Document:

Form of Organizer Warrant Certificate

 Exhibit 10.4 
  
 DATED:
                    , 2003 
  

	 No.              
	                      Shares

  
 BAINBRIDGE BANCSHARES, INC.

 STOCK PURCHASE WARRANT 
 TO PURCHASE SHARES OF COMMON STOCK, NO PAR VALUE 
  
 THIS AGREEMENT is made and entered into as of the              day of
                    , 2003 by and between BAINBRIDGE BANCSHARES, INC., a Georgia Company (the “Company”), and
                                        
(the “Warrant Holder”). 
  
 W I T N E S S E T H

  
 WHEREAS, the Warrant Holder has served as an organizer in the
formation of the Company and the formation and establishment of First National Bank of Decatur County (Proposed) (the “Bank”), the wholly owned subsidiary of the Company; and 
  
 WHEREAS, the Warrant Holder has purchased
                     shares of the Company’s common stock, no par value per share (the “Common Stock”), at a price of $10.00
per share; and 
  
 WHEREAS, the Warrant Holder will provide
services to the Company as a director of the Company [and the Bank]; and 
  
 WHEREAS, the Company, in recognition of the financial risk undertaken by the Warrant Holder in organizing the Bank and the Company and in order to encourage the Warrant Holder’s continued involvement in the
successful operation of the Company and the Bank, desires to issue to the Warrant Holder the right to acquire additional shares of the Company’s Common Stock. 
  
 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties to this Agreement agree as follows: 
  
 Section 1. Grant of Warrant. Subject to the terms, restrictions, limitations and conditions stated in this Agreement, the Company hereby grants to the Warrant Holder the right (the “Warrant”) to
purchase all or any part of an aggregate of                      shares of the Common Stock, subject to adjustment in accordance with Section
6 of this Agreement. The aggregate number of shares of Common Stock which the Company grants the Warrant Holder the right to purchase under this Agreement shall be no greater than the number of shares of Common Stock subscribed by the Warrant Holder
upon organizing the Bank. 
  
 Section 2. Exercise Price.
The price per share to be paid by the Warrant Holder for the shares of Common Stock subject to this Warrant shall be $10, subject to adjustment as set forth in Section 6 of this Agreement (the price, as adjusted, is called the “Purchase
Price”). 
  
 Section 3. Exercise of Warrant.

 Bainbridge Bancshares, Inc. 
 Stock Purchase Warrant 
 Dated                     , 2003 
 Page 2 
  

	 	(a)	Term. The term for the exercise of this Warrant begins at 9:00 a.m., Eastern Time, on the first anniversary of the date that the Company first issues its common stock (the
“Issue Date”). The term for the exercise of this Warrant ends at 5:00 p.m., Eastern Time (the “Expiration Time”), on the earlier of: 

  

	 	(i)	the tenth anniversary of the Issue Date; or 

  

	 	(ii)	90 days after the Warrant Holder ceases to serve as a director of the Company; provided, however, that if the Warrant Holder ceases to be a director because he is disabled or is
deceased, then the Warrant Holder (or his estate) will have until twelve months after the Warrant Holder ceases to serve as a director of the Company to exercise this Warrant. 

  

	 	(b)	Required Exercise. Notwithstanding any other provision of this Agreement, if at any time while this Warrant is outstanding, (i) the Board of Governors of the Federal Reserve
System makes a formal capital call upon the Company or (ii) the Office of the Comptroller of the Currency makes a formal capital call upon the Bank, the Holder will exercise this Warrant in whole or in part as may be needed for additional required
capital, or the Warrant shall be forfeited. The number of shares of Common Stock as to which the Warrant shall be exercised by each Holder to meet the capital call will be calculated pro rata on the basis of the number of shares of Common Stock
subject to a Warrant held by each Holder. The exercise price for shares of Common Stock purchased upon such exercise will be equal to the greater of the Exercise Price determined pursuant to Section 2 hereof and the then-current book value per share
of the Common Stock. Any portion of this Warrant not required to be exercised under the terms of any such capital call may be exercised under the original terms of this Warrant. 

  

	 	(c)	Vesting. The Warrant will vest in annual one-third (1/3) increments over a period of three years, beginning on the first anniversary of the Issue Date. The vested portion of
the Warrant may be exercised in whole, or from time to time in part, at any time prior to the Expiration Time. In the event of permanent disability or death of the Warrant Holder, any unvested portion of the Warrant shall become fully vested to the
Warrant Holder (or his or her estate). 

  
 Section
4. Exercise of Warrant. The Warrant Holder may exercise this Warrant from time to time, in whole or in part, by delivering the following to the Company: 
  

	 	(a)	written notice of exercise specifying the number of shares of Common Stock with respect to which this Warrant is being exercised at such time; and 

  

	 	(b)	a cashier’s or certified check payable to the Company for the full amount of the aggregate Purchase Price for the number of shares as to which this Warrant is being exercised
at such time. 

 Bainbridge Bancshares, Inc. 
 Stock Purchase Warrant 
 Dated                     , 2003 
 Page 3 
  

 The Warrant Holder must deliver the notice of exercise and the cashier’s or certified check to the
address of the Company as set forth in Section 11(a) of this Agreement or any other address that the Company requests. 
  
 Section 5. Issuance of Shares. Upon receipt of the items set forth in Section 4 of this Agreement, and subject to the terms of this Agreement, the
Company shall deliver to the Warrant Holder stock certificates for the number of shares specified in the notice to exercise, and shall register the share or shares in the name of the Warrant Holder. In no event shall the Company be required to issue
or deliver any certificate for shares of Common Stock purchased upon the exercise of this Warrant or any portion of this Warrant prior to the fulfillment of the following conditions: 
  

	 	(a)	the admission of such shares for listing on all stock exchanges on which the Common Stock is then listed; 

  

	 	(b)	the completion of any registration or other qualification of such shares which the Company shall deem necessary or advisable under any federal or state law or under the rulings or
regulations of the Securities and Exchange Commission or any other governmental regulatory body; or 

  

	 	(c)	the obtaining of any approval or other clearance from any federal agency or body, which the Company shall determine to be necessary or advisable; or 

  
 The Company shall have no obligation to obtain the fulfillment of these
conditions; provided, however, that the Warrant Holder shall have one full calendar year after these conditions have been fulfilled to exercise his or her Warrant, notwithstanding any other provision in this Agreement. 
  
 Section 6. Antidilution. 
  

	 	(a)	If, prior to the Expiration Time, the Company shall subdivide its outstanding shares of Common Stock into a greater number of shares, or declare and pay a dividend of its Common
Stock payable in additional shares of its Common Stock, the Purchase Price, as then in effect, shall be proportionately reduced, and the Company shall proportionately increase the number of shares of Common Stock then subject to exercise under this
Warrant (and not previously exercised). 

  

	 	(b)	If, prior to the Expiration Time, the Company shall combine its outstanding shares of the Common Stock into a smaller number of shares, the Purchase Price, as then in effect, shall
be proportionately increased, and the Company shall proportionately reduce the number of shares of Common Stock then subject to exercise under this Warrant (and not previously exercised). 

  
 Section 7. Reorganization, Reclassification, Consolidation or Merger.
If, prior to the Expiration Time, there shall be any reorganization or reclassification of the Common Stock (other than a subdivision or combination of shares provided for in Section 6 of this Agreement), or any consolidation or merger of the
Company with another entity, the Warrant Holder shall be entitled to receive, during the remainder of the term of this Agreement and upon payment of the Purchase Price, the number of shares of stock or other securities or property of the Company or
of the successor entity (or its parent company) resulting from such consolidation or merger, as the case may be, to which a holder of the Common Stock, 

 Bainbridge Bancshares, Inc. 
 Stock Purchase Warrant 
 Dated                     , 2003 
 Page 4 
  

 
deliverable upon the exercise of this Warrant, would have been entitled upon such reorganization, reclassification, consolidation or merger; and in any case,
the Company shall make appropriate adjustments (as determined by the Board of Directors of the Company in its sole discretion) in the application of the provisions with respect to the rights and interests of the Warrant Holder so that the provisions
set forth in this Agreement (including the adjustment of the Purchase Price and the number of shares issuable upon the exercise of this Warrant) shall be applicable, as near as may reasonably be practicable, to any shares or other property
thereafter deliverable upon the exercise of this Warrant. 
  
 Section 8. Transfer and Assignment. 
  

	 	(a)	During the Warrant Holder’s lifetime, this Warrant and any rights under this Agreement shall be exercisable only by the Warrant Holder (or by the Warrant Holder’s guardian
or legal representative, should one be appointed). Except assignments or transfers of the vested portion of this Warrant made by will or under the laws of descent and distribution, this Warrant or any rights under this Agreement may not be assigned,
transferred, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition of this
Warrant except as provided for in this Section 8 shall be null and void and without legal effect. 

  

	 	(b)	Shares of Common Stock acquired by exercise of this Warrant granted in this Agreement may not be transferred or sold unless the transfer is exempt from further regulatory approval
or otherwise permissible under applicable law, including state and federal securities laws, and will bear a legend to this effect. 

  
 Section 9. Notice of Adjustments. Within thirty (30) days following the determination of any adjustment provided for in Section 6 or Section 7 of
this Agreement, the Company shall give written notice of such adjustment to the Warrant Holder at the address set forth in Section 10(a) of this Agreement or such other address as the Warrant Holder may request. The notice shall state the Warrant
Purchase Price as adjusted and the increased or decreased number of shares purchasable upon the exercise of this Warrant and shall set forth in reasonable detail the method of calculation of each. 
  
 Section 10. Miscellaneous. 
  

	 	(a)	Notices. All notices, requests, demands and other communications required or permitted hereunder shall be in writing and shall be deemed to have been duly given when
delivered by hand, telegram or facsimile transmission, or if mailed, by postage prepaid first class mail, on the third business day after mailing, to the following address (or at such other address as a party may notify the other hereunder):

  
 To the Company: 
  
 Decatur County Bancshares, Inc. 
 819 Shotwell Street 
 Bainbridge, Georgia 39819 
 Attention: Corporate Secretary 

 Bainbridge Bancshares, Inc. 
 Stock Purchase Warrant 
 Dated                     , 2003 
 Page 5 
  

 To the Warrant Holder: 
  
 __________________________ 
  
 __________________________ 
  
 __________________________ 
  

	 	(b)	Reservation of Shares. The Company covenants that it has reserved and will keep available, solely for the purpose of issue upon the exercise of this Warrant, a sufficient
number of shares of Common Stock to permit the exercise hereof in full. 

  

	 	(c)	Rights of Holders. No holder of this Warrant, as such, shall be entitled to vote or receive dividends with respect to the shares of Common Stock subject to this Warrant or be
deemed to be a shareholder of the Company for any purpose until such Common Stock has been issued. 

  

	 	(d)	Amendment. This Agreement shall constitute the entire agreement contemplated by the Company and the Warrant Holder and may be amended only by an instrument in writing
executed by the party against whom enforcement of the amendment is sought. 

  

	 	(e)	Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.

  

	 	(f)	Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Georgia. 

  
 [Remainder of Page Intentionally Left Blank] 

 Bainbridge Bancshares, Inc. 
 Stock Purchase Warrant 
 Dated                     , 2003 
 Page 6 
  

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed this
             day of                     , 2003, by its duly authorized
officers. 
  

	 BAINBRIDGE BANCSHARES, INC.

		
	 By:
	 	  

	 	 	 Tracy Dixon, President and Chief Executive Officer

	

  

	 ATTEST:

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 EXHIBIT A 
  

[Subscription Form to Be Executed Upon Exercise of Warrant] 
  
 The undersigned registered holder or permitted assignee of such registered holder of the within Warrant hereby (1) subscribes for
                 Shares which the undersigned is entitled to purchase under the terms of the within Warrant, (2) makes the full cash payment therefor called for
by the within Warrant, and (3) directs that the shares issuable upon exercise of said Warrant be issued as follows: 
  

	 ____________________________________

	 	 	   (Name)

	 ____________________________________

	 	 	 (Address)

	
	 Signature ____________________________

  
 Dated                                     

  
 NOTICE: The signature on this subscription form must correspond with
the name as written upon the face of the within Warrant in every particular, without alteration or enlargement, or any change whatsoever, and must be guaranteed by a bank, other than a savings bank or trust company, or by a firm having membership on
a registered national securities exchange.Form of Note

 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. 949746FK2
	 	 FACE AMOUNT: $43,061,000

	 REGISTERED NO. 1
	 	 

  
 WELLS FARGO &
COMPANY 
  
 Notes Linked to the Dow Jones Industrial
AverageSM due January 30, 2009 
  
 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 (as defined below). 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. 
  

 “Dow Jones” and “Dow Jones Industrial Average” are servicemarks of Dow
Jones & Company, Inc. (“Dow Jones,” which term, as used herein, includes its successors) and have been licensed for use for certain purposes by the Company. This Security, based on the performance of the Dow Jones Industrial Average,
is not sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones makes no representation regarding the advisability of investing in this Security. 

 Determination of Maturity Payment Amount 
  
 “Maturity Payment Amount” shall mean, for each $1,000 Face Amount
of this Security, the product of (i) $1,000 and (ii) [1 + Index Return Amount]. 
  
 Set forth below are certain defined terms used in this Security in connection with the determination of the Maturity Payment Amount. 
  
 “Business Day” shall mean any day other than a Saturday, Sunday or a day on which banking institutions are
authorized or required by law, regulation or executive order to close in New York City or Minneapolis, Minnesota. 
  
 “Calculation Agency Agreement” shall mean the Calculation Agency Agreement dated as of October 31, 2003 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 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
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. 
  
 “Calculation Day” means any Trading Day on which a Market
Disruption Event has not occurred. 
  
 “Calculation
Period” shall mean the period of three Calculation Days beginning on and including the fourth Trading Day before January 30, 2009 to and including the second Trading Day before January 30, 2009; provided, however, that if one or more of such
Trading Days is not a Calculation Day, the Calculation Period shall be extended to such date as is necessary so that the Calculation Period consists of three Calculation Days. 
  
 “Closing Level” shall mean, on any date, the last reported level of the Dow Jones Industrial Average at 4:00 p.m.,
New York City time, on such date as reported by Dow Jones; provided, however, that in the event that Dow Jones discontinues publication of the Dow Jones Industrial Average, the Closing Level will be determined in the manner set forth in this
Security under “Discontinuance Of The Dow Jones Industrial Average; Alteration Of Method Of Calculation.” 
  
 “Dow Jones Industrial Average” shall mean the Dow Jones Industrial Average as calculated by Dow Jones. 
  
 “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.” 
  

 2 

 “Final Index Level” shall mean the average (i.e., arithmetic mean) of the Closing Levels of the
Dow Jones Industrial Average determined on each of the three Calculation Days during the Calculation Period. 
  
 “Index Return Amount” shall mean: 
  

	 	•	if the Closing Level does not fall below the Threshold Index Level on any day during the period beginning on October 27, 2003 and ending on the final day of the Calculation Period,
an amount equal to the greater of (i) zero and (ii) the following amount: 

  
 Final Index Level – Initial Index Level 
 Initial Index Level 
  
 or 
  

	 	•	if the Closing Level falls below the Threshold Index Level on any day during the period beginning on October 27, 2003 and ending on the final day of the Calculation Period, an
amount equal to: 

  
 Final Index Level –
Initial Index Level 
 Initial Index Level 
  
 The Index Return Amount resulting from any of the calculations specified above will be rounded up or down to the nearest 0.00001, with 0.000005 being rounded upward.

  
 “Initial Index Level” shall mean 9608.16.

  
 A “Market Disruption Event” with respect to the Dow
Jones Industrial Average will occur on any day if the Calculation Agent determines any of the following: 
  

	 	•	A material suspension or material limitation of trading in 20% or more of the underlying stocks which comprise the Dow Jones Industrial Average or any successor index has occurred
on that day, in each case during the one hour period preceding the close of trading on the primary organized U.S. exchange or trading system on which those stocks are traded or, in the case of a common stock not listed or quoted in the United
States, on the primary exchange, trading system or market for that security. Limitations on trading during significant market fluctuations imposed pursuant to the rules of any primary organized U.S. exchange or trading system similar to New York
Stock Exchange Rule 80B or any applicable rule or regulation enacted or promulgated by The New York Stock Exchange, any other exchange, trading system or market, any other self regulatory organization or the Securities and Exchange Commission of
similar scope or as a replacement for Rule 80B, may be considered material. A trading system includes bulletin board services. 

  

 3 

	 	•	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 Dow Jones Industrial Average or any successor index, whether by reason of movements in price exceeding levels permitted by an exchange, trading system or market on which those options or futures contracts are traded or otherwise.

  

	 	•	Information is unavailable on that date, through a recognized system of public dissemination of transaction information, during the one hour period preceding the close of trading,
of accurate price, volume or related information in respect of 20% or more of the underlying stocks which comprise the Dow Jones Industrial Average or any successor index or in respect of options or futures contracts related to the Dow Jones
Industrial Average or any successor index, in each case traded on any major U.S. exchange or trading system or, in the case of securities of a non-U.S. issuer, traded on the primary non-U.S. exchange, trading system or market for that security.

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

	 	•	a limitation on the hours or number of days of trading will not constitute a Market Disruption Event if it results from an announced change in the regular business hours of the
relevant exchange, trading system or market; and 

  

	 	•	close of trading means 4:00 p.m., New York City time. 

  
 “Stated Maturity Date” shall mean January 30, 2009; provided, however, that if a Market Disruption Event occurs during the period beginning on
and including the fourth Trading Day before January 30, 2009 to and including the second Trading Day before January 30, 2009 such that one or more of such Trading Days is not a Calculation Day, the Stated Maturity Date will be two Business Days
after the final day of the Calculation Period. 
  
 “Threshold
Index Level” shall mean 5764.90. 
  
 “Trading Day”
shall mean each Monday, Tuesday, Wednesday, Thursday and Friday that is a day on which The New York Stock Exchange, The Nasdaq National Market and the American Stock Exchange are open for trading. 
  
 Discontinuance Of The Dow Jones Industrial Average;
Alteration Of Method Of Calculation 
  
 If Dow Jones
discontinues publication of the Dow Jones Industrial Average and Dow Jones or another entity publishes a successor or substitute index that the Calculation Agent determines, in its sole discretion, to be comparable to the discontinued Dow Jones
Industrial Average, then any subsequent Closing Level will be determined by reference to the level of such successor or substitute index (in any such case, a “successor index”) at 4:00 p.m., New York City time, on the date that any Closing
Level is to be determined. 
  

 4 

 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 Dow Jones
discontinues publication of the Dow Jones Industrial Average prior to, and such discontinuance is continuing on, the date that any Closing Level 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. The Closing Level will be computed by the Calculation Agent in accordance with the formula for and method of calculating the Dow Jones Industrial Average 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 Dow Jones Industrial Average on the primary organized U.S. exchange or trading system. “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 U.S. 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 Dow Jones Industrial Average, such successor
index or Closing Level will be used as a substitute for the Dow Jones Industrial Average for all purposes, including for purposes of determining whether a Market Disruption Event exists. 
  
 If the method of calculating the Dow Jones Industrial Average or a successor index, or the Closing Level thereof, is changed
in a material respect, or if the Dow Jones Industrial Average 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 level of the Dow Jones Industrial Average 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 the 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 level of a stock index comparable to the Dow Jones Industrial Average 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 with reference to the Dow Jones Industrial Average or such successor index, as adjusted. Accordingly, if the method of calculating the Dow Jones Industrial Average 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
Dow Jones Industrial Average or such successor index as if it had not been modified (for example, as if such split had not occurred). 
  

 5 

 Calculation Agent 
  
 The Calculation Agent will determine the Maturity Payment Amount. In addition, the Calculation Agent will: 
  

	 	•	determine if adjustments are required to the Closing Level under the circumstances described in this Security; 

	 	•	if publication of the Dow Jones Industrial Average is discontinued, select a successor index or, if no successor index is available, determine the Closing Levels; and

	 	•	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. Except with respect to the calculation of the Index Return Amount, 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. 
  

 6 

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

  
 DATED: 
  

	WELLS FARGO & COMPANY
		
	By:	 	  

	 	 	 Its:
	 	  

  
  
 [SEAL] 
  

		
	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 MINNESOTA, N.A.,
as Authenticating Agent for the Trustee

		
	 By:
	 	  

	 	 	 Authorized Signature

  

 7 

 [Reverse of Note] 
  

WELLS FARGO & COMPANY 
  
 Notes Linked to the Dow Jones Industrial AverageSM due January 30, 2009 
  
 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 $43,061,000; 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 the Stated Maturity Date. The Securities of this series 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 Stated Maturity 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 treat this Security as a financial contract with cash settlement, rather than as a debt instrument. 
  

 8 

 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 its Face Amount. 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. 
  
 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 
  

 9 

 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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