Document:

Separation Agreement and Release

 Exhibit 10.1 
 EXECUTION COPY 
 SEPARATION AGREEMENT AND RELEASE 
 This Separation Agreement and Release of Claims (“Agreement”) is made by and among Jeffrey P. Freimark (“Executive”), an individual,
Intelsat Global, Ltd., a Bermuda corporation, Intelsat Holdings, Ltd., a Bermuda corporation, and Intelsat, Ltd., a Bermuda corporation, (together, “Intelsat” or the “Company”). 
 WHEREAS, the Executive is a party to an Employment Agreement with Intelsat Holdings, Ltd. and Intelsat, Ltd. dated as of March 16, 2006 and amended as of
July 3, 2006, October 26, 2006, and March 16, 2007 (the “Employment Agreement”); and 
 WHEREAS, the Executive’s employment
with Intelsat will terminate as of June 5, 2008 and Intelsat desires to provide Executive with separation benefits as set forth in his Employment Agreement; 
 NOW THEREFORE, in consideration of the mutual promises and releases contained herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties agree as follows:

  

	1.	Separation Benefits 

  

	 	a.	Separation Date and Final Paycheck. The Executive’s employment with Intelsat will terminate effective June 5, 2008 (the “Separation Date”). The Executive will
receive normal compensation up to and including the Separation Date, as well as a lump sum payment in the amount of $18,638.29, representing his accrued vacation as determined by Intelsat and agreed by the Executive, less all required tax
withholdings and other authorized deductions. 

  

	 	b.	Severance Pay. Following Executive’s execution and non-revocation of this Agreement, and provided all Company property has been returned, Intelsat will pay to the
Executive severance pay in the total amount of $905,850.00, less all required tax withholdings and other authorized deductions, in twelve equal monthly installments. The first installment will be paid within fifteen (15) days after the
Executive’s execution of this Agreement, and the following installments will be paid thereafter effective as of the first day of each month, from July 2008 to May 2009. Payments will be made within ten (10) days of the due date and will be sent
via Federal Express or other overnight mail to the Executive’s home address. 

  

	 	c.	 Continued Coverage under Group Health Plans. The Executive shall be entitled to elect to continue coverage under each of the Intelsat group health plans in
which he was enrolled as of the Separation Date, consistent with the status and level of coverage that was in place as of such date, in accordance with the requirements of the Consolidate 

	 	 
Omnibus Budget Reconciliation Act of 1985 and its relevant regulations (“COBRA”). Executive shall be solely responsible for paying the full amount
of all premiums that are chargeable in connection with such coverage pursuant to company policy, subject to all requirements of COBRA. 

  

	 	d.	Equity Treatment. The Executive and Intelsat agree that as of the Separation Date the Executive will have fully vested in his equity award consisting of 45,420.51
options to purchase Intelsat shares valued at $100.00 per share, for an exercise price of $25.00 per share. Pursuant to Section 4.4(d) (ii) of the Employment Agreement, Executive’s outstanding and unexercised options will be cancelled in
exchange for a payment to Executive of $3,406,539.00, which amount is equal to the fair market value of all shares subject to the Executive’s vested options as of the most recent valuation on February 4, 2008, minus the total exercise price of
such options. The Company will deduct all required tax withholdings from the payment, and pay the net amount to Executive in five equal installments, by Federal Express or other overnight mail, without interest. The initial payment will be made on
the same date as the first installment of the Severance Pay pursuant to Section 1.b. above, and the following four payments at six-month intervals thereafter; provided that the Executive is not in breach of any obligation under this Agreement or any
other agreement with the Company at the time of each payment. 

  

	 	e.	Legal Fees. Intelsat will promptly reimburse the Executive for all reasonable and documented legal fees and related expenses, up to a maximum amount of $5,000 in the
aggregate, incurred in connection with the negotiation and execution of this Agreement. 

  

	 	f.	Except as set forth in this Agreement or as required by federal, state, or local law, the Executive shall not be entitled to any additional benefits relating to his separation from
employment; provided however, that this Agreement does not affect or impair Executive’s rights under the Intelsat Retirement Savings Plan. 

  

	2.	Release 

 Executive, on Executive’s own part and on behalf of
Executive’s dependents, heirs, executors, administrators, assigns, and successors, and each of them, hereby covenants not to sue and fully releases, acquits, and discharges Intelsat and their respective parent, subsidiaries, affiliates, owners,
trustees, directors, officers, agents, executives, stockholders, representatives, assigns, and successors (collectively referred to as “Intelsat Releasees”) with respect to and from any and all claims, wages, agreements, contracts,
covenants, actions, suits, causes of action, expenses, attorneys’ fees, damages, and liabilities of whatever kind or nature in law, equity or otherwise, whether known or unknown, suspected or unsuspected, and whether or not concealed 

  

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or hidden, which Executive has at any time heretofore owned or held against said Intelsat Releasees, including, without limitation, those arising out of or
in any way connected with Executive’s employment relationship with Intelsat or Executive’s separation from employment with Intelsat, and any other aspects of Executive’s compensation, benefits, and equity awards, equity ownership or
repurchase of equity from Executive by Intelsat or its affiliates, except with respect to those benefits set forth in Paragraph 1 of this Agreement. 
  

	3.	Time to Consider Agreement 

 Executive may take twenty-one (21) days from
the date this Release is presented to Executive to consider whether to execute this Release, and may wish to consult with an attorney prior to execution of this Release. Executive, by signing this Agreement, specially acknowledges that he is waiving
his right to pursue any claims under federal, state or local discrimination laws, including the Age Discrimination in Employment Act, 29 U.S.C. Section 626 et seq., which may have arisen prior to the execution of this Release. This Release
shall become final and irrevocable upon the expiration of the seven (7) day period following Executive’s execution of the Release, during which time Executive may revoke this Release, and after which time this Release shall be final and
irrevocable. 
  

	4.	Restrictive Covenants 

 The Executive hereby acknowledges the continuing
validity and enforceability of the terms of the Employment Agreement (including without limitation the cooperation covenant of Section 4.7 (“Cooperation”), the no-hire and nonsolicitation covenant of Section 5.2
(“Nonsolicitation”), the noncompetition covenant of Section 5.3 (the “Noncompete”)), the Conflict of Interest and Confidentiality Agreement, and/or any other confidentiality agreement or restrictive covenant that Executive signed
during Executive’s employment with Intelsat; and Executive further agrees that in Section 5.2 (Nonsolicitation) and Section 5.3 (Noncompete) of the Employment Agreement, the Restricted Period shall be defined as “two (2) years”
instead of “one (1) year”. Executive hereby affirms his understanding that he must remain in compliance with these terms following the Separation Date. In the event that it should be proven in a court of competent jurisdiction that
Executive has materially violated any of the terms of the Cooperation or Noncompete covenants or the Conflict of Interest and Confidentiality Agreement and has failed to cure such breach following receipt of written notice of same and a reasonable
opportunity to cure, Executive shall repay Intelsat, in addition to any other relief or damages to which Intelsat might be entitled, the Separation Benefits described in subparagraph 1(b). 
  

	5.	Nondisparagement 

 Executive hereby covenants and agrees that Executive
will not at any time, directly or indirectly, orally, in writing or through any medium including, but not limited to, the press or other media, computer networks or bulletin boards, or any other form of 

  

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communication) disparage, defame, or otherwise damage or assail the reputation, integrity or professionalism of Intelsat or any of the Intelsat Releasees.
Executive further agrees that if Executive breaches this nondisparagement provision, Executive shall repay Intelsat the Separation Benefits described in subparagraph 1(b). 
  

	6.	References 

 All inquiries to Intelsat concerning Executive’s
employment shall be directed to the Intelsat Corporation Senior Vice President, Human Resources, who shall confirm dates of employment, areas of responsibility, and level of compensation of the Executive during Executive’s employment with
Intelsat. 
  

	7.	Miscellaneous 

 This Agreement is governed by the laws of the District of
Columbia. If any of the provisions of this Agreement are held to be illegal or unenforceable, the Agreement shall be revised only to the extent necessary to make such provision(s) legal and enforceable. 
  

	8.	Return of Property 

 As of the Separation Date, Executive shall return to
the Company all property belonging to Intelsat, including, without limitation, all keys, access cards, credit cards, passwords, access codes, and other information necessary to access any computer or electronic database; all books, files, documents,
and electronic media; and all Company property of any kind that Executive has in his possession or control, or that Executive obtained from the Company. 
  

	9.	Entire Agreement 

 Executive agrees that this Agreement contains and
comprises the entire agreement and understanding between Executive and Intelsat regarding Executive’s termination of employment; that there are no additional promises between Executive and the Company other than those contained in this
Agreement or any continuing obligations other than those referenced in this Agreement; and that this Agreement shall not be changed or modified in any way except through a writing that is signed by both the Executive and the Company; provided, that
the obligations of Executive under the Shareholders Agreement remain in effect without amendment by this Agreement. 
 The parties acknowledge that they have
read the foregoing Agreement, understand its contents, and accept and agree to the provisions it contains voluntarily and knowingly, and with full understanding of its consequences. 
  

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		 		 		 	 Intelsat Global, Ltd.
  
 Intelsat Holdings, Ltd.
  
 Intelsat, Ltd.

					
		 	/s/ Jeffrey P. Freimark	 		 	By	 	/s/ Phillip L. Spector
		 	Jeffrey P. Freimark	 		 		 	Phillip L. Spector
		 		 		 		 	Executive Vice President and General Counsel
					
	Date:	 	June 5, 2008	 		 	Date:	 	June 5, 2008

  

 5Notes Linked to the MSCI EAFE Index due June 6, 2013

 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. 949746 PF2	 	FACE AMOUNT: $                    
	REGISTERED NO.     	 	

 WELLS FARGO & COMPANY 
 Notes Linked to the MSCI EAFE Index 
 due June 6, 2013 
 WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Maturity Payment
Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, on the Stated Maturity Date. The “Initial Stated Maturity Date”
shall be June 6, 2013. If no Market Disruption Event (as defined below) occurs or is continuing on the scheduled Valuation Date (as defined below), the Initial Stated Maturity Date will be the “Stated Maturity Date.” If a
Market Disruption Event occurs or is continuing on the scheduled Valuation Date, the “Stated Maturity Date” shall be the later of (i) three Business Days (as defined below) after the postponed Valuation Date and (ii) the
Initial Stated Maturity Date. This Security shall not bear any interest. 
 Any payments on this Security at Maturity will be made against
presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. 

 Determination of Maturity Payment Amount 
 “Maturity Payment Amount” shall mean, for each $1,000 Face Amount of this Security: 
  

	
	 •        if the Final Index Level is greater than the Initial Index Level, $1,000 plus the
Additional Amount;

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

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

  

									
	 •        
	 	$1,000; and	 		 	
					
	 •        
	 	[	 	Initial Index Level – Final Index Level	 	]	 	- .15
		 	 	Initial Index Level	 	 

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

	
	 •        $1,000;

	
	 •        Participation Rate; and

	
	 •        Final Index Level – Initial Index Level

	                            Initial Index
Level

 The “Participation Rate” is 1.25. 
 The “Initial Index Level” is 2145.47. 
 The “Final Index Level” shall be equal to Closing Level of the Index on the Valuation Date. 
 “Index” shall mean the MSCI EAFE Index. 
 “Business Day” shall mean a day, other than a Saturday
or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York or Minneapolis, Minnesota. 
 “Calculation Agency Agreement” shall mean the Calculation Agency Agreement dated as of June 6, 2008 between the Company and the
Calculation Agent, as amended from time to time. 
 “Calculation Agent” shall mean the Person that has entered into the
Calculation Agency Agreement with the Company providing for, among other things, the determination of the Final Index Level, the Additional Amount, if any, and the Maturity Payment Amount, which term shall, unless the context otherwise requires,
include its successors under such Calculation Agency Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agency Agreement, the Company may appoint a different 

  

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Calculation Agent from time to time after the initial issuance of the Securities of this series without the consent of the Holders of the Securities of this
series and without notifying the Holders of the Securities of this series. 
 The “Closing Level” of the Index on any
Trading Day shall mean the closing level of the Index as reported by the Index Sponsor (or of any successor index, as reported by the index sponsor of that successor index) on such Trading Day or as determined by the Calculation Agent as described
in “—Discontinuance of the Index; Alteration Of Method Of Calculation.” 
 “Face Amount” shall mean, when
used with respect to any Security or Securities of this series, the amount set forth on the face of such Security or Securities as its or their “Face Amount.” 
 “Index Sponsor” shall mean MSCI Inc. 
 A “Market Disruption Event” with
respect to the Index will occur on any day if the Calculation Agent determines, in its sole discretion, any of the following: 
  

	 	•	 	 A material suspension or material limitation of trading in 20% or more of the underlying securities which comprise the Index or any successor index has been imposed
by the relevant exchanges on which those securities are traded, at any time during the one-hour period preceding the close of trading on such day, whether by reason of movements in price exceeding limits permitted by that relevant exchange or
otherwise. 

  

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

  

	 	•	 	 Any event, other than an early closure, that disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market values
for, the securities that then comprise 20% or more of the Index or any successor index on the relevant exchanges on which those securities are traded, at any time during the one-hour period that ends at the close of trading on that day.

  

	 	•	 	 Any event, other than an early closure, that disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market values
for, the futures or options contracts relating to the Index or any successor index on the primary exchange or quotation system on which those futures or options contracts are traded, at any time during the one-hour period that ends at the close of
trading on that day. 

  

	 	•	 	 The closure of the relevant exchanges on which the securities that then comprise 20% or more of the Index or any successor index are traded on or which futures or

  

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options contracts relating to the Index or any successor index are traded prior to its scheduled closing time unless the earlier closing time is announced by
the relevant exchanges at least one hour prior to the earlier of (1) the actual closing time for the regular trading session on the relevant exchanges and (2) the submission deadline for orders to be entered into the relevant exchanges for
execution at the close of trading on that day. 

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

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

  

	 	•	 	 “close of trading” means in respect of any relevant exchange, the scheduled weekday closing time on a day on which the relevant exchange is
scheduled to be open for trading for its respective regular trading session, without regard to after hours or any other trading outside the regular trading session hours. 

  

	 	•	 	 “relevant exchange” means for any security (or any combination thereof then underlying the Index or any successor index) the primary exchange,
quotation system (which includes bulletin board services) or other market of trading for such security. 

 A
“Trading Day” shall mean any day on which the Index (including any successor index) is published by the Index Sponsor or is otherwise determined by the Calculation Agent as described in “—Discontinuance of the Index;
Alteration Of Method of Calculation.” 
 The “Valuation Date” shall be the last Trading Day of May 2013. If the
Calculation Agent determines that a Market Disruption Event has occurred or is continuing with respect to the Index on the scheduled Valuation Date, the Calculation Agent will determine the Closing Level of the Index by reference to the Closing
Level on the next Trading Day on which there is not a Market Disruption Event for the Index; provided, however, if a Market Disruption Event occurs with respect to the Index on each of the seven Trading Days following the originally scheduled
Valuation Date, then (i) that seventh Trading Day shall be deemed the Valuation Date and (ii) the Calculation Agent shall determine the Closing Level of the Index subject to a Market Disruption Event based upon its good faith estimate of
the Closing Level on that seventh Trading Day. Any such postponement of the date that would otherwise be the scheduled Valuation Date will cause the Stated Maturity Date to be postponed until three Business Days after the Valuation Date if such
third Business Day is after the Initial Stated Maturity Date. 
 Discontinuance Of The Index; Alteration Of Method Of Calculation 
 If the Index Sponsor discontinues publication of the Index, or if the Index Sponsor terminates the license agreement for the Index and the Company does
not otherwise have the right to use the Index after any such termination, and the Index Sponsor or another entity 

  

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publishes a successor or substitute index that the Calculation Agent determines, in its sole discretion, to be comparable to the discontinued or otherwise
unavailable Index, then any subsequent Closing Level of the Index will be determined by reference to the level of such successor index or substitute index (in any such case, referred to herein as a “successor index”) at 4:00 p.m.,
New York City time, on the date that any such subsequent Closing Level of the Index is to be determined. 
 Upon any selection by the
Calculation Agent of a successor index, the Company will promptly give notice to the Holders of the Securities of this series. 
 If the
Index Sponsor discontinues publication of the Index, or if the Index Sponsor terminates the license agreement for the Index and the Company does not otherwise have the right to use the Index after such termination, and such discontinuance or other
unavailability is continuing on the date that any Closing Level of the Index is to be determined and the Calculation Agent determines that no successor index is available at such time, then, on such date, the Calculation Agent will determine the
Closing Level to be used in computing the amount payable at stated maturity. Such Closing Level will be computed by the Calculation Agent in accordance with the formula for and method of calculating the Index last in effect prior to such
discontinuance, using the closing price (or, if trading in the relevant securities has been materially suspended or materially limited, its good faith estimate of the closing price that would have prevailed but for such suspension or limitation) at
the close of the principal trading session on such date of each security most recently comprising the Index on the primary organized exchange or trading system. As used herein, “closing price” means, with respect to any security on
any date, the last reported sales price regular way on such date or, in case no such reported sale takes place on such date, the average of the reported closing bid and asked prices regular way on such date, in either case on the primary organized
exchange or trading system on which such security is then listed or admitted to trading. 
 If a successor index is selected or the
Calculation Agent calculates a Closing Level as a substitute for the Index, such successor index or Closing Level will be used as a substitute for the Index for all purposes, including for purposes of determining whether a Market Disruption Event
exists. 
 If the method of calculating the Index or a successor index, or the Closing Level thereof, is changed in a material respect, or if
the Index or a successor index is in any other way modified so that such Index does not, in the opinion of the Calculation Agent, fairly represent the value of the Index or such successor index had such changes or modifications not been made, then
the Calculation Agent will, at the close of business in New York City on the date that any Closing Level is to be determined, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order
to arrive at a value of a stock index comparable to the Index or such successor index, as the case may be, as if such changes or modifications had not been made. The Calculation Agent will calculate the Closing Level of the Index and the amount
payable at stated maturity with reference to the Index or such successor index, as adjusted. Accordingly, if the method of calculating the Index or a successor index is modified so that the level of such index is a fraction of what it would have
been if it had not been modified (for example, due to a split in the index), then the Calculation Agent will adjust such index in order to arrive at a level of the Index or such successor index as if it had not been modified (for example, as if such
split had not occurred). 
  

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 Calculation Agent 
 The Calculation Agent will determine the Maturity Payment Amount. 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 or if the Company no longer has the right to use the Index after any termination by MSCI of the license agreement, select a successor index or, if no successor 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 has occurred. 
 The Company covenants that, so long as any of the Securities of this series are Outstanding, there shall at all times be a Calculation Agent (which shall
be a broker-dealer, bank or other financial institution) with respect to the Securities of this series. 
 All determinations made by the
Calculation Agent with respect to the Securities of this series will be at the sole discretion of the Calculation Agent and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holders of the
Securities of this series. All percentages and other amounts resulting from any calculation with respect to the Securities of this series will be rounded at the Calculation Agent’s discretion. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred
to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for
any purpose. 
 [The remainder of this page has been left intentionally blank] 
  

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 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

  

							
	DATED:                     	 		 	
			
		 		 	WELLS FARGO & COMPANY
				
		 		 	By:	 	  

		 		 		 	Paul R. Ackerman
		 		 	Its:	 	Executive Vice President and Treasurer
			
	[SEAL]	 		 	
				
		 		 	Attest:	 	  

		 		 		 	Kerri L. Klemz
		 		 	Its:	 	Assistant Secretary

 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

  

 7 

 [Reverse of Note] 
 WELLS FARGO & COMPANY 
 Notes Linked to the MSCI EAFE Index 
 due June 6, 2013 
 This Security
is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time
(herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities
are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, limited in aggregate Face Amount to
$                    ; provided, however, that the Company may, so long as no Event of Default has occurred and is continuing, without
the consent of the Holders of the Securities of this series, issue additional Securities with the same terms as the Securities of this series, and such additional Securities shall be considered part of the same series under the Indenture as the
Securities of this series. 
 The Securities of this series are not subject to redemption at the option of the Company or repayment at the
option of the Holder hereof prior to June 6, 2013. The Securities will not be entitled to any sinking fund. 
 The Company agrees, to
the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of Securities of this series. 
 If an Event of Default, as defined in the Indenture, with respect to Securities of this series shall occur and be continuing, the Maturity Payment Amount (calculated as set forth in the next sentence) of the
Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Maturity Payment
Amount hereof calculated as though the date of acceleration was the Valuation Date; provided, however, if such date is not a Trading Day or if a Market Disruption Event has occurred or is continuing on that day, the next Trading Day on which there
is not a Market Disruption Event will be deemed to be the Valuation Date. Upon payment of the amount so declared due and payable, all of the Company’s obligations in respect of payment of the Maturity Payment Amount shall terminate. The
Securities of this series will not bear a default rate of interest after the occurrence of an Event of Default or an acceleration under the Indenture. 
 The Company agrees, and by acceptance of a beneficial ownership interest in this Security each beneficial owner of this Security will be deemed to have agreed, for United States federal income tax purposes to
characterize and treat this Security as a pre-paid cash-settled forward contract. 
  

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 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in
principal amount of the Securities at the time Outstanding of all series to be affected, acting together. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time
Outstanding affected by certain provisions of the Indenture, acting together, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the
Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Solely for the
purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in the requisite aggregate
principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof. Any such consent or waiver by the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Security. 
 Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the
Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein,
shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Upon due
presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new Security or Securities of this series in authorized denominations for an equal aggregate Face Amount will
be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in
connection therewith. 
 This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies
the Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is
not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered
form and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for
definitive Securities in registered form, having the same terms and of authorized denominations aggregating a like amount. 
  

 9 

 This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary
or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of beneficial
interests in this Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 
 No reference herein to the Indenture and no provision of the Indenture shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the Maturity Payment Amount at the times and place, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner
hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 No recourse shall be had for the payment of the Maturity Payment Amount, or for any claim based on this Security, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture
supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of
any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined in
this Security. 
 This Security shall be governed by and construed in accordance with the laws of the State of New York. 
  

 10 

 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) 
  

 11 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and appoint
                                        
attorney to transfer the said Security on the books of the Company, with full power of substitution in the premises. 
 Dated:
                     
  

	
	  

	
	  

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

 12

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