Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT TO CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of October 18, 2018 by HI-CRUSH PARTNERS LP, a limited partnership duly formed and existing under the laws of the State of Delaware (the “Borrower”), each of the undersigned Lenders and JPMORGAN CHASE BANK, N.A., as
administrative agent for the Lenders (in such capacity, the “Administrative Agent”) and as an Issuing Lender, and any other Issuing Lenders from time to time party thereto. 

R E C I T A L S 

A.    The Borrower, the Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of
August 1, 2018 (the “Credit Agreement”), pursuant to which the Lenders and Issuing Lenders have made certain credit available to and on behalf of the Borrower. 

B.    The Borrower has requested that Lenders constituting the Required Lenders waive compliance with Section 7.1(n)
of the Credit Agreement with respect to any merger, investment, dissolution or similar corporate organizational transaction which results in the effective business combination of the Borrower and Proppants in which the Borrower is the surviving
entity (if applicable) and which is not currently permitted or contemplated in the definition of “Hi-Crush Proppants Event” (the “Proppants Combination”). 

C.    The Borrower has requested and the Administrative Agent and Lenders constituting the Required Lenders have agreed to
make certain changes to the Credit Agreement as set forth herein. 
 D.    NOW, THEREFORE, to induce the Administrative
Agent and the Lenders party hereto to enter into this Amendment and in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows: 
 Section 1.    Defined Terms. Each capitalized term used herein but not
otherwise defined herein has the meaning given such term in the Credit Agreement, as amended by this Amendment. Unless otherwise indicated, all article, exhibit, section and schedule references in this Amendment refer to articles, exhibits, sections
and schedules of the Credit Agreement. 
 Section 2.    Amendment to Credit Agreement. Clause (a)(ii) of the
definition of “Change in Control” contained in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“(ii)    the Permitted Holders or the Borrower shall fail to, directly or indirectly, own the greater of 50.1% and a
Controlling Percentage of the Equity Interests (including the Voting Securities) of the General Partner;” 

Section 3.    Waiver. Solely in connection with the Proppants Combination, the Administrative Agent and the
Required Lenders party hereto hereby waive compliance with the provisions of Section 5.13, Section 6.4(e), Section 7.1(c)(i) (solely with respect to any breach of Section 6.4(e)), Section 7.1(c)(ii) (solely with respect to
any breach of Section 5.13) and Section 7.1(n) of the Credit Agreement and any Default or Event of Default arising therefrom. 

 Section 4.    Conditions Precedent. Upon the date on which
each of the following conditions is satisfied (or waived in accordance with Section 9.3 of the Credit Agreement) (such date, the “Satisfaction Date”), this Amendment shall be deemed effective (such date, the “First
Amendment Effective Date”): 
 4.1.    Execution and Delivery. The Administrative Agent shall have
received from the Credit Parties and the Lenders constituting the Required Lenders, counterparts (in such number as may be requested by the Administrative Agent) of this Amendment signed on behalf of such Person. 

4.2.    Payment of Expenses. The Administrative Agent and the Lenders shall have received all amounts due and
payable on or prior to the Satisfaction Date, including, to the extent invoiced at least one Business Day prior to the Satisfaction Date, reimbursement or payment of all documented
out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement. 

4.3.    No Default or Event of Default. No Default or Event of Default shall have occurred and be continuing as of
the date hereof, after giving effect to the terms of this Amendment. 
 The Administrative Agent is hereby authorized and directed to
declare this Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 4 or the waiver of
such conditions as permitted by Section 9.3 of the Credit Agreement. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes. 

Section 5.    Miscellaneous. 

5.1.    Confirmation. The provisions of the Credit Agreement, as amended by this Amendment, shall remain in full
force and effect following the effectiveness of this Amendment. 
 5.2.    Ratification and Affirmation;
Representations and Warranties. Each Credit Party hereby (a) acknowledges the terms of this Amendment; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Credit
Document to which it is a party and agrees that each Credit Document to which it is a party remains in full force and effect, except as expressly amended hereby, notwithstanding the amendments contained herein; and (c) represents and warrants
to the Lenders that as of the date hereof, after giving effect to the terms of this Amendment: (i) all of the representations and warranties contained in each Credit Document to which it is a party are true and correct in all material respects,
except to the extent any such representations and warranties are stated to relate solely to an earlier date, in which case, such representations and warranties shall have been true and correct in all material respects on and as of such earlier date
(provided that such materiality qualifier shall not be applicable to any representation or warranty that is already qualified or modified by materiality in the Credit Agreement) and (ii) no Default or Event of Default has occurred
and is continuing. 
 5.3.    No Waiver; Credit Document. The execution, delivery and effectiveness of this
Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Credit Documents, nor constitute a waiver of any provision of any of the Credit
Documents except as expressly provided herein. On and after the First Amendment Effective Date, this Amendment shall for all purposes constitute a Credit Document. 

5.4.    Other Violations. Neither the execution by the Administrative Agent or the Lenders of this Amendment, nor
any other act or omission by the Administrative Agent or the Lenders or their respective officers in connection herewith, shall be deemed a waiver by the Administrative Agent or the Lenders of any Defaults (except as expressly set forth in
Section 3 above) which may exist or which may occur in the future under the Credit Agreement and/or the other Credit Documents (collectively, “Other Violations”).

 
Similarly, nothing contained in this Amendment shall directly or indirectly in any way whatsoever either: (i) impair, prejudice or otherwise adversely affect the Administrative Agent’s
or any Lender’s right at any time to exercise any right, privilege or remedy in connection with the Credit Documents with respect to any Other Violations, (ii) amend or alter any provision of the Credit Agreement, the other Credit
Documents, or any other contract or instrument, except as expressly waived herein or (iii) constitute any course of dealing or other basis for altering any obligation of the Borrower or any right, privilege or remedy of the Administrative Agent
or the Lenders under the Credit Agreement, the other Credit Documents, or any other contract or instrument. Nothing in this Agreement shall be construed to be a waiver by the Administrative Agent or the Lenders to any Other Violations. 

5.5.    Counterparts. This Amendment may be executed by one or more of the parties hereto in any number of separate
counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this Amendment by facsimile or electronic transmission in portable document format (.pdf) shall be effective as delivery
of a manually executed counterpart hereof. 
 5.6.    NO ORAL AGREEMENT. THIS AMENDMENT, THE CREDIT AGREEMENT AND
THE OTHER CREDIT DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. AS OF THE DATE
OF THIS AMENDMENT, THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES. 
 5.7.    GOVERNING LAW. THIS AMENDMENT AND
THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

[SIGNATURES BEGIN NEXT PAGE] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the date first written above. 
  

							
	BORROWER:	 		 	HI-CRUSH PARTNERS LP
			
		 		 	By: Hi-Crush GP LLC, its General Partner
				
		 		 	By:	 	/s/ Laura C. Fulton
		 		 	 Name:
 Title:
	 	 Laura C. Fulton
 Chief Financial
Officer

 Signature Page to First Amendment to 

Credit Agreement 

							
	 ADMINISTRATIVE AGENT, ISSUING LENDER

AND LENDER:
	 		 	JPMORGAN CHASE BANK, N.A.
				
		 		 	By:	 	/s/ Stephanie Balette
		 		 	 Name:
 Title:
	 	 Stephanie Balette
 Authorized
Officer

 Signature Page to First Amendment to 

Credit Agreement 

							
	ISSUING LENDER AND LENDER:	 		 	ZIONS BANCORPORATION, N.A. DBA AMEGY BANK
				
		 		 	By:	 	/s/ Rachel Pletcher
		 		 	 Name:
 Title:
	 	 Rachel Pletcher
 Vice President

 Signature Page to First Amendment to 

Credit Agreement 

							
	LENDER:	 		 	CREDIT SUISSE AG CAYMAN ISLANDS BRANCH
				
		 		 	By:	 	/s/ Nupur Kumar
		 		 	 Name:
 Title:
	 	 Nupur Kumar
 Authorized
Signatory

				
		 		 	By:	 	/s/ Christopher Zybrick
		 		 	 Name:
 Title:
	 	 Christopher Zybrick
 Authorized
Signatory

 Signature Page to First Amendment to 

Credit Agreement 

							
	LENDER:	 		 	BARCLAYS BANK PLC
				
		 		 	By:	 	/s/ May Huang
		 		 	 Name:
 Title:
	 	 May Huang
 Assistant Vice
President

 Signature Page to First Amendment to 

Credit Agreement 

							
	LENDER:	 		 	IBERIABANK
				
		 		 	By:	 	/s/ John Michael Robinson III
		 		 	 Name:
 Title:
	 	 John Michael Robinson III
 Vice
President

 Signature Page to First Amendment to 

Credit Agreement 

							
	LENDER:	 		 	MORGAN STANLEY BANK, N.A.
				
		 		 	By:	 	/s/ Jake Dowden
		 		 	 Name:
 Title:
	 	 Jake Dowden
 Authorized
Signatory

 Signature Page to First Amendment to 

Credit Agreement 

							
	LENDER:	 		 	ROYAL BANK OF CANADA
				
		 		 	By:	 	/s/ Jay T. Sartain
		 		 	 Name:
 Title:
	 	 Jay T. Sartain
 Authorized
Signatory

 Signature Page to First Amendment to 

Credit Agreement 

							
	LENDER:	 		 	MIZUHO BANK, LTD.
				
		 		 	By:	 	 /s/ Donna DeMagistris

		 		 	Name:	 	Donna DeMagistris
		 		 	Title:	 	Authorized Signatory

  
 Signature Page to First
Amendment to 
 Credit Agreement 

							
	LENDER:	 		 	ORIGIN BANK
				
		 		 	By:	 	/s/ Carmen Jordan
		 		 	 Name:
 Title:
	 	 Carmen Jordan
 Executive Vice
President

 Signature Page to First Amendment to 

Credit Agreement 

							
	LENDER:	 		 	 UBS AG, STAMFORD BRANCH

				
		 		 	By:	 	 /s/ Darlene Arias

		 		 	Name:	 	 Darlene Arias

		 		 	Title:	 	Director
				
		 		 	By:	 	 /s/ Houssem Daly

		 		 	Name:	 	 Houssem Daly

		 		 	Title:	 	Associate Director

  
 Signature Page to First
Amendment to 
 Credit AgreementWELLS FARGO & COMPANY 8-K

 

Exhibit 4.1

 

 

[Face of Note]

 

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

	CUSIP NO. 95001BAC8	FACE AMOUNT:  $_________
	REGISTERED NO. ___	 

 

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES S

 

Due Nine Months or More From Date of Issue

 

Principal at Risk Securities Linked to the
S&P 500® Index

 

 

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 Cash Settlement Amount (as defined below), in such
coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts,
on the Stated Maturity Date. The “Stated Maturity Date” shall be April 16, 2020. If the Determination Date
(as defined below) is postponed, the Stated Maturity Date will be postponed to the second Business Day (as defined below) after
the Determination Date as postponed. This Security shall not bear any interest.

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

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

    	 

    	 

    

Determination of Cash Settlement
Amount and Certain Definitions

The “Cash Settlement
Amount” of this Security will equal:

 

		•	if the Final Underlier Level is greater than or equal to the Cap Level, the Maximum Settlement
Amount;

 

		•	if the Final Underlier Level is greater than the Initial Underlier Level but less than the Cap
Level, the sum of (i) the Face Amount plus (ii) the product of (a) the Face Amount times (b) the Upside Participation
Rate times (c) the Underlier Return; or

 

		•	if the Final Underlier Level is equal to or less than the Initial Underlier Level, the sum of (i) the
Face Amount plus (ii) the product of (a) the Underlier Return times (b) the Face Amount.

 

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

 

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

 

The “Trade Date”
shall mean October 16, 2018.

 

The “Initial Underlier
Level” is 2,809.92, the Closing Level of the Underlier on the Trade Date.

 

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

 

The “Final Underlier
Level” will be the Closing Level of the Underlier on the Determination Date.

 

The “Underlier
Return” will be the quotient of (i) the Final Underlier Level minus the Initial Underlier Level divided by (ii) the
Initial Underlier Level, expressed as a percentage.

 

The “Cap Level”
is 3,003.80448, which is 106.9% of the Initial Underlier Level.

 

The
“Maximum Settlement Amount” is 120.7% of the Face Amount of this Security.

 

The
“Upside Participation Rate” is 3.0.

 

    	 	2	 

    	 

    

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

 

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

 

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

 

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

 

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

 

The “Determination
Date” shall be April 14, 2020. If the originally scheduled Determination Date is not a Trading Day, the Determination
Date will be postponed to the next succeeding Trading Day. The Determination Date is also subject to postponement due to the occurrence
of a Market Disruption Event (as defined below). See “–Market Disruption Events.”

 

“Calculation Agent
Agreement” shall mean the Calculation Agent Agreement dated as of January 24, 2018 between the Company and the Calculation
Agent, as amended from time to time.

 

“Calculation Agent”
shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among other things,
the determination of the Final Underlier Level and the Cash Settlement Amount, which term shall, unless the context otherwise requires,
include its successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC.
Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time to time after the
initial issuance of this Security without the consent of the Holder of this Security and without notifying the Holder of this Security.

 

Adjustments
to the Underlier

If at any time
the method of calculating the Underlier or a Successor Underlier, or the closing level thereof, is changed in a material respect,
or if the Underlier or a Successor Underlier is in any other way modified so that such underlier does not, in the opinion of the
Calculation Agent, fairly represent the level of such underlier had those changes or modifications not been made, then the Calculation
Agent will, at the close of business in New York, New York, on each date that the closing level of such underlier is to be calculated,
make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive
at a level of an underlier comparable to the Underlier or Successor

    	 	3	 

    	 

    

Underlier as if those changes or modifications
had not been made, and the Calculation Agent will calculate the closing level of the Underlier or Successor Underlier with reference
to such underlier, as so adjusted. Accordingly, if the method of calculating the Underlier or Successor Underlier is modified so
that the level of such underlier is a fraction or a multiple of what it would have been if it had not been modified (e.g., due
to a split or reverse split in such equity underlier), then the Calculation Agent will adjust the Underlier or Successor Underlier
in order to arrive at a level of such underlier as if it had not been modified (e.g., as if the split or reverse split had not
occurred).

Discontinuance
Of The Underlier

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

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

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

Market
Disruption Events 

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

 

		(A)	The occurrence or existence of a material suspension of or limitation imposed on trading by the
Relevant Stock Exchanges or otherwise relating to securities which then comprise 20% or more of the level of the Underlier or any
Successor Underlier at any time during the one-hour period that ends at the Close of Trading

    	 	4	 

    	 

    

on that
day, whether by reason of movements in price exceeding limits permitted by those Relevant Stock Exchanges or otherwise.

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

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

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

		(E)	The closure on any Exchange Business Day of the Relevant Stock Exchanges on which securities that
then comprise 20% or more of the level of the Underlier or any Successor Underlier are traded or any Related Futures or Options
Exchange prior to its Scheduled Closing Time unless the earlier closing time is announced by the Relevant Stock Exchange or Related
Futures or Options Exchange, as applicable, at least one hour prior to the earlier of (1) the actual closing time for the
regular trading session on such Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, and (2) the
submission deadline for orders to be entered into the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable,
system for execution at such actual closing time on that day.

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

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

		(1)	the relevant percentage contribution of a security to the level of the Underlier or any Successor
Underlier will be based on a comparison of (x) the portion of the level of such underlier attributable to that security and
(y) the overall level of the

    	 	5	 

    	 

    

Underlier
or Successor Underlier, in each case immediately before the occurrence of the Market Disruption Event;

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

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

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

If a Market Disruption Event occurs
or is continuing on the Determination Date, then the Determination Date will be postponed to the first succeeding Trading Day on
which a Market Disruption Event has not occurred and is not continuing; however, if such first succeeding Trading Day has not occurred
as of the eighth Trading Day after the originally scheduled Determination Date, that eighth Trading Day shall be deemed to be the
Determination Date. If the Determination Date has been postponed eight Trading Days after the originally scheduled Determination
Date and a Market Disruption Event occurs or is continuing on such eighth Trading Day, the Calculation Agent will determine the
Closing Level of the Underlier on such eighth Trading Day in accordance with the formula for and method of calculating the Closing
Level of the Underlier last in effect prior to commencement of the Market Disruption Event, using the closing price (or, with respect
to any relevant security, if a Market Disruption Event has occurred with respect to such security, its good faith estimate of the
value of such security at the Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual
closing time of the regular trading session of such Relevant Stock Exchange) on such date

    	 	6	 

    	 

    

of each security included in the Underlier.
As used herein, “closing price” means, with respect to any security on any date, the Relevant Stock Exchange traded
or quoted price of such security as of the Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier,
the actual closing time of the regular trading session of such Relevant Stock Exchange.

Calculation
Agent

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

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

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

Tax
Considerations

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

Redemption and Repayment

This Security is
not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to April 16,
2020. This Security is not entitled to any sinking fund.

Acceleration

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

__________________

    	 	7	 

    	 

    

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

Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized
agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

 

 

[The remainder of this page has
been left intentionally blank]

 

 

    	 	8	 

    	 

    

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

DATED:

 

	 	WELLS FARGO & COMPANY
	 	 	 
	 	By:	 
	 	 	 	 
	 	 	 	Its: 	 
	 	 	 	 
	 	 	Attest:	
	 	 	 
	 	 	 	Its: 	 

 

 

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

This is one of the Securities of the

series designated therein described

in the within-mentioned Indenture.

 

	CITIBANK, N.A.,	 
	 	as Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 
	 	 	 
	OR	 
	 	 	 
	WELLS FARGO BANK, N.A.,	 
	 	as Authenticating Agent for the Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 

 

    	 	9	 

    	 

    

[Reverse of Note]

 

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES S

 

Due Nine Months or More From Date of Issue

 

Principal at Risk Securities Linked to the
S&P 500® Index

 

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 February 21, 2017, 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 of the Securities designated as Medium-Term Notes, Series S,
of the Company. The amount payable on the Securities of this series may be determined by reference to the performance of one or
more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures
of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may
bear interest at a fixed rate or a floating rate. The Securities of this series may mature at different times, be redeemable at
different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in
different currencies.

The Securities are
issuable only in registered form without coupons and will be either (a) book-entry securities represented by one or more
Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities issued to and
registered in the names of, the beneficial owners or their nominees.

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

Modification and Waivers 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the 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

    	 	10	 

    	 

    

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

Defeasance

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

Authorized Denominations

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

Registration of Transfer

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

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

This Security may
not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the
Depositary or another nominee of the

    	 	11	 

    	 

    

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 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.

Obligation of the Company Absolute

No reference herein
to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the Cash Settlement Amount at the times, place and rate, and in the coin or currency, herein
prescribed, except as otherwise provided in this Security.

No Personal Recourse

No recourse shall
be had for the payment of the Cash Settlement Amount, or for any claim based hereon, or otherwise in respect hereof, or based on
or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director,
as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution, statute or
rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof
and as part of the consideration for the issuance hereof, expressly waived and released.

Defined Terms

All terms used in
this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined
in this Security.

Governing Law

This Security shall
be governed by and construed in accordance with the law of the State of New York, without regard to principles of conflicts of
laws.

    	 	12	 

    	 

    

ABBREVIATIONS 

 

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

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

 

	UNIF GIFT MIN ACT --	 	 Custodian 	 
	 	(Cust)	 	(Minor)

 

	Under Uniform Gifts to Minors Act	 
	 	 
	 	 
	(State)	 

 

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

 

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

 

	Please Insert Social Security or	 
	Other Identifying Number of Assignee
	 	 
	 	 

 

 

	 
	 
	 

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

 

    	 	13	 

    	 

    

the within Security of WELLS FARGO & 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.

 

 

 

    	 	14

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