Document:

72320158-KRaulNavarroOfferLetter

Exhibit 10.1

June 30, 2015

Raul Navarro
Sao Paulo, Brazil

Dear Raul,

We are very pleased to provide you with the following formal communication confirming the continuation of your expatriate assignment by Sitel Services (“Departure Company”). 

		
	Position:
	COO/SVP Operations – LATAM

Destination Company/
		
	Location:
	Sitel de Brazil Limitada/Sao Paolo, Brazil.  The Company may change tour Destination Company/Location during your assignment.     

		
	Reports to:
	Bert Quintana – President, CEO & COB

    
Start Date:        June 1, 2015

Employee/Employment 
		
	Status:
	During the period of your assignment your employer of record continues to be the Departure Company, and to the extent allowed by law you waive any right you may or will have against the Departure Company and Destination Company under local labor and other applicable laws.  For the avoidance of doubt, you employment relationship with the Departure Company continues to be governed by the laws of the state of Tennessee.  During your employment you will remain an at-will employee and be bound by the Departure Company’s employment practices and procedures, except as otherwise expressly set forth in this letter agreement or as required by applicable law.  Your period of service under assignment with the Destination Company will count towards your continuous employment with the Departure Company and any service-related benefits to which you are or may be entitled with the Departure Company.   

		
	Local Agreement:
	You also may receive a local agreement where required to obtain work authorization. 

		
	Annualized Base Salary:
	You will receive a monthly salary of $25,833 USD during the term of the assignment.  You will continue to be paid through the Departure Company’s US payroll system per the bi-weekly payroll schedule.  You will be paid via direct deposit to your US bank account with the usual taxes applicable to your home state of residence.   If required to obtain work authorization some portion of your monthly salary may be paid locally by the Destination Company. Thirty percent (30%) of your salary as set out above will be paid locally by the Destination Company as required to obtain work authorization.

		
	Length of Assignment:
	Three years (36 months) through May 31, 2018.  The length of your assignment is not guaranteed and business conditions or other factors may result in this period being reduced or extended by the 

Exhibit 10.1

Departure Company in its sole discretion upon the shorter of (1) thirty (30) days notice or (2) the minimum statutory notice period required under the Destination Country law.

		
	Incentive Plan:
	You remain eligible to participate in the Global Management Incentive Plan, if any, in effect during the term of your assignment subject to the terms and conditions of the Plan.  You will not participate in any local incentive programs offered by the Destination Company.

		
	Cost of Living:
	The Departure Company will make an annual allowance for the cost of local goods and services in the Destination Company will receive a stipend of $5,000 USD payable quarterly as long as you are actively employed. 

		
	Local Housing:
	We will continue to work with our global relocation provider, Xonex Relocation, to assist you in securing appropriate housing in the local area, if needed.  Sitel will cover monthly rental expense up to $8,000 USD per month in addition to payment for actual rental deposits, agent fees, local council taxes, and all utilities, including internet/cable services, during the term of this assignment.  Exception to the monthly rental expense is subject to reasonable availability of appropriate housing.  Direct billing to the company will be arranged for housing expenses where possible.  Sitel does not cover the cost of housekeeping nor gardening services.

 
The Company does not pay for any additional deposits, damages or other costs related to having pets in your host country residence – such housing restrictions may apply and should be honored if applicable.

		
	Local Transportation:
	Sitel will pay up $36,000 USD per year for local transportation costs within the Destination County to include both personal and business transportation.  Transportation arrangements to be used during the length of your assignment must be approved by the Chief HR Officer in advance.   If applicable, such expenses may include required insurance, taxes and all other fees; however, fuel costs and/or mileage reimbursements are not reimbursable unless otherwise provided by local business travel policies.   You are responsible for any amount in excess of $36,000 USD.  . 

		
	Health Benefits:
	You will continue to participate in the benefit plans offered to all Departure Company exempt associates without interruption to your current plans.  Your US medical plan will provide coverage for medical emergencies only while outside the US, but full healthcare benefits are available, per plan design, while inside the US.  You will be eligible for the annual benefits open enrollment process as usual.  In addition to the continuation of US based benefit plans, at the employee cost, you will be eligible to participate in the local government healthcare plan or the healthcare plan offered by the Destination Company for you and your spouse/family, or secure private healthcare insurance if you are not eligible for local government healthcare, while you are in the designated location during the term of this assignment. 

		
	Tax Equalization:
	It is Sitel’s intent to ensure you are not disadvantaged from the tax perspective as a result of this assignment; therefore, hypothetical taxes will be deducted from your regular pay each pay period.  You are required to complete required tax forms upon accepting this assignment and cooperate with our global tax advisors. We will coordinate appropriate tax treatment with our global tax advisors who will manage this process and assume responsibility for your annual tax preparations for the tax years in both your home and host country that are affected by your tenure in this assignment.  Equalization services are aligned with meeting US tax regulations. You are required to provide accurate and timely information to the tax advisors when requested.  Sitel will pay the cost of your tax services directly.  If your tax return results state that you owe payment to Sitel, these funds are expected to be paid as directed by Sitel.  We will arrange contact with your global tax advisor following acceptance of this agreement.

Visas and Work

Exhibit 10.1

		
	Permits:
	This offer is contingent upon receiving continued approval from local immigration authorities for you to work in the local country.  If such approval is not granted the terms and conditions offered in this letter are withdrawn. You may not begin the assignment and start to work in the Destination Company until all necessary permits/visa that are required for working in the Destination Country have been issued.  You will need a passport that is valid for at least six (6) months beyond the entry date into the Destination Country.  You are responsible for coordinating with the local contact designated by the Departure Company as soon as possible to secure these documents as obtaining them may be a lengthy process.  You are responsible for cooperating in a timely fashion in obtaining the necessary visa/work permit.   The Company will assume the cost of obtaining and renewing the necessary immigration documents for you to live and work in the Destination Country and your family to accompany you during the assignment. You are responsible for compliance to the host country’s immigration regulations and other laws while you are on this assignment.  The cost of a residency visa for your spouse/dependents will be paid by Sitel. 

		
	Business Travel:
	Business travel will be required, local and international, in accordance with business needs.

		
	Business Expenses:
	You will follow the Departure Company’s standard travel and business expense policies regarding reimbursement for approved business expenses.  

		
	Personal Travel:
	Sitel will reimburse you for the costs of coach class air travel for 4 round trips for you and 4 round trips for dependants between the Departure Country and Destination Country each 12 month period of your assignment, prorated for tenure less than 12 months, subject to the terms of the Sitel travel policy.   Travel expenses will be reimbursed to you based on submission of travel receipts.    Travel arrangements are to be made as far in advance as possible, at the lowest cost possible and made through the Company’s travel vendor.   Personal travel time away from work is considered vacation time and should be coordinated in advance with your manager.  Travel time and costs for the beginning and the end of this assignment are not included in the Personal Travel allowance.

		
	Vacation:
	You will continue to be eligible for paid vacation days in accordance with the Departure Company’s Exempt Vacation Policy.  Vacation time must be approved in advance by your manager and paid time off should be recorded on the Vacation Tracker that will be issued to you to be maintained by your manager and in your associate file.

		
	Holidays:
	During this assignment, you are to be awarded the standard paid business holidays as observed by the Company in the host country.

Business Conduct/
		
	Performance:
	You are expected to comply with policies and observe standard business and professional conduct as is expected of your Destination Country and Destination Company and in accordance with the Company’s Global Code of Conduct and Business Ethics.  Your employment remains at will and subject to the terms of the Sitel Exempt Associate Agreement. 

You shall, during the term of your assignment, conduct such duties as is appropriate to your expatriate role and level of responsibility and as directed by your supervisor or other senior management of Sitel. During the assignment, you shall have no rights or power of authority to negotiate and conclude any contract, or incur any obligation or liability which shall be binding upon any other Sitel affiliated entity.  

		
	Notice:
	If you voluntarily resign this position prior to the end of the assignment period, you agree to provide the Company with sixty (60) days working notice.   In the case of your death or disability while on this assignment, you will be returned to your home location at the Company’s expense.

		
	Repatriation:
	At the end of this assignment, the Company will pay for cost of one-way, coach class airline tickets for you and your dependents living in Brazil to your home location.  In addition, the company will pay up to $10,000 USD to move household items back to your home location.     

Exhibit 10.1

There is no guarantee of a regular position with the Departure Company will be available for you at the end of this assignment.  Any future employment after the end of the assignment period will be agreed between you and the Company.  If your employment does not continue after repatriation, you will be provided with separation benefits in an amount equal to nine (9) months base salary as set out above payable on Sitel’s regular payroll subject to signing a separation agreement and release.  You will also be entitled to a prorated amount under the incentive plan in which you participate as of the date of termination.  Such amount shall be based on the attainment of goals established at the beginning of the plan year through the date of your separation, for the number of days within the plan year during which you were employed. This prorated incentive payment shall be paid at the same time as the annual incentive bonus would have been paid to you if you had remained employed on the applicable payment date for such annual incentive bonus 

		
	Separation:
	Not withstanding any other provision of this agreement, if you leave Sitel for any reason other than voluntary termination or performance related reasons or failure to execute or comply with the policies of the Company or stated duties during the term of the assignment, Sitel will provide you with:  (1)  nine (9) months  of severance pay paid as pay continuation through the regular payroll process and in accordance with the standard guidelines, including the signing of a release, in place at the time; and (2) a prorated  amount  under the incentive plan in which you participate as of the date of termination.  Such amount shall be based on the attainment of goals established at the beginning of the plan year through the date of your separation, for the number of days within the plan year during which you were employed. This prorated incentive payment shall be paid at the same time as the annual incentive bonus would have been paid to you if you had remained employed on the applicable payment date for such annual incentive bonus. 

		
	Emergency Contacts:
	Please provide contact information for two family members who live in the US to Global Human Resources in the case of emergency.  This information will be maintained in confidence by the Nashville and the Destination Company HR offices.

		
	Other:
	This Agreement supersedes all other expatriate agreements between the parties and may be modified or changed in the event you are moved to another country.

Raul, based on your past performance and commitment to our company, we are confident that you will continue to grow professionally at Sitel and that you will continue to make a significant contribution to the overall success of and future of our organization.

If you have any questions regarding the above, please feel free to contact me.  This offer does not guarantee continued employment.   Any changes or adjustments to the terms of this agreement will be mutually agreed in writing.  Once you agree to accept the terms and conditions of this offer, please acknowledge below and return your signed original to my attention.

Best Regards,

    

Bert Quintana
Chief Executive Officer & President

I understand, acknowledge and accept the terms and conditions outlined herein in this employment offer from Sitel:

	
			
	/s/ Raul Navarro
	 
	 

	Raul Navarro
	 
	Date 07/17/2015Form of Medium-Term Notes, Series K, Principal at Risk Securities

 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. 94986RXY2 
	
FACE AMOUNT: $                   
          

 REGISTERED NO.      

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

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 May 19, 2017. If the Determination Date (as defined below) is postponed, the Stated Maturity Date will be postponed to the third 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; 

  

	 	•	 	 if the Final Underlier Level is equal to or less than the Initial Underlier Level but greater than or equal to the Buffer Level, the Face Amount;
or 

  

	 	•	 	 if the Final Underlier Level is less than the Buffer Level, the sum of (i) the Face Amount plus (ii) the product of (a) the Buffer
Rate times (b) the sum of the Underlier Return plus the Buffer Amount times (c) 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., .000005 would be rounded to .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 July 16,
2015. 
 The “Initial Underlier Level” is 2,124.29, 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 “Discontinuance of The Underlier; Alteration of Method of
Calculation” 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 2,424.877035, which is 114.15% of the Initial Underlier Level. 

The “Buffer Level” is 1,858.75375, which is equal to 87.5% of the Initial Underlier Level. 

  
 2 

 The “Maximum Settlement Amount” is 118.395% of the Face Amount
of this Security. 
 The “Buffer Amount” is 12.5%. 

The “Buffer Rate” is equal to the Initial Underlier Level divided by the Buffer Level. 

The “Upside Participation Rate” is 1.3. 

“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” with respect to the Underlier 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 then 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 May 16, 2017. 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 May 18, 2015
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. 

  
 3 

 Discontinuance Of The Underlier; Alteration Of Method Of Calculation 

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.

 If at any time the Underlier Sponsor makes a material change in the formula for or the method of calculating the
Underlier, or in any other way materially modifies the Underlier (other than a modification prescribed in that formula or method to maintain the Underlier in the event of changes in constituent stock and capitalization and other routine events),
then, from and after that time, the Calculation Agent will, at the close of business in New York, New York, on each date that the Closing Level of the Underlier is to be calculated, 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 change, but using only those securities that comprised the Underlier immediately prior to that change. Accordingly, if the method of calculating the Underlier
is modified so that the level of the Underlier is a fraction or a multiple of what it would have been if it had not been modified, then the Calculation Agent will adjust the Underlier in order to arrive at a level of the Underlier as if it had not
been modified. 

  
 4 

 Market Disruption Events 

A “Market Disruption Event” means, with respect to the Underlier, 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 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. 

  
 5 

	 	(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 the Underlier attributable to that security and (y) the overall level of the 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 

  
 6 

 
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 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 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 May 19, 2017. This Security is not entitled to any sinking fund. 

  
 7 

 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. 
  

 

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. 

  
 8 

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

 

					
	WELLS FARGO & COMPANY
		
	By:		 
			 
			Its:		 

 [SEAL] 
  

					
	Attest:		 
			 
			Its:		 

  

			
	 TRUSTEE’S CERTIFICATE OF

AUTHENTICATION
 This is one of the Securities of the

series designated therein described
 in the within-mentioned Indenture.

	
	 CITIBANK, N.A.,

      as Trustee

		
	By:		 
			Authorized Signature
	
	OR
	
	 WELLS FARGO BANK, N.A.,

  as Authenticating Agent for the Trustee

		
	By:		 
			Authorized Signature

  
 9 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

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 July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and
Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more
foreign or composite currencies. 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. 

Article Sixteen of the Indenture shall not apply to this Security. 

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 

  
 10 

 
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. 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 and certain Events of Default, upon compliance by the Company with certain conditions set forth therein,
shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 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 

  
 11 

 
form, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of beneficial interests in this Global
Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 

Prior to due presentment of this Security for registration of transfer, the Company, the 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. 

  
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 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)

  
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 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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