Document:

Form of Subordinated Medium-Term Floating Rate Note, Series F

 EXHIBIT 4.4 
  

[Series F MTNs] 
  
 [Face of Note] 
  

	 CUSIP NO.
	 	PRINCIPAL AMOUNT: $

  
 REGISTERED NO. 
  
 WELLS FARGO & COMPANY 
  
 FORM OF 
  
 SUBORDINATED MEDIUM-TERM FLOATING RATE NOTE, SERIES F 
  
 Due Nine Months or More From Date of Issue 
  

	 ̈	 	Check box if this Security is a Global Security. 

  
 Applicable if this Security is a Global Security: 
  
 [Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (55 Water Street, New York,
New York) (“DTC”), to the Issuer 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.] 
  
 [If
applicable, this Security will contain information required by U.S. Federal Income Tax “Original Issue Discount” rules, as that term is defined in the Internal Revenue Code of 1986, as amended.] 
  

	 ORIGINAL ISSUE DATE:
	 	ISSUE PRICE:                 %	 	STATED MATURITY DATE:
			
	 BASE RATE:
	 	INITIAL INTEREST RATE:	 	INTEREST PAYMENT DATES:
			
	 REGULAR RECORD DATES:
	 	INTEREST DETERMINATION DATES:	 	CALCULATION DATES:
			
	 MAXIMUM RATE:
	 	MINIMUM RATE:	 	INTEREST RESET PERIOD:

  

	 INTEREST RESET DATES:
	 	INITIAL INTEREST RESET DATE:	 	SPREAD MULTIPLIER:
			
	 SPREAD: +
                  -  
	 	INDEX MATURITY:	 	 DESIGNATED CMT MATURITY
 INDEX AND
DESIGNATED
 TELERATE PAGE
 (Only applicable if the Base Rate is
CMT):

			
	 DESIGNATED LIBOR PAGE
 (Only applicable if the Base Rate is
 LIBOR):
      ̈ LIBOR Telerate (p. __)
      ̈ LIBOR Reuters (p. __)
	 	 INDEX CURRENCY
 (Only applicable if the Base
Rate is LIBOR):
	 	CALCULATION AGENT:
			
	 OPTIONAL REDEMPTION
 (at option of Company):
	 	 INITIAL REDEMPTION DATE
 (at option of
Company):
	 	 INITIAL REDEMPTION
 PERCENTAGE:

			
	 ANNUAL REDEMPTION
 PERCENTAGE REDUCTION:
	 	SINKING FUND:	 	OPTION TO ELECT REPAYMENT:
			
	 OPTIONAL REPAYMENT DATE(S):
	 	 MINIMUM DENOMINATIONS:
      ̈$1,000
      ̈ Other
	 	 DEPOSITARY
 (Only applicable if this Security
is a Global Security):

			
	 SPECIFIED CURRENCY:
	 	 	 	 
			
	 OTHER/ADDITIONAL TERMS:
	 	 	 	ADDENDUM ATTACHED:

  
 WELLS FARGO &
COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby
promises to pay to
                                        
    , or registered assigns, the principal sum of                             
Dollars ($            ) on the Stated Maturity Date shown above (except to the extent redeemed or repaid prior to such date) and to pay interest, if any, on the Interest Payment
Dates specified above, commencing with the first Interest Payment Date specified above following the Original Issue Date specified above, and at Maturity, on the principal amount hereof, at a rate per annum equal to the Initial Interest Rate
specified above until the Initial Interest Reset Date specified above following the Original Issue Date specified above and thereafter at a rate per annum determined in accordance with the provisions on the reverse hereof under the heading
“Determination of CD Rate”, “Determination of Commercial Paper Rate”, “Determination of EURIBOR”, “Determination of Federal Funds Rate”, “Determination of LIBOR”, “Determination of Prime
Rate”, “Determination of Treasury Rate” or “Determination of CMT Rate”, depending upon whether the Base Rate is CD Rate, 
  

 2 

 Commercial Paper Rate, EURIBOR, Federal Funds Rate, LIBOR, Prime Rate, Treasury Rate or CMT Rate, as specified above.

  
 Notwithstanding the foregoing, if an Addendum is attached
hereto or “Other/Additional Terms” apply to this Security as specified above, this Security shall be subject to the terms set forth in such Addendum or such “Other/Additional Terms.” 
  
 The principal (and premium, if any) and interest on this Security is payable
by the Company in the Specified Currency specified above. 
  
 Any
Interest Payment Date specified above that would fall on a day that is not a Business Day, other than an Interest Payment Date that is also the date of Maturity, shall be the following day that is a Business Day, except that, if the Base Rate
specified above is LIBOR or EURIBOR and such following Business Day is in the next calendar month, such Interest Payment Date shall be the immediately preceding day that is a Business Day. If the date of Maturity would fall on a day that is not a
Business Day, the payment of principal and any premium and interest shall be made on the following Business Day, with the same force and effect as if made on the due date, and no additional interest shall accrue on the amount so payable for the
period from and after such date of Maturity. For purposes of this Security, “Business Day” means (a) any 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 City or Minneapolis, Minnesota, and (b) if the Base Rate specified above is LIBOR or EURIBOR, any day that meets the above criteria and which is also a London Banking Day. For purposes of this Security,
“London Banking Day” means any day on which dealings in deposits in the Index Currency specified above are transacted in the London interbank market. 
  

Interest payments on this Security shall be the amount of interest accrued from and including the Original Issue Date specified above or from and
including the last date to which interest has been paid, or provided for, as the case may be, to but excluding, the following Interest Payment Date or the date of Maturity. If this Security has been issued upon transfer of, in exchange for, or in
replacement of, a Predecessor Security, interest on this Security shall accrue from the last Interest Payment Date to which interest was paid on such Predecessor Security or, if no interest was paid on such Predecessor Security, from the Original
Issue Date specified above. 
  
 Subject to certain exceptions
provided in the Indenture referred to on the reverse hereof, the interest so payable on any Interest Payment Date shall be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date (whether or
not a Business Day) next preceding such Interest Payment Date, and interest payable upon the Maturity (whether or not such date of Maturity is an Interest Payment Date) shall be paid to the Person to whom principal is payable; provided, however,
that the first payment of interest on a Security originally issued and dated between a Regular Record Date specified above and an Interest Payment Date shall be due and payable on the Interest Payment Date following the next succeeding Regular
Record Date to the registered owner on such next succeeding Regular Record Date. Unless otherwise specified on the face hereof, “Regular Record Date” shall mean the fifteenth calendar day (whether or not a Business Day) immediately
preceding the related Interest Payment Date. 
  

 3 

 Any interest not punctually paid or duly provided for shall forthwith cease to be payable to the Holder
on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be
fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 
  
 Until this Security is paid in full or payment therefor in full is duly provided for, the Company shall at all times
maintain a Paying Agent (which Paying Agent may be the Trustee) in New York City or Minneapolis, Minnesota. The Company has initially appointed Wells Fargo Bank Minnesota, National Association as the Paying Agent at its corporate trust office at
Minneapolis, Minnesota. 
  
 If this Security is a Global Security:
Payments of principal and any premium and interest on this Security shall be made to DTC or its nominee, as Holder of this Security, by wire transfer of immediately available funds. 
  
 If this Security is not a Global Security: Payment of interest on this Security (other than payments of interest at
Maturity) shall be made by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register or, in the case of a Holder of $50,000,000 or more in aggregate principal amount of Securities of this
series having the same Interest Payment Date, by wire transfer of immediately available funds to such account as may have been designated by such Holder. Any such designation for wire transfer purposes shall be made by filing the appropriate
information with the Paying Agent at its corporate trust office not later than 10 calendar days prior to the applicable Interest Payment Date and, unless revoked by written notice to the Paying Agent received by the Paying Agent on or prior to the
Regular Record Date immediately preceding the applicable Interest Payment Date, shall remain in effect with respect to any further payments with respect to this Security payable to such Holder. Payment of principal of and interest, if any, on this
Security at Maturity shall be made against presentation of this Security at the office or agency of the Company maintained for that purpose in New York City or Minneapolis, Minnesota. 
  
 The Company shall pay any administrative costs imposed by banks on payors in making payments on this Security in immediately
available funds and the Holder of this Security will pay any administrative costs imposed by banks on payees in connection with such payments. Any tax, assessment or governmental charge imposed upon payments on this Security shall be borne by the
Holder of this Security. 
  
 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 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. 
  
  

 4 

 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 referred to 
 in the within-mentioned Indenture. 
  
 BANK ONE TRUST COMPANY, N.A., 
     as Trustee 
  
 By:                                      
                                        
                              
       Authorized Signature 
  
 OR 
  
 WELLS FARGO BANK MINNESOTA, NATIONAL
ASSOCIATION, 
     as Authenticating Agent for the Trustee 
  
 By:                                      
                                        
                              
       Authorized Signature 
  
  

 5 

 [Reverse of Note] 
  

WELLS FARGO & COMPANY 
  
 SUBORDINATED MEDIUM-TERM FLOATING RATE NOTE, SERIES F 
  
 Due Nine Months or More From Date of Issue 
  
 General 
  
 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 August 30, 1999, as
amended or supplemented from time to time (herein called the “Indenture”), between the Company and Bank One Trust Company, N.A. (successor in interest to The First National Bank of Chicago), 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 of the Securities designated as
Subordinated Medium-Term Notes, Series F, of the Company, which series is limited to an aggregate principal amount of $10,000,000,000 or the equivalent thereof in one or more foreign or composite currencies minus the aggregate principal amount of
the Company’s Medium-Term Notes, Series E which may be issued from time to time. The Securities of this series may mature at different times, bear interest, if any, at different rates, be redeemable at different times or not at all, be
repayable at the option of the Holder at different times or not at all, be issued at an original issue discount 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 Depository or (b) certificated securities issued to and registered in the names of, the beneficial owners or their nominees. 
  
 The indebtedness evidenced by this Security is, to the extent and in the manner set forth in the Indenture, subordinate and
subject in right of payment to the prior payment in full of the principal of and premium, if any, and interest on all Senior Debt of the Company, and the Holder of this Security, by accepting the same, agrees to and shall be bound by the provisions
of the Indenture with respect thereto. 
  
 Interest Rate Reset 

 
 The interest rate in effect from the Original Issue Date to the Initial
Interest Reset Date specified on the face hereof shall be the Initial Interest Rate specified on the face hereof. Commencing with the Initial Interest Reset Date specified on the face hereof following the Original Issue Date specified on the face
hereof, the rate at which interest on this Security is payable shall be adjusted daily, weekly, monthly, quarterly, semi-annually or annually as specified on the face hereof under “Interest Reset Period”. Each such adjusted rate shall be
applicable from and including the 
  

 6 

 Interest Reset Date to which it relates to but not including the next succeeding Interest Reset Date or until Maturity,
as the case may be. Subject to applicable provisions of law and except as specified herein, on each Interest Reset Date, the rate of interest on this Security shall be the rate determined with respect to the Interest Determination Date next
preceding such Interest Reset Date in accordance with the provisions of the applicable heading below and adjusted by the addition or subtraction of the Spread, if any, specified on the face hereof, and/or by the multiplication by the Spread
Multiplier, if any, specified on the face hereof. 
  
 If any
Interest Reset Date would otherwise be a day that is not a Business Day, such Interest Reset Date shall be the following Business Day, except that if the Base Rate specified above is LIBOR or EURIBOR and if such following Business Day is in the next
calendar month, such Interest Reset Date shall be the immediately preceding Business Day. 
  
 Accrued interest shall be calculated by multiplying the principal amount by an accrued interest factor. Such accrued interest factor shall be computed by adding the interest factor calculated for each day in the
period for which interest is being paid. Unless otherwise specified on the face hereof, the interest factor for each such day will be computed by dividing the interest rate (expressed as a decimal) applicable to such day by 360, if the Base Rate is
the CD Rate, the Commercial Paper Rate, EURIBOR, the Federal Funds Rate, LIBOR or the Prime Rate or by the actual number of days in the year, if the Base Rate is the Treasury Rate or the CMT Rate. 
  
 Unless otherwise specified on the face hereof, all percentages resulting from
any calculation referred to herein shall be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with five one-millionths of one percentage point rounded upward (e.g., 9.876545% (or .09876545) being rounded to 9.87655%
(or .0987655) and 9.876544% (or .09876544) being rounded to 9.87654% (or .0987654)), and all dollar or other currency amounts used in or resulting from any such calculation on this Security shall be rounded to the nearest cent or, in the case of
non-U.S. currency, to the nearest unit (with one-half cent being rounded upwards). 
  
 Notwithstanding the foregoing, the interest rate per annum hereon shall not be greater than the Maximum Interest Rate, if any, or less than the Minimum Interest Rate, if any, specified on the face hereof. The
Calculation Agent shall calculate the interest rate hereon in accordance with the foregoing on or before each Calculation Date. 
  
 The interest rate on this Security shall in no event be higher than the maximum rate permitted by New York law, as the same may be modified by United
States law of general application. 
  
 At the request of the
Holder hereof, the Calculation Agent shall provide to the Holder hereof the interest rate hereon then in effect and, if determined, the interest rate that shall become effective on the next Interest Reset Date with respect to this Security. The
Calculation Agent’s determination of any interest rate shall be final and binding in the absence of manifest error. 
  

 7 

 A “Calculation Date”, where applicable, for any Interest Determination Date will be the earlier
of: 
  

	 	•	 	the tenth calendar day after that Interest Determination Date, or, if that day is not a Business Day, the following Business Day; or 

  

	 	•	 	the Business Day before the applicable Interest Payment Date or Maturity. 

  
 Determination of CD Rate 
  
 If the Base Rate specified on the face hereof is CD Rate, the interest rate per annum determined with respect to any Interest Determination Date specified
on the face hereof (each, a “CD Interest Determination Date”) shall equal the rate on that date for negotiable certificates of deposit having the Index Maturity specified on the face hereof as published by the Board of Governors of the
Federal Reserve System in “Statistical Release H.15(519), Selected Interest Rates” or any successor publication of the Board of Governors of the Federal Reserve System, (“H.15(519)”) under the heading “CDs (Secondary
Market).” 
  
 The following procedures will be followed if
the CD Rate cannot be determined as described above: 
  

	 	•	 	If the above rate is not published in H.15(519) by 3:00 p.m., New York City time, on the Calculation Date, the CD Rate will be the rate on the applicable CD Interest Determination
Date set forth in the daily update of H.15(519) or another recognized electronic source used for displaying such rate, available through the world wide website of the Board of Governors of the Federal Reserve System at
http://www.federalreserve.gov/releases/h15/update, or any successor site or publication (the “H.15 Daily Update”), for the day in respect of certificates of deposit having the Index Maturity specified on the face hereof under the caption
“CDs (secondary market).” 

  

	 	•	 	If that rate is not yet published in either H.15(519) or the H.15 Daily Update by 3:00 p.m., New York City time, on the Calculation Date, then the Calculation Agent will determine
the CD Rate to be the arithmetic mean of the secondary market offered rates as of 10:00 a.m., New York City time, on that CD Interest Determination Date of three leading nonbank dealers in negotiable U.S. dollar certificates of deposit in New York
City, which may include an agent or its affiliates, selected by the Calculation Agent, after consultation with the Company, for negotiable certificates of deposit of major United States money center banks of the highest credit standing in the market
for negotiable certificates of deposit with a remaining maturity closest to the Index Maturity specified on the face hereof in an amount that is representative for a single transaction in the market at that time. 

  

	 	•	 	If the dealers selected by the Calculation Agent are not quoting as described in the previous bullet point, the CD Rate in effect immediately before that CD Interest Determination
Date will not change and will remain the CD Rate in effect on that CD Interest Determination Date. 

  
  

 8 

 Determination of Commercial Paper Rate 
  
 If the Base Rate specified on the face hereof is Commercial Paper Rate, the interest rate per annum determined with respect
to any Interest Determination Date specified on the face hereof (each, a “Commercial Paper Interest Determination Date”) shall equal the Money Market Yield, calculated as described below, of the rate on that date for commercial paper
having the Index Maturity specified on the face hereof as published in H.15(519) under the heading “Commercial Paper—Nonfinancial.” 
  
 The following procedures will be followed if the Commercial Paper Rate cannot be determined as described above: 
  

	 	•	 	If the above rate is not published by 3:00 p.m., New York City time, on the Calculation Date, then the Commercial Paper Rate will be the Money Market Yield of the rate on the
applicable Commercial Paper Interest Determination Date for commercial paper having the Index Maturity specified on the face hereof as published in the H.15 Daily Update or another recognized electronic source used for displaying such rate under the
heading “Commercial Paper—Nonfinancial.” 

  

	 	•	 	If by 3:00 p.m., New York City time, on that Calculation Date that rate is not yet published in either H.15(519) or the H.15 Daily Update, then the Calculation Agent will determine
the Commercial Paper Rate to be the Money Market Yield of the arithmetic mean of the offered rates as of 11:00 a.m., New York City time, on that Commercial Paper Interest Determination Date of three leading dealers of commercial paper in New York
City, which may include an agent or its affiliates, selected by the Calculation Agent, after consultation with the Company, for commercial paper having the Index Maturity specified on the face hereof placed for an industrial issuer whose bond rating
is “AA,” or the equivalent, from a nationally recognized statistical rating agency. 

  

	 	•	 	If the dealers selected by the Calculation Agent are not quoting as described in the previous bullet point, the Commercial Paper Rate in effect immediately before the Commercial
Paper Interest Determination Date will not change and will remain the Commercial Paper Rate in effect on that Commercial Paper Interest Determination Date. 

  
 “Money Market Yield” will be a yield calculated in accordance with the following formula: 
  

	 Money Market Yield =
	 	      D x 360     
 360 – (D x M)
	  	x 100

  
 where “D” refers to the
applicable annual rate for commercial paper quoted on a bank discount basis and expressed as a decimal and “M” refers to the actual number of days in the interest period for which interest is being calculated. 
  

 9 

 Determination of EURIBOR 
  

If the Base Rate specified on the face hereof is EURIBOR, the interest rate per annum determined with respect to any Interest Determination Date
specified on the face hereof (each, a “EURIBOR Interest Determination Date”) shall equal the rate for deposits in euros as sponsored, calculated and published jointly by the European Banking Federation and ACI - The Financial Market
Association, or any company established by the joint sponsors for purposes of compiling and publishing those rates, for the Index Maturity specified on the face hereof as that rate appears on the display on Moneyline Telerate, Inc., or any successor
service, on page 248 or any other page as may replace page 248 on that service, which is referred to as “Telerate Page 248,” as of 11:00 a.m. (Brussels time). 
  
 The following procedures will be followed if the EURIBOR Rate cannot be determined as described above: 
  

	 	•	 	If the above rate does not appear by 11:00 a.m. Brussels time, the Calculation Agent will request the principal Euro-zone, as defined below, office of each of four major banks in
the Euro-zone interbank market, as selected by the Calculation Agent, after consultation with the Company, to provide the Calculation Agent with its offered rate for deposits in euros, at approximately 11:00 a.m. (Brussels time) on the EURIBOR
Interest Determination Date, to prime banks in the Euro-zone interbank market for the Index Maturity specified on the face hereof commencing on the applicable EURIBOR Interest Reset Date, and in a principal amount not less than the equivalent of
U.S. $1 million in euro that is representative of a single transaction in euro, in that market at that time. If at least two quotations are provided, EURIBOR will be the arithmetic mean of those quotations. 

  

	 	•	 	If fewer than two quotations are provided, EURIBOR will be the arithmetic mean of the rates quoted by four major banks in the Euro-zone, as selected by the Calculation Agent, after
consultation with the Company, at approximately 11:00 a.m. (Brussels time), on the applicable EURIBOR Interest Reset Date for loans in euro to leading European banks for a period of time equivalent to the Index Maturity specified on the face hereof
commencing on that EURIBOR Interest Reset Date in a principal amount not less than the equivalent of Euro 1 million that is representable for a single transaction in euros in such market at such time. 

  

	 	•	 	If the banks selected by the Calculation Agent are not quoting as described in the previous bullet point, the EURIBOR in effect immediately before such EURIBOR Interest
Determination Date will not change and will remain the EURIBOR in effect on that EURIBOR Interest Determination Date. 

  
 “Euro-zone” means the region comprised of member states of the European Union that adopt the single currency in accordance with the
treaty establishing the European Community, as amended by the treaty on European Union. 
  
 “EURIBOR Interest Reset Date” means an Interest Reset Date for a EURIBOR Note. 
  

 10 

 Determination of Federal Funds Rate 
  
 If the Base Rate specified on the face hereof is Federal Funds Rate, the interest rate per annum determined with respect to
any Interest Determination Date specified on the face hereof (each, a “Federal Funds Interest Determination Date”) shall equal the rate on that day for federal funds as published in H.15(519) under the heading “Federal Funds
(Effective)” as displayed on Moneyline Telerate, Inc. or any successor service on page 120 or any other page as may replace the applicable page on that service (“Telerate Page 120”). 
  
 The following procedures will be followed if the Federal Funds Rate cannot be
determined as described above: 
  

	 	•	 	If the above rate is not published by 3:00 p.m., New York City time, on the Calculation Date, the Federal Funds Rate will be the rate on the applicable Federal Funds Interest
Determination Date as published in the H.15 Daily Update or another recognized electronic source used for displaying such rate under the heading “Federal Funds/(Effective).” 

  

	 	•	 	If that rate is not yet published in either H.15(519) or H.15 Daily Update by 3:00 p.m., New York City time, on the Calculation Date, the Calculation Agent will determine the
Federal Funds Rate to be the arithmetic mean of the rates for the last transaction in overnight U.S. dollar Federal Funds arranged by each of three leading brokers of U.S. dollar Federal Funds transactions in New York City, which may include an
agent or its affiliates, selected by the Calculation Agent, after consultation with the Company, before 9:00 a.m., New York City time, on that Federal Funds Interest Determination Date. 

  

	 	•	 	If the brokers selected by the Calculation Agent are not quoting as described in the previous bullet point, the Federal Funds Rate in effect immediately before that Federal Funds
Interest Determination Date will not change and will remain the Federal Funds Rate in effect on that Federal Funds Interest Determination Date. 

  
 Determination of LIBOR 
  
 If the Base Rate specified on the face hereof is LIBOR, the interest rate per annum determined with respect to any Interest Determination Date specified
on the face hereof (each, a “LIBOR Interest Determination Date”) shall be determined by the Calculation Agent by reference to the display on Moneyline Telerate Inc., or any successor service, on Page 3750, or any other page as may replace
that page on that service, for the purpose of displaying the London interbank rates of major banks for the applicable Index Currency (“LIBOR Telerate”). The “Index Currency” means the currency specified on the face hereof as the
currency for which LIBOR will be calculated, or, if the euro is substituted for that currency, the Index Currency will be the euro. If no currency is specified on the face hereof the Index Currency will be U.S. dollars. 
  

	 	•	 	As of the LIBOR Interest Determination Date, LIBOR will be the rate for deposits in the Index Currency having the Index Maturity specified on the face hereof,

  

 11 

	 	  	 	commencing on the applicable Interest Reset Date that appears on LIBOR Telerate as of 11:00 a.m., London time, on that LIBOR Interest Determination Date. 

 

	 	•	 	If no rate appears, then the Calculation Agent will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the
Calculation Agent, after consultation with the Company, to provide the Calculation Agent with its offered quotation for deposits in the Index Currency for the period of the Index Maturity specified on the face hereof commencing on the applicable
Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 a.m., London time, on that LIBOR Interest Determination Date and in a principal amount that is representative of a single transaction in that Index Currency in
that market at that time. If at least two quotations are provided, LIBOR determined on that LIBOR Interest Determination Date will be the arithmetic mean of those quotations. 

  

	 	•	 	If fewer than two quotations are provided, LIBOR will be determined for the applicable Interest Reset Date as the arithmetic mean of the rates quoted at approximately 11:00 a.m.,
London time, or some other time specified on the face hereof, in the applicable principal financial center for the country of the Index Currency on that Interest Determination Date, by three major banks in that principal financial center selected by
the Calculation Agent, after consultation with the Company, for loans in the Index Currency to leading European banks, having the Index Maturity specified on the face hereof and in a principal amount that is representative of a single transaction in
that Index Currency in that market at that time. 

  

	 	•	 	If the banks so selected by the Calculation Agent are not quoting as described in the previous bullet point, LIBOR in effect immediately before such LIBOR Interest Determination
Date will not change and will remain the LIBOR in effect on such LIBOR Interest Determination Date. 

  
  
 If LIBOR Reuters is specified on the face hereof, then LIBOR for each LIBOR
Interest Determination Date will be determined by the Calculation Agent by reference to the display on the Reuters Monitor Money Rates Service, on the page specified on the face hereof, or any other page on any designated successor service, for the
purpose of displaying the London interbank rates of major banks for the applicable Index Currency (“LIBOR Reuters”), and the first bullet point of the previous paragraph will be replaced with the following: 
  

	 	•	 	As of the LIBOR Interest Determination Date, LIBOR will be the arithmetic mean of the offered rates for deposits in the Index Currency having the Index Maturity specified on the
face hereof, commencing on the applicable Interest Reset Date, that appear on LIBOR Reuters as of 11:00 a.m., London time, on that LIBOR Interest Determination Date, if at least two offered rates appear on LIBOR Reuters; provided, however, that if
LIBOR Reuters by its terms provides for only a single rate, that single offered rate will be used. 

  

 12 

	 	•	 	If fewer than two rates appear or no rates appear, as applicable, then LIBOR shall be calculated as described in the last three bullet points in the previous paragraph.

  
 Determination of Prime Rate 
  
 If the Base Rate specified on the face hereof is Prime Rate, the interest
rate per annum determined with respect to any Interest Determination Date specified on the face hereof (each, a “Prime Interest Determination Date”) shall equal the rate on such date as published in H.15(519) under the heading “Bank
Prime Loan.” 
  
 The following procedures will be followed if
the Prime Rate cannot be determined as described above: 
  

	 	•	 	If the rate is not published before 3:00 p.m., New York City time, on the Calculation Date, then the Prime Rate will be the rate on such Prime Interest Determination Date as
published in the H.15 Daily Update or another recognized electronic source used for displaying such rate, under the heading “Bank Prime Loan.” 

  

	 	•	 	If the rate is not published before 3:00 p.m., New York City time, on the Calculation Date, in either H.15(519) or the H.15 Daily Update or another recognized electronic source used
for displaying such rate, then the Calculation Agent will determine the Prime Rate to be the arithmetic mean of the rates of interest publicly announced by each bank that appears on the Reuters Screen US PRIME1 Page, as defined below, as that
bank’s prime rate or base lending rate as in effect for that Prime Interest Determination Date. 

  

	 	•	 	If fewer than four rates appear on the Reuters Screen US PRIME1 Page on that Prime Interest Determination Date, then the Calculation Agent will determine the Prime Rate to be the
arithmetic mean of the prime rates or base lending rates quoted on the basis of the actual number of days in the year divided by 360, as of the close of business on that Prime Interest Determination Date by at least three major banks in New York
City, which may include affiliates of an agents selected by the Calculation Agent. 

  

	 	•	 	If the banks selected are not quoting as described in the previous bullet point, the Prime Rate in effect immediately before such Prime Interest Determination Date will not change
and will remain the Prime Rate in effect on such Prime Interest Determination Date. 

  
 “Reuters Screen US PRIME1 Page” means the display designated as page “USPRIME1” on the Reuters Monitor Money Rates Service, or any successor service or any other page as may replace the USPRIME1
page on that service for the purpose of displaying prime rates or base lending rates of major United States banks. 
  

 13 

 Determination of Treasury Rate 
  
 If the Base Rate specified on the face hereof is Treasury Rate, the interest rate per annum determined with respect to any
Interest Determination Date specified on the face hereof (each, a “Treasury Interest Determination Date”) shall equal the rate from the auction held on that date of direct obligations of the United States, which are commonly referred to as
“Treasury bills,” having the Index Maturity specified on the face hereof under the caption “Investment Rate” on the display on Moneyline Telerate, Inc., or any successor service on: 
  

	 	•	 	page 56, or any other page as may replace such page on such service (“Telerate Page 56”); or 

  

	 	•	 	page 57, or any other page as may replace such page on such service, (“Telerate Page 57”); or 

  

	 	•	 	if not so published by 3:00 p.m., New York City time, on the related Calculation Date, the Bond Equivalent Yield, as defined below, of the rate for the Treasury bills as published
in the H.15(519) Daily Update, or another recognized electronic source used for displaying such rate, under the heading “U.S. Government Securities/Treasury Bills/Auction High.” 

  
 The following procedures will be followed if the Treasury Rate cannot be
determined as described above: 
  

	 	•	 	If the above rate is not published by 3:00 p.m., New York City time, on the Calculation Date, the Treasury Rate will be the Bond Equivalent Yield of the auction rate of the
applicable Treasury bills on that Treasury Interest Determination Date as announced by the United States Department of the Treasury. 

  

	 	•	 	In the event that the auction rate of Treasury bills having the Index Maturity specified on the face hereof is not published or announced as provided above by 3:00 p.m., New York
City time, on such Calculation Date, or if no auction is held on that Treasury Interest Determination Date, then the Calculation Agent will determine the Treasury Rate to be the Bond Equivalent Yield of the rate on that Treasury Interest
Determination Date of Treasury bills having the Index Maturity specified on the face hereof as published in H.15(519) under the caption “U.S. Government Securities/Treasury Bills/Secondary Market” or, if not yet published by 3:00 p.m., New
York City time, on the related Calculation Date, the rate on such Treasury Interest Determination Date of the applicable Treasury bills as published in the H.15 Daily Update under the caption “U.S. Government Securities/Treasury Bills/Secondary
Market.” If that rate is not yet published in H.15(519) or the H.15 Daily Update, then the Treasury Rate will be calculated by the Calculation Agent and will be the Bond Equivalent Yield of the arithmetic mean of the secondary market bid rates,
as of approximately 3:30 p.m., New York City time, on that Treasury Interest Determination Date, of three primary United States government securities dealers, which may include the agents or their affiliates, selected by the Calculation Agent, for

  

 14 

	 	  	 	the issue of Treasury bills with a remaining maturity closest to the Index Maturity specified on the face hereof. 

  

	 	•	 	If the dealers selected by the Calculation Agent are not quoting as described in the previous bullet point, the Treasury Rate in effect immediately before that Treasury Interest
Determination Date will not change and will remain the Treasury Rate in effect on such Treasury Interest Determination Date. 

  
 “Bond Equivalent Yield” means a yield (expressed as a percentage) calculated as follows: 
  

	 Bond Equivalent Yield =
	  	       D x N      
 360 – (D x M)
	  	x 100

  
 where “D” refers to the
applicable annual rate for the Treasury notes quoted on a bank discount basis and expressed as a decimal, “N” refers to 365 or 366, as the case may be, and “M” refers to the actual number of days in the interest period for which
interest is being calculated. 
  
 Determination of CMT Rate 
  
 If the Base Rate specified on the face hereof is CMT Rate, the interest rate
per annum determined with respect to any Interest Determination Date specified on the face hereof (each, a “CMT Interest Determination Date) shall equal the rate displayed on the Designated CMT Telerate Page, as defined below, under the caption
“Treasury Constant Maturities . . . Federal Reserve Board Release H.15 . . . Mondays Approximately 3:45 p.m.,” under the column for the Designated CMT Maturity Index, as defined below, for: 
  
 (i) if the Designated CMT Telerate Page is 7051, that CMT
Interest Determination Date; and 
  
 (ii) if the
Designated CMT Telerate Page is 7052, the week or the month, as applicable, ended immediately before the week in which the related CMT Interest Determination Date occurs. 
  
 The following procedures will be used if the CMT Rate cannot be determined as described above: 
  

	 	•	 	If that rate is no longer displayed on the relevant page, or if not displayed by 3:00 p.m., New York City time, on the related Calculation Date, then the CMT Rate will be the
treasury constant maturity rate for the Designated CMT Maturity Index, as defined below, as published in H.15(519). 

  

	 	•	 	If that rate is no longer published, or if not published by 3:00 p.m., New York City time, on the related Calculation Date, then the CMT Rate will be the treasury constant maturity
rate for the Designated CMT Maturity Index, or other United States Treasury rate for the Designated CMT Maturity Index, for the CMT Interest Determination Date with respect to that Interest Reset Date as may then be published

  

 15 

 by either the Board of Governors of the Federal Reserve System or the United States Department of the
Treasury that the Calculation Agent determines to be comparable to the rate formerly displayed on the Designated CMT Telerate Page and published in H.15(519). 
  

	 	•	 	If the information described above is not provided by 3:00 p.m., New York City time, on the related Calculation Date, then the Calculation Agent will determine the CMT Rate to be a
yield to maturity, based on the arithmetic mean of the secondary market closing offer side prices as of approximately 3:30 p.m., New York City time, on the CMT Interest Determination Date reported, according to their written records, by three
leading primary United States government securities dealers (each a “reference dealer”) in New York City selected by the Calculation Agent as described in the following sentence, which may include an agent or its affiliates. The
Calculation Agent will select five reference dealers, after consultation with the Company, and will eliminate the highest quotation, or, in the event of overlap, one of the highest and the lowest quotation, or, in the event of overlap, one of the
lowest, for the most recently issued direct noncallable fixed rate obligations of the United States, which are commonly referred to as “Treasury notes,” with an original maturity of approximately the Designated CMT Maturity Index and a
remaining term to maturity of not less than such Designated CMT Maturity Index minus one year. 

  

	 	•	 	If the Calculation Agent cannot obtain three such Treasury notes quotations, the Calculation Agent will determine the CMT Rate to be a yield to maturity based on the arithmetic mean
of the secondary market offer side prices as of approximately 3:30 p.m., New York City time, on the CMT Interest Determination Date of three reference dealers in New York City, which may include an agent or its affiliates, selected using the same
method described above, for Treasury notes with an original maturity of the number of years closest to but not less than the Designated CMT Maturity Index and a remaining term to maturity closest to the Designated CMT Maturity Index and in an amount
of at least $100,000,000. If two Treasury notes with an original maturity as described above have remaining terms to maturity equally close to the Designated CMT Maturity Index, the Calculation Agent will obtain quotations for the Treasury note with
the shorter remaining term to maturity. 

  

	 	•	 	If three or four, but not five, of the reference dealers are quoting as described immediately above, then the CMT Rate will be based on the arithmetic mean of the offer prices
obtained and neither the highest nor the lowest of the quotes will be eliminated. 

  

	 	•	 	If fewer than three reference dealers selected by the Calculation Agent are quoting as described above, the CMT Rate in effect immediately before such CMT Interest Determination
Date will not change and will remain the CMT Rate in effect on such CMT Interest Determination Date. 

  
 “Designated CMT Telerate Page” means the display on Moneyline Telerate, Inc., or any successor service, on the page designated on the face hereof, or any other
page as may replace such page on that service for the purpose of displaying Treasury Constant Maturities as reported 
  

 16 

 in H.15(519). If no page is specified on the face hereof, the Designated CMT Telerate Page will be 7052, for the most
recent week. 
  
 “Designated CMT Maturity Index” means the original
period to maturity of the U.S. Treasury notes (either 1, 2, 3, 5, 7, 10, 20 or 30 years) specified on the face hereof with respect to which the CMT Rate will be calculated. If no maturity is specified on the face hereof, the Designated CMT Maturity
Index will be two years. 
  
 Events of Default 
  
 If an Event of Default, as defined in the Indenture, with respect to
Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
  
 Modification and Waivers; Obligation of the Company Absolute 
  
 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 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 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. 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. 
  
 Subject to the rights of holders of Senior Debt of the Company set forth in this Security and the Indenture referred to above, no reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the
coin or currency, herein prescribed, except that in the event the Company deposits money or Eligible Instruments as provided in Section 401 or 403 of the Indenture, such payments shall be made only from proceeds of such money or Eligible
Instruments. 
  
 Defeasance and Covenant Defeasance 
  
 The Indenture contains provisions for 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, which provisions apply to this Security. 
  

 17 

 Redemption 
  
 If so provided on the face hereof, the Company may at its option redeem this Security in whole or from time to time in part in increments of $1,000
(provided that any remaining principal amount of this Security shall not be less than the minimum authorized denomination hereof) on or after the date designated as the Initial Redemption Date on the face hereof at 100% of the unpaid principal
amount hereof or the portion thereof redeemed multiplied by a percentage (the “Redemption Percentage”), together with accrued interest, if any, to the Redemption Date. The Redemption Percentage shall initially be equal to the Initial
Redemption Percentage specified on the face hereof and shall decline at each anniversary of the Initial Redemption Date by the amount of the Annual Redemption Percentage Reduction specified on the face hereof, until the Redemption Percentage is
equal to 100%. The Company may exercise such option by causing the Trustee to mail a notice of such redemption at least 30 but not more than 60 days prior to the applicable Redemption Date to each Holder of the Securities of this series to be
redeemed. In the event of redemption of this Security in part only, the Company shall issue a new Security or Securities for the unredeemed portion hereof in the name of the Holder hereof upon the cancellation hereof. If less than all of the
Securities of this series with like tenor and terms are to be redeemed, the Securities to be redeemed shall be selected by the Trustee by such method as the Trustee shall deem fair and appropriate. 
  
 Sinking Fund 
  
 Unless otherwise specified on the face hereof, this Security shall not be entitled to any sinking fund. 
  
 Repayment 
  
 If so provided on the face hereof, this Security will be repayable prior to the Stated Maturity Date at the option of the
Holder, in whole or in part and in increments of $1,000 (provided that any remaining principal amount of this Security surrendered for partial repayment shall not be less than the minimum authorized denomination hereof), on or after the date
designated as an Optional Repayment Date on the face hereof at 100% of the principal amount to be repaid, plus accrued interest, if any, to the Repayment Date. In order for this Security to be repaid, the Company must receive at the applicable
address of the Paying Agent set forth below or at such other place or places of which the Company shall from time to time notify the Holder of the within Security, at least 30 but not more than 45 days prior to an Optional Repayment Date, either (i)
this Security, with the form below entitled “Option to Elect Repayment” duly completed, or (ii) a telegram, telex, facsimile transmission, or letter from a member of a national securities exchange or the National Association of Securities
Dealers, Inc. or a commercial bank or a trust company in the United States of America setting forth (a) the name, address and telephone number of the Holder of this Security, (b) the principal amount of this Security and the amount of this Security
to be repaid, (c) a statement that the option to elect repayment is being exercised thereby, and (d) a guarantee stating that the Company will receive this Security, with the form below entitled “Option to Elect Repayment” duly completed,
not later than five Business Days after the date of such telegram, telex, facsimile transmission or letter (and this Security and form duly completed are received by the Company by such fifth Business Day). Any such election shall be irrevocable.
The address to which such deliveries to are to be made is Sixth and Marquette, Minneapolis, Minnesota 55479 (or, at such 
  

 18 

 other place as the Company shall notify the Holders of the Securities of this series). All questions as to the validity,
eligibility (including time of receipt) and acceptance of any Security for repayment will be determined by the Company, whose determination will be final and binding. Upon any partial repayment, this Security shall be cancelled and a new Security or
Securities for the remaining principal amount hereof shall be issued in the name of the Holder of this Security. 
  
 Authorized Denominations 
  
 Unless otherwise provided on the face hereof, 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 corporate trust office of the Trustee in the City of New York or at the corporate trust office of the Paying Agent in Minneapolis, Minnesota a new Security or Securities of this series in authorized denominations for
an equal aggregate principal 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. 
  
 If this
Security is a Global Security (as specified above), 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 the Company does not appoint a successor Depositary within 90 days after receiving such notice or after becoming
aware that the Depositary has ceased to be so registered as a clearing agency, (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,
bearing interest at the same rate, having the same date of issuance, redemption provisions, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 
  
 If this Security is a Global Security (as specified above), 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 Trustee and any agent of the Company or the Trustee may treat the Person in whose name this 
  

 19 

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

 20 

  

  
  
 OPTION TO ELECT REPAYMENT 
  
 TO BE COMPLETED ONLY IF THIS SECURITY IS REPAYABLE 
 AT THE OPTION OF THE HOLDER AND THE HOLDER 
 ELECTS TO EXERCISE SUCH RIGHT 
  

  
 The undersigned hereby irrevocably requests and instructs the Company to repay the within Security (or the portion thereof
specified below), pursuant to its terms, on the Optional Repayment Date first occurring after the date of receipt by the Company of the within Security as specified below (the “Repayment Date”), at a Repayment Price equal to 100% of the
principal amount thereof, together with interest to the Repayment Date, to the undersigned,
                                        
             , at
                                        
         (please print or typewrite name and address of the undersigned). 
  
 For this option to elect repayment to be effective, the Company must receive, at the applicable address of the Paying Agent set forth in the within
Security or at such other place or places of which the Company shall from time to time notify the Holder of the within Security, at least 30 but not more than 45 days prior to an Optional Repayment Date, either (i) this Security, with this
“Option to Elect Repayment” form duly completed, or (ii) a telegram, telex, facsimile transmission, or letter from a member of a national securities exchange or the National Association of Securities Dealers, Inc. or a commercial bank or a
trust company in the United States of America setting forth (a) the name, address and telephone number of the Holder of the Security, (b) the principal amount of the Security and the amount of the Security to be repaid, (c) a statement that the
option to elect repayment is being irrevocably exercised thereby, and (d) a guarantee stating that the Security to be repaid with the form entitled “Option to Elect Repayment” on the addendum to the Security duly completed will be received
by the Company not later than five Business Days after the date of such telegram, telex, facsimile transmission or letter (and such Security and form duly completed are received by the Company by such fifth Business Day). 
  
 If less than the entire principal amount of the within Security is to be
repaid, specify the portion thereof (which shall be an integral multiple of $1,000) which the Holder elects to have repaid: $                . 
  
  

 21 

 If less than the entire principal amount of the within Security is to be repaid, specify the denomination
or denominations (which shall be $1,000 or an integral multiple thereof) of the Security or Securities to be issued to the Holder for the portion of the within Securities not being repaid (in the absence of any specification, one such Security will
be issued for the portion not being repaid): $                . 
  

	 Date:
	 	  

	  	 	  	  

 Notice: The signature to this Option to Elect Repayment must correspond with the name as written upon page 2 of the within Security in every particular without alteration or enlargement or any change whatsoever.

  
  
  

 22 

 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), assign(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) 
  
  

 23 

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

	 	 	  

	 Signature Guaranteed:
	 	  

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

 24Employment Agreement

 EXHIBIT 4.1 
  

DATED: JULY 2, 1997 
  
 BHI CORPORATION 
  
 And 
  
 MICHAEL ANTHONY ASHCROFT 
  
 EMPLOYMENT
AGREEMENT 

 THIS AGREEMENT is made on July 2, 1997 
  
 BETWEEN: 
  
 (1) BHI CORPORATION whose registered office is at 60 Market Square, Belize City (“Employer”); and 
  
 (2) MICHAEL ANTHONY ASHCROFT of 4 Marine Parade, Belize City
(“Executive”) 
  
 IT IS AGREED as follows: 
  

	1.	 	EMPLOYMENT 

  

	 	a.	 	The Employer shall employ the Executive with effect from July 2, 1997. Subject to clause 8 below, the term of the employment shall continue for a period of not less than three years
expiring on July 1, 2000 and thereafter in accordance with the provisions of this agreement. 

  

	 	b.	 	Commencing on July 2, 2000 and on each July 2 thereafter (each a “Renewal Date”), the term of the employment shall be automatically extended for a period of 12 months,
unless not less than 90 days prior to any such Renewal Date, either the Employer or the Executive shall have given notice that it or he does not wish to extend the term of the employment hereunder in which event the employment shall terminate
without such extension. 

  

	2.	 	DUTIES 

  

	 	a.	 	The Executive shall be employed by the Employer as its Chairman (and in such additional or other office(s) as the Employer and the Executive may from time to time agree) on the
terms set out in this agreement and shall perform his duties and exercise his powers in a manner consistent with such office(s). Unless prevented by ill-health, accident or disability, the Executive shall devote such time (both inside and outside of
normal business hours) to the affairs of the Employer and its subsidiaries and associated companies (the “BHI Group”) as is necessary for the proper fulfillment of his duties. 

  

	 	b.	 	The Employer acknowledges that, until December 31, 1997, the Executive is required to perform certain employment-related services for and on behalf of Tyco International Ltd.
(previously named ADT Limited) and the Employer agrees that until such date, the Executive shall be permitted to perform such services notwithstanding his obligations under this agreement. 

	3.	 	PLACE OF PERFORMANCE 

  
 The duties of the Executive shall relate primarily to Belize (the “Home Country”) and shall also relate to other countries in Central America and the Caribbean from time to time (together the “Home
Region”). The duties of the Executive may also extend to travel outside of the Home Region when necessary to perform such duties. 
  

	4.	 	SALARY 

  
 The Employer shall pay or procure payment to the Executive of a salary at the rate of US$250,000 (or its equivalent in Belize dollars) per annum subject to review on or about July 1 each year. The Executive’s
salary shall accrue from day to day and be paid quarterly in arrears on the last day of each quarter. All payments shall be made in United States or Belize dollars. The Executive’s base salary shall be inclusive of any fees receivable by the
Executive as a director of any member of the BHI Group. 
  

	5.	 	TRAVELLING EXPENSES 

  
 The Executive shall be entitled (on production of such evidence as the Employer may reasonably require) to be reimbursed by the Employer the amount of all travelling and other expenses properly and reasonably incurred
by him in the discharge of his duties. 
  

	6.	 	EMPLOYMENT BENEFITS 

  

	 	a.	 	The Executive shall be entitled to receive all benefits generally made available to executives of the BHI Group. 

  

	 	b.	 	The Employer shall provide the Executive with a suitable motor vehicle for his use and shall pay directly or reimburse the Executive for the costs and expenses of vehicle
registration, insurance and gasoline for such vehicle. 

  

	7.	 	CODES OF CONDUCT AND CONFIDENTIALITY 

  

	 	a.	 	The Executive shall comply with all applicable codes of conduct from time to time adopted by the Employer. 

  

	 	b.	 	Except in the proper performance of his duties or with the prior consent of the Employer, the Executive shall not either during his employment or at any time afterwards divulge to
any person any information of a private, confidential or secret nature concerning the BHI Group or any member thereof. 

  

	8.	 	TERMINATION 

  

	 	a.	 	 Notwithstanding any other provision of this agreement (including, without limitation, the provisions of clause 1 above), the Executive may terminate the 

	 	 
employment hereunder by giving to the Employer at least 90 days’ notice in writing expiring any time. 

  

	 	b.	 	If the Executive: 

  

	 	i.	 	is unable properly to perform his duties by reason of ill-health, accident or otherwise for a period or periods aggregating at least 120 days in any period of 12 consecutive months;

  

	 	ii.	 	fails or neglects materially to discharge his duties or is guilty of any material breach of his obligations under this agreement; or 

  

	 	iii.	 	becomes bankrupt or makes any arrangement or composition with his creditors; 

  

the Employer may by written notice to the Executive terminate his employment with immediate effect 
  

	9.	 	INDEMNIFICATION 

  
 The Employer agrees to indemnify the Executive against all costs, losses and expenses which the Executive may incur or become liable to by reason of any contract entered into or act or thing done by him as a director
or officer of the Employer or for or on behalf or the Employer or any other member of the BHI Group, such indemnity to be to the fullest extent permitted by law. 
  

	10.	 	GENERAL 

  

	 	a.	 	This agreement may only be amended by agreement in writing signed by both of the parties. This agreement may be signed in counterparts and the counterparts shall together constitute
one legal instrument. 

  

	 	b.	 	Neither party may, without the express written consent of the other, assign or pledge any rights or obligations under this agreement to any person, firm or company.

  

	 	c.	 	The Employer will require any successor (whether direct or indirect, and whether by purchase, merger, consolidation, continuation or otherwise) to all or substantially all of the
business and/or assets of the Employer to assume and agree to perform this agreement in the same manner and to the same extent that the Employer would be required to perform it if no such succession had taken place. 

  

	 	d.	 	Any notice to be served under this agreement shall, in the case of the Employer, be delivered to the Employer at its registered office for the time being and, in the case of the
Executive, shall be delivered to him at his usual place of residence first set out above (or such other place of residence as he may notify the Employer from time to time). 

	11.	 	INTERPRETATION 

  

	 	a.	 	References in this agreement to persons include bodies corporate and unincorporated associations and references to companies include any bodies corporate. 

 

	 	b.	 	Any reference in this agreement to a statutory provision includes any statutory modification or re-enactment of it for the time being in force The headings in this agreement do not
affect its interpretation. 

  

	 	c.	 	Where appropriate, references to the Executive include his personal representatives. 

  

	12.	 	ARBITRATION AND GOVERNING LAW 

  

	 	a.	 	Any dispute or controversy arising under or in connection with this agreement shall be referred to and determined by arbitration in accordance with this clause 12. The arbitration
proceedings shall be held at such place as shall be agreed by the parties, or, in default of agreement, in Belize City. The costs of the arbitration shall be borne by the Employer. Save to the extent that any of its provisions are inconsistent with
this clause 12, the Arbitration Act (Cap. 69) shall apply. 

  

	 	b.	 	This agreement shall be governed by and construed in accordance with the laws of Belize. 

  
 AS WITNESS the hands of the Executive and of a duly authorised representative of the Employer on the date first set out above. 

 

	 BHI CORPORATION

		
	 By:
	 	 /s/    IAN G. ROBINSON

	 Title:
	 	 Chief Financial Officer

	
	 MICHAEL ANTHONY ASHCROFT

	
	 /s/    M. A. ASHCROFT

 14th May, 1999 
  

	To:	 	Michael A. Ashcroft 

 60 Market Square 
 Belize City 
 Belize 
  
 Dear Michael: 
  
 Your employment agreement: 
  
 With reference to your employment agreement dated 2nd July, 1997 and the merger agreement dated 29th April, 1999 between BHI Corporation, Blackwood
Limited and Carlisle Holdings Limited, this is to confirm that: 
  

	 	(a)	 	on the merger agreement becoming effective your separate employment agreement with the company currently called Carlisle Holdings Limited dated 12th August, 1998 will lapse; 

  

	 	(b)	 	with effect from that time the salary payable to you under your employment agreement with this company (to be re-named Carlisle Holdings Limited) will be increased by the sum of
£100,000 per annum (or the US dollar equivalent amount). 

  
 Kindly confirm your agreement with the above by signing a copy of this letter. 
  
 Yours sincerely, 
  

	 /s/    D. B. HAMMOND

	 for and on behalf of
 BHI Corporation

  

	To:	 	BHI Corporation and 

 Carlisle Holdings Limited 

 
 I confirm my agreement with the above. 
  
 Dated: 14th May, 1999. 
  

	 /s/    M. A. ASHCROFT

	To:	 	BHI Corporation 

 M. A. Ashcroft 
  
 We confirm our agreement with the above. 
  
 Dated: 14th May, 1999. 
  

	 /s/    NIGEL WRAY

	 for Carlisle Holdings Limited

 Carlisle Holdings Limited 
 60 Market square 
 PO Box 1764 
 Belize City, Belize 
 Central America 
  
 Tel +501 2 72390/72660 
 Fax +501 2 74443/32389 
  
 Carlisle Group 
  
 October 17, 2000 
  
 Sir Michael Ashcroft 
 4 Marine Parade; 
 Belize City 
 Belize 
  
 Dear Sir Michael, 

 
 Your Employment Agreement 
  
 I refer to your Employment Agreement with Carlisle Holdings Limited (the “Company”) dated July 2, 1997, as amended on May 14,
1999. On behalf of the Company, 1 write to confirm that: 
  

	 	1.	 	With effect from October 20, 2000, it has been agreed that you should be appointed as Chairman of our UK holding company, Carlisle Group Plc, and assume executive responsibility for
the overall management and strategy of the Company’s subsidiaries in the United Kingdom. 

  

	 	2.	 	From that date, you will continue to serve as Chairman of the Company, but while you serve as Chairman of Carlisle Group Plc the salary payable to you by the Company will be reduced
by the amount of the salary you receive from Carlisle Group Plc. 

  

	 	3.	 	The board recognises that your duties in relation to the Company and its subsidiaries, in terms of the time which you will be expected to devote to their affairs, will be reduced
from that date, to the extent necessary to permit you to take your seat in the British House of Lords. 

  

	 	4.	 	The term of your employment with the Company (as modified above) will continue for a period of not less than three years expiring on November 1, 2003, as if references to
“2000” in clause I of your Employment Agreement were references to “2003”. 

  
 Kindly confirm your agreement with the above by signing a copy of this letter. 

 Yours sincerely 
  

	 /s/    P. T. OSBORNE

	 for and on behalf of
 Carlisle Holdings Limited

  
 To:  Carlisle Holdings Limited 
  
 I confirm my agreement with
the above. 
  
 Dated: October 20, 2000

  

	 /s/    M.A. ASHCROFT

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