogenesis, individually and collectively, the “Borrower”) has requested and/or obtained
certain loans or other credit accommodations from Administrative Agent and the Lenders pursuant to a certain Credit Agreement dated as of March 14, 2019 (as may be amended, modified, restated, replaced or supplemented from time to time, the
“Credit Agreement”), which are or may be from time to time secured by assets and property of Borrower. Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Credit Agreement. 

B. Each Creditor has extended loans or other credit accommodations to Borrower, and/or may extend loans or other credit accommodations to
Borrower from time to time. 
 C. To induce Administrative Agent and the Lenders to extend credit to Borrower and, at any time or from time
to time, at their option, to make such further loans, extensions of credit, or other accommodations to or for the account of Borrower, or to purchase or extend credit upon any instrument or writing in respect of which Borrower may be liable in any
capacity, or to grant such renewals or extension of any such loan, extension of credit, purchase, or other accommodation as Administrative Agent and the Lenders may deem advisable, each Creditor is willing to subordinate: (i) all of
Borrower’s obligations to such Creditor (including, without limitation, rent, interest, fees, charges, expenses, costs, professional fees and expenses, and reimbursement obligations), presently existing, in each case in respect of the accrued
but unpaid rent obligations of the Borrower as of the date hereof, in an amount equal to $10,335,513.47 (the “Subordinated Debt”; evidence of such Subordinated Debt is attached as
Exhibit A hereto) to all of Borrower’s indebtedness and obligations to Administrative Agent and the Lenders; and (ii) all of such Creditor’s security interests, if any, to all of the Administrative Agent’s security
interests in Borrower’s property. 
 NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: 

1. Each Creditor subordinates to Administrative Agent any security interest or lien that such Creditor may have in any property of Borrower.
Notwithstanding the respective dates of attachment or perfection of the security interests of such Creditor and the security interests of Administrative Agent, all now existing and hereafter arising security interests of Administrative Agent in any
property of Borrower and all proceeds thereof (the “Collateral”), including, without limitation, the “Collateral”, as defined in a certain Guarantee and Collateral Agreement between Borrower and Administrative Agent dated
as of March 14, 2019 (as may be amended, modified, restated, replaced or supplemented from time to time, the “Security Agreement”), shall at all times be senior to the security interests of each Creditor. Each Creditor hereby
(a) acknowledges and consents to (i) Borrower granting to Administrative Agent a security interest in the Collateral, (ii) Administrative Agent filing any and all financing statements and

 
other documents as deemed necessary by Administrative Agent in order to perfect Administrative Agent’s security interest in the Collateral, and (iii) the entering into of the Credit
Agreement, the Security Agreement and all documents in connection therewith by Borrower, (b) acknowledges and agrees that the Senior Debt (as defined below), the entering into of the Credit Agreement, the Security Agreement and all documents in
connection therewith by Borrower, and the security interest granted by Borrower to Administrative Agent in the Collateral shall be permitted under the provisions of the Subordinated Debt documents (notwithstanding any provision of the Subordinated
Debt documents to the contrary), (c) acknowledges, agrees and covenants that such Creditor shall not contest, challenge or dispute the validity, attachment, perfection, priority or enforceability of Administrative Agent’s security interest in
the Collateral, or the validity, priority or enforceability of the Senior Debt, and (d) acknowledges and agrees that the provisions of this Agreement will apply fully and unconditionally even in the event that Administrative Agent’s
security interest in the Collateral (or any portion thereof) shall be unperfected. 
 2. All Subordinated Debt is subordinated in right of
payment to all obligations of Borrower to Administrative Agent and the Lenders now existing or hereafter arising, including, without limitation, the Obligations (as defined in the Credit Agreement), together with all costs of collecting such
obligations (including attorneys’ fees), including, without limitation, all obligations under any agreement in connection with the provision by SVB or any other Lender to Borrower of products and/or credit services facilities, including,
without limitation, any letters of credit, cash management services (including, without limitation, merchant services, direct deposit of payroll, business credit cards, and check cashing services), interest rate swap arrangements, and foreign
exchange services, all interest accruing after the commencement by or against Borrower of any bankruptcy, reorganization or similar proceeding (such obligations, collectively, the “Senior Debt”). 

3. Each Creditor will not demand or receive from Borrower (and Borrower will not pay to any Creditor) all or any part of the Subordinated Debt,
by way of payment, prepayment, setoff, lawsuit or otherwise, nor will such Creditor exercise any remedy with respect to any property of Borrower, nor will such Creditor accelerate the Subordinated Debt, or commence, or cause to commence, prosecute
or participate in any administrative, legal or equitable action against Borrower, until such time as (a) the Senior Debt has been fully paid in cash, (b) no Lender has any commitment or obligation to lend any further funds to Borrower, and
(c) all financing agreements between (i) Borrower and (ii) Administrative Agent and the Lenders are terminated. Nothing in the foregoing paragraph shall prohibit any Creditor from converting all or any part of the Subordinated Debt
into equity securities of Borrower; provided that, if such securities have any call, put or other conversion features that would obligate Borrower to declare or pay dividends, make distributions, or otherwise pay any money or deliver any
other securities or consideration to the holder, each Creditor hereby agrees that Borrower may not declare, pay or make such dividends, distributions or other payments to such Creditor, and such Creditor shall not accept any such dividends,
distributions or other payments. 
 4. Each Creditor shall promptly deliver to Administrative Agent in the form received (except for
endorsement or assignment by such Creditor where required by Administrative Agent) for application to the Senior Debt any payment, distribution, security or proceeds received by such Creditor with respect to the Subordinated Debt other than in
accordance with this Agreement. 
 5. In the event of Borrower’s insolvency, reorganization or any case or proceeding under any
bankruptcy or insolvency law or laws relating to the relief of debtors, including, without limitation, any voluntary or involuntary bankruptcy, insolvency, receivership or other similar statutory or common law proceeding or arrangement involving
Borrower, the readjustment of its liabilities, any assignment for the benefit of its creditors or any marshalling of its assets or liabilities (each, an “Insolvency Proceeding”), (a) this Agreement shall remain in full force and
effect in accordance with Section 510(a) of the United States Bankruptcy Code, (b) the Collateral shall include, without limitation, all Collateral 

  
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arising during or after any such Insolvency Proceeding, and (c) Administrative Agent’s and/or the Lenders’ claims against Borrower and the estate of Borrower shall be paid in full
before any payment is made to such Creditor. 
 6. Each Creditor shall give Administrative Agent prompt written notice of the occurrence of
any default or event of default under any document, instrument or agreement evidencing or relating to the Subordinated Debt, and shall, simultaneously with giving any notice of default to Borrower, provide Administrative Agent with a copy of any
notice of default given to Borrower. Each Creditor acknowledges and agrees that any default or event of default under the Subordinated Debt documents shall be deemed to be a default and an event of default under the Senior Debt documents. 

7. Until the Senior Debt has been fully paid in cash and Administrative Agent’s and the Lenders’ agreements to lend any funds to
Borrower have been terminated, each Creditor irrevocably appoints Administrative Agent as such Creditor’s attorney-in-fact, and grants to Administrative Agent a
power of attorney with full power of substitution, in the name of such Creditor or in the name of Administrative Agent, for the use and benefit of Administrative Agent and the Lenders, without notice to such Creditor, to perform at Administrative
Agent’s option the following acts in any Insolvency Proceeding involving Borrower: 
  

	 	a)	 To file the appropriate claim or claims in respect of the Subordinated Debt on behalf of such Creditor if such
Creditor does not do so prior to 30 days before the expiration of the time to file claims in such Insolvency Proceeding and if Administrative Agent elects, in its sole discretion, to file such claim or claims; and 

 

	 	b)	 To accept or reject any plan of reorganization or arrangement on behalf of such Creditor and to otherwise vote
such Creditor’s claims in respect of any Subordinated Debt in any manner that Administrative Agent deems appropriate for the enforcement of its rights hereunder. 

In addition to and without limiting the foregoing: (x) until the Senior Debt has been fully paid in cash and Administrative Agent’s and the
Lender’s agreements to lend any funds to Borrower have been terminated, each Creditor shall not commence or join in any involuntary bankruptcy petition or similar judicial proceeding against Borrower, and (y) if an Insolvency Proceeding
occurs: (i) such Creditor shall not assert, without the prior written consent of Administrative Agent, any claim, motion, objection or argument in respect of the Collateral in connection with any Insolvency Proceeding which could otherwise be
asserted or raised in connection with such Insolvency Proceeding, including, without limitation, any claim, motion, objection or argument seeking adequate protection or relief from the automatic stay in respect of the Collateral,
(ii) Administrative Agent may consent to the use of cash collateral on such terms and conditions and in such amounts as it shall in good faith determine without seeking or obtaining the consent of such Creditor as (if applicable) holder of an
interest in the Collateral, (iii) if use of cash collateral by Borrower is consented to by Administrative Agent, such Creditor shall not oppose such use of cash collateral on the basis that such Creditor’s interest in the Collateral (if
any) is impaired by such use or inadequately protected by such use, or on any other ground, and (iv) such Creditor shall not object to, or oppose, any sale or other disposition of any assets comprising all or part of the Collateral, free and
clear of security interests, liens and claims of any party, including such Creditor, under Section 363 of the United States Bankruptcy Code or otherwise, on the basis that the interest of such Creditor in the Collateral (if any) is impaired by
such sale or inadequately protected as a result of such sale, or on any other ground (and, if requested by Administrative Agent, such Creditor shall affirmatively and promptly consent to such sale or disposition of such assets), if Administrative
Agent has consented to, or supports, such sale or disposition of such assets. 

  
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 8. Each Creditor represents and warrants that such Creditor has provided Administrative
Agent with true and correct copies of all of the documents evidencing or relating to the Subordinated Debt. Each Creditor shall immediately affix a legend to the instruments evidencing the Subordinated Debt stating that the instruments are subject
to the terms of this Agreement. By the execution of this Agreement, each Creditor hereby authorizes Administrative Agent to amend any financing statements filed by or on behalf of such Creditor against Borrower as follows: “In accordance with a
certain Subordination Agreement by and among the Secured Party, the Debtor and Silicon Valley Bank, the Secured Party has subordinated any security interest or lien that Secured Party may have in any property of the Debtor to the security interest
of Silicon Valley Bank, as Administrative Agent, in all assets of the Debtor, notwithstanding the respective dates of attachment or perfection of the security interest of the Secured Party and Silicon Valley Bank.” 

9. No amendment of the documents evidencing or relating to the Subordinated Debt shall directly or indirectly modify the provisions of this
Agreement in any manner which might terminate or impair the subordination of the Subordinated Debt or the subordination of the security interest or lien that any Creditor may have in any property of Borrower. By way of example, such instruments
shall not be amended to (a) increase the rate of interest with respect to the Subordinated Debt, or (b) accelerate the payment of the principal or interest or any other portion of the Subordinated Debt. Administrative Agent shall have the
sole and exclusive right to restrict or permit, or approve or disapprove, the sale, transfer or other disposition of property of Borrower except in accordance with the terms of the Senior Debt. Upon written notice from Administrative Agent to any
Creditor of Administrative Agent’s agreement to release its lien on all or any portion of the Collateral in connection with the sale, transfer or other disposition thereof by Administrative Agent (or by Borrower with consent of Administrative
Agent), such Creditor shall be deemed to have also, automatically and simultaneously, released its lien on the Collateral, and such Creditor shall upon written request by Administrative Agent, immediately take such action as shall be necessary or
appropriate to evidence and confirm such release. All proceeds resulting from any such sale, transfer or other disposition shall be applied first to the Senior Debt until payment in full thereof, with the balance, if any, to the Subordinated Debt,
or to any other entitled party. If any Creditor fails to release its lien as required hereunder, such Creditor hereby appoints Administrative Agent as attorney in fact for such Creditor with full power of substitution to release such Creditor’s
liens as provided hereunder. Such power of attorney being coupled with an interest shall be irrevocable. 
 10. All necessary action on the
part of each Creditor, its officers, directors, partners, members and shareholders, as applicable, necessary for the authorization of this Agreement and the performance of all obligations of such Creditor hereunder has been taken. This Agreement
constitutes the legal, valid and binding obligation of each Creditor, enforceable against such Creditor in accordance with its terms. The execution, delivery and performance of and compliance with this Agreement by each Creditor will not
(a) result in any material violation or default of any term of any of such Creditor’s charter, formation or other organizational documents (such as Articles or Certificate of Incorporation, bylaws, partnership agreement, operating
agreement, etc.) or (b) violate any material applicable law, rule or regulation. 
 11. If, at any time after payment in full of the
Senior Debt any payments of the Senior Debt must be disgorged by Administrative Agent or any Lender for any reason (including, without limitation, any Insolvency Proceeding), this Agreement and the relative rights and priorities set forth herein
shall be reinstated as to all such disgorged payments as though such payments had not been made and each Creditor shall immediately pay over to Administrative Agent all payments received with respect to the Subordinated Debt to the extent that such
payments would have been prohibited hereunder. At any time and from time to time, without notice to any Creditor, Administrative Agent may take such actions with respect to the Senior Debt as Administrative Agent and the Lenders, in their sole
discretion, may deem appropriate, including, without limitation, terminating advances to Borrower, increasing the principal 

  
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amount, extending the time of payment, increasing applicable interest rates, renewing, compromising or otherwise amending the terms of any documents affecting the Senior Debt and any collateral
securing the Senior Debt, and enforcing or failing to enforce any rights against Borrower or any other person. No such action or inaction shall impair or otherwise affect Administrative Agent’s or any Lender’s rights hereunder. Each
Creditor waives the benefits, if any, of any statutory or common law rule that may permit a subordinating creditor to assert any defenses of a surety or guarantor, or that may give the subordinating creditor the right to require a senior creditor to
marshal assets, and each Creditor agrees that it shall not assert any such defenses or rights. 
 12. This Agreement shall bind any
successors or assignees of each Creditor and shall benefit any successors or assigns of Administrative Agent and/or any Lender; provided, however, each Creditor agrees that, prior and as conditions precedent to such Creditor’s
assigning all or any portion of the Subordinated Debt: (a) such Creditor shall give Administrative Agent prior written notice of such assignment, and (b) such successor or assignee, as applicable, shall execute a written agreement whereby
such successor or assignee expressly agrees to assume and be bound by all terms and conditions of this Agreement with respect to such Creditor. This Agreement shall remain effective until terminated in writing by Administrative Agent. This Agreement
is solely for the benefit of the Creditors on the one hand and Administrative Agent and the Lenders on the other hand, and not for the benefit of Borrower or any other party. Each Creditor further agrees that if Borrower is in the process of
refinancing any portion of the Senior Debt with a new lender, and if Administrative Agent makes a request of such Creditor, such Creditor shall agree to enter into a new subordination agreement with the new lender on substantially the terms and
conditions of this Agreement. 
 13. Each Creditor hereby agrees to execute such documents and/or take such further action as Administrative
Agent may at any time or times reasonably request in order to carry out the provisions and intent of this Agreement, including, without limitation, ratifications and confirmations of this Agreement from time to time hereafter, as and when requested
by Administrative Agent. 
 14. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all
of which together shall constitute one instrument. 
 15. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. Each of the parties hereto hereby submits to the exclusive jurisdiction of the State and Federal courts in the Northern District of the State
of California; provided that nothing in this Agreement shall be deemed to operate to preclude Administrative Agent from bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security
for the Obligations, or to enforce a judgment or other court order in favor of Administrative Agent. Each Creditor and Borrower each expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such court,
and each Creditor and Borrower each hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed
appropriate by such court. Each Creditor and Borrower each hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made
by registered or certified mail addressed to such Creditor or Borrower at the respective addresses set forth on the signature pages of this Agreement and that service so made shall be deemed completed upon the earlier to occur of such
Creditor’s or Borrower’s, as applicable, actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE EXTENT
PERMITTED BY APPLICABLE LAW, ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR  

  
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BASED UPON THIS AGREEMENT, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HERETO
HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. Each Creditor and Borrower each hereby irrevocably and unconditionally waives, to the maximum extent not prohibited by law, any right it may have to claim or recover, in any legal action or proceeding
referred to in this Section, any special, exemplary, punitive or consequential damages. 
 16. This Agreement represents the entire agreement
with respect to the subject matter hereof, and supersedes all prior negotiations, agreements and commitments. No Creditor is relying on any representations by Administrative Agent or Borrower in entering into this Agreement, and each Creditor has
kept and will continue to keep itself fully apprised of the financial and other condition of Borrower. This Agreement may be amended only by written instrument signed by each Creditor and Administrative Agent. 

[Signature page follows.] 

  
 6 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above
written. 
  

			
	CREDITORS:
	
	DAN ROAD ASSOCIATES LLC
		
	By:	 	/s/ Alan A. Ades
	Title: Manager
	
	Address:
	
	 1000 Huyler Street
 Teterboro, NJ
07608

			
	Attention:	 	 

			
	Fax:	 	 

			
	Email:	 	 

  

			
	85 DAN ROAD ASSOCIATES LLC
		
	By:	 	/s/ Alan A. Ades
	Title: Manager
	
	Address:
	
	 1000 Huyler Street
 Teterboro, NJ
07608

			
	Attention:	 	 

			
	Fax:	 	 

			
	Email:	 	 

  
 Signature Page to
Subordination Agreement 

			
	275 DAN ROAD SPE LLC
		
	By:	 	/s/ Alan A. Ades
	Title: Manager
	
	Address:
	
	 1000 Huyler Street
 Teterboro, NJ
07608

			
	Attention:	 	 

			
	Fax:	 	 

			
	Email:	 	 

  

			
	65 DAN ROAD SPE LLC
		
	By:	 	/s/ Alan A. Ades
	Title: Manager
	
	Address:
	
	 1000 Huyler Street
 Teterboro, NJ
07608

			
	Attention:	 	 

			
	Fax:	 	 

			
	Email:	 	 

  
 Signature Page to
Subordination Agreement 

			
	ADMINISTRATIVE AGENT:
	
	SILICON VALLEY BANK
		
	By:	 	/s/ Sam Subilia
	Name:	 	Sam Subilia
	Title:	 	VP

 Address: 
 Silicon Valley Bank

 275 Grove Street, Suite 2-200

Newton, Massachusetts 02466 
 Attention: Sam Subilia 

Facsimile No.: (617) 527-0177 

E-Mail: ssubilia@svb.com 

  
 Signature Page to
Subordination Agreement 

 The undersigned approves of the terms of this Agreement. 

 

			
	BORROWER:
	
	ORGANOGENESIS HOLDINGS, INC.
		
	By:	 	/s/ Timothy M. Cunningham
	Name:	 	Timothy M. Cunningham
	Title:	 	Chief Financial Officer

  

			
	ORGANOGENESIS INC.
		
	By:	 	/s/ Timothy M. Cunningham
	Name:	 	Timothy M. Cunningham
	Title:	 	Chief Financial Officer

  

			
	PRIME MERGER SUB, LLC
		
	By:	 	/s/ Timothy M. Cunningham
	Name:	 	Timothy M. Cunningham
	Title:	 	Treasurer

 Address: 
 c/o Organogenesis
Inc. 
 85 Dan Road 
 Canton, Massachusetts 02021 

Attention: Tim Cunningham, CFO 
 Fax: (781) 401-1257 
 Email: TCunningham@organo.com 

Website: organo.com 

  
 Signature Page to
Subordination AgreementWELLS FARGO & COMPANY 8-K

 

 Exhibit
4.1

 

[Face
of Note]

 

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

	CUSIP
NO. 95001H3U3	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 S&P 500® Index

due August 19, 2020

 

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), in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts, on the Stated Maturity Date. The “Initial Stated Maturity Date”
shall be August 19, 2020. If the Calculation Day (as defined below) is not postponed, the Initial Stated Maturity Date will be
the “Stated Maturity Date.” If the Calculation Day is postponed, the “Stated Maturity Date”
shall be the later of (i) the Initial Stated Maturity Date and (ii) three Business Days (as defined below) after the
Calculation Day as postponed. This Security shall not bear any interest.

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

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

    	 	 	 

    	 

    

Determination
of Maturity Payment Amount

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

 

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

 

 

(ii)
the Maximum Return;

 

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

 

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

 

 

 

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

 

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

 

The
“Pricing Date” shall mean March 11, 2019.

 

The
“Starting Level” is 2743.07, the Closing Level of the Index on March 8, 2019.

 

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

 

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

 

The
“Threshold Level” is 2468.763, which is equal to 90% of the Starting Level.

 

The
“Participation Rate” is 100%.

 

The
“Maximum Return” is 31% of the Face Amount of this Security.

 

    	 	2	 

    	 

    

 

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

 

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

 

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

 

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

 

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

 

The
“Calculation Day” shall be August 14, 2020. If such day is not a Trading Day, the Calculation Day will be postponed
to the next succeeding Trading Day. The Calculation Day is also subject to postponement due to the occurrence of a Market Disruption
Event (as defined below). If a Market Disruption Event occurs or is continuing with respect to the Index on the Calculation Day,
such Calculation Day will be postponed to the first succeeding Trading Day on which a Market Disruption Event has not occurred
and is not continuing; however, if such first succeeding Trading Day has not occurred as of the eighth Trading Day after the originally
scheduled Calculation Day, that eighth Trading Day shall be deemed to be the Calculation Day. If the Calculation Day has been
postponed eight Trading Days after the originally scheduled Calculation Day and a Market Disruption Event occurs or is continuing
on such eighth Trading Day, the Calculation Agent will determine the Closing Level of the Index on such eighth Trading Day in
accordance with the formula for and method of calculating the Closing Level of the Index last in effect prior to commencement
of the Market Disruption Event, using the closing price (or, with respect to any relevant security, if a Market Disruption Event
has occurred with respect to such security, its good faith estimate of the value of such security at the Scheduled Closing Time
of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the regular trading session of such
Relevant Stock Exchange) on such date of each security included in the Index. As used herein, “closing price”
means, with respect to any security on any date, the Relevant Stock Exchange traded or quoted price of such security as of the
Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the regular
trading session of such Relevant Stock Exchange.

 

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

 

“Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among
other things, the determination of the

 

    	 	3	 

    	 

    

Ending
Level and the Maturity Payment Amount, which term shall, unless the context otherwise requires, include its successors under such
Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent
Agreement, the Company may appoint a different Calculation Agent from time to time after the initial issuance of this Security
without the consent of the Holder of this Security and without notifying the Holder of this Security.

 

Adjustments
to the Index

 

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

 

Discontinuance
of the Index

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

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

    	 	4	 

    	 

    

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

Market
Disruption Events 

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

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

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

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

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

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

    	 	5	 

    	 

    

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

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

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

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

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

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

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

    	 	6	 

    	 

    

Calculation
Agent

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

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

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

Tax
Considerations

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

Redemption
and Repayment

This
Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to August
19, 2020. This Security is not entitled to any sinking fund.

Acceleration

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

__________________

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

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

    	 	7	 

    	 

    

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.

 

    	 	8	 

    	 

    

 

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	 

 

    	 	9	 

    	 

    

[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 S&P 500® Index

due August 19, 2020

 

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

    	 	10	 

    	 

    

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

    	 	11	 

    	 

    

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

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 Maturity Payment Amount at the times, place and rate, and in the coin
or currency, herein prescribed, except as otherwise provided in this Security.

No
Personal Recourse

No
recourse shall be had for the payment of the Maturity Payment Amount, or for any claim based hereon, or otherwise in respect hereof,
or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer
or director, as such, past, present or future, of the Company or any successor corporation 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.

    	 	12	 

    	 

    

 

ABBREVIATIONS

 

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

 

	TEN COM	--	as tenants in common
	 	 	 
	TEN ENT	--	as tenants by the entireties
	 	 	 
	JT TEN	--	as joint tenants with right
	 	 	of survivorship and not
	 	 	as tenants in common

 

UNIF
GIFT MIN ACT -- _____________________ Custodian _________________________

          (Cust)                                                         
(Minor)

 

Under
Uniform Gifts to Minors Act

_____________________________

                           (State)

 

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

 

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

 

Please
Insert Social Security or 

Other
Identifying Number of Assignee

_____________________________

 

 

 

 

 

 

 

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

 

    	 	13	 

    	 

    

the
within Security of WELLS FARGO 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.

 

 

    	 	14

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