Document:

Exhibit 10.3

 

ASSEMBLY BIOSCIENCES, INC.

AMENDED AND RESTATED 2014 STOCK INCENTIVE
PLAN

RESTRICTED STOCK UNIT AWARD NOTICE

 

	David J. Barrett	Grant Number	2018-RSU-286
	3290 Creamery Rd.	 	 
	New Hope, Pennsylvania 18938	 	 

 

Upon your
Consulting Agreement dated June 1, 2018 becoming effective, you have been granted Restricted Stock Units (“RSUs”)
of Assembly Biosciences, Inc. (the “Company”), as follows:

 

	Effective Date:	June 1, 2018, or if later, the date the Consulting Agreement becomes effective. 
	 	 
	Total Number of RSUs Granted:	100,000

 

	Vesting Schedule:

 

	Vesting Date	 	Shares of Common 

Stock	 
	August 31, 2018	 	 	16,666	 
	November 30, 2018	 	 	16,666	 
	February 28, 2019	 	 	16,667	 
	May 31,2019	 	 	16,667	 
	August 31, 2019	 	 	16,667	 
	November 30, 2019	 	 	16,667	 
	Total	 	 	100,000	 
	 	 	 	 	 

		RSUs will vest in accordance with the schedule set forth above and will be fully vested on November 30, 2019, assuming your Continuous Service to the Company or its Subsidiaries through each Vesting Date and otherwise in accordance with the terms and conditions of the Plan (as defined below) and the attached Restricted Stock Unit Agreement.  Immediately prior to the occurrence of a Corporate Transaction, all unvested RSUs shall immediately vest.
	 	 
	Payment Date:	Vested RSUs shall be settled as follows: 33,332 RSUs on the first to occur of a Corporate Transaction and January 15, 2019; 33,334 RSUs on the first to occur of a Corporate Transaction and July 15, 2019; and 33,334 RSUs on the first to occur of a Corporate Transaction and January 15, 2020 (each such settlement date, a “Payment Date”).  For the avoidance of doubt, upon the occurrence of a Corporate Transaction, all RSUs that have not been settled as of such date shall be settled.  The Company shall deliver, to you, one Share (as defined in the Plan) in respect of each vested RSU.  Delivery shall be made as soon as practicable following the applicable Payment Date and in no event later than 30 days following the applicable Payment Date.  

 

    	 

     

    

 

By your signature or your electronic
acceptance of the RSUs and the signature of the Company’s representative below, you and the Company agree that the RSUs are
granted under and governed by the terms and conditions of the Assembly Biosciences, Inc. Amended
and Restated 2014 Stock Incentive Plan (the “Plan”) and the Restricted
Stock Unit Agreement, both of which are attached and made a part of this document. Capitalized terms used in this Notice of Restricted
Stock Unit Award and not otherwise defined herein shall have the meaning assigned to such term in the Plan.

 

Dated: June 1, 2018

 

	GRANTEE:	 	ASSEMBLY BIOSCIENCES, INC.
	 	 	 
	/s/ David J. Barrett	 	By:	/s/ Derek A. Small
	David J. Barrett	 	Name: 	Derek A. Small
	 	 	Title:	Chief Executive Officer

 

    	 

     

    

 

ASSEMBLY BIOSCIENCES, INC. 

RESTRICTED STOCK UNIT AWARD AGREEMENT

UNDER THE AMENDED AND RESTATED 2014 STOCK
INCENTIVE PLAN

 

THIS RESTRICTED
STOCK UNIT AWARD AGREEMENT (this “Award Agreement”) is made and entered into by and between Assembly Biosciences,
Inc. (the “Company”) and the individual named in the Restricted Stock Unit Award Notice (the “Grantee”)
under the Company’s Amended and Restated 2014 Stock Incentive Plan (the “Plan”). The Award Notice also
establishes the Effective Date of the Award, the number of Restricted Stock Units awarded, vesting conditions, and the Payment
Date of the Award.

 

WHEREAS, the Grantee is expected to provide
valuable services to the Company;

 

WHEREAS, the Company considers it desirable
and in the best interests of the Company that the Grantee be given an opportunity to acquire a proprietary interest in the Company
as an incentive to advance the interests of the Company and to perform future services that will contribute materially to the successful
operation of the Company; and

 

WHEREAS,
the Company, acting through the Board of Directors of the Company (the “Board”) or (ii) the
Committee appointed by the Board under the Plan (the “Committee”), desires to
grant the Grantee a Restricted Stock Unit Award measured in shares of common stock of the Company (the “Common Stock”),
in accordance with the Plan. Capitalized terms used herein which are not otherwise defined herein shall have the meanings ascribed
to them under the Plan.

 

NOW, THEREFORE, in consideration of the
premises, it is agreed by and between the parties as follows:

 

1.          Grant
of Restricted Stock Unit Award. The Company awards the Grantee Restricted Stock Units in a number that is specified
in the Award Notice provided to the Grantee. The Award is subject to the vesting, payment and other provisions of this Award Agreement,
the Award Notice and the Plan. Each Restricted Stock Unit represents one (1) Share of Common Stock of the Company. The Company
will account for the Restricted Stock Units in a bookkeeping account on the Grantee’s behalf until they become payable or
are forfeited. The number of Restricted Stock Units shall be adjusted if the Common Stock is split, combined, if stock dividends
are paid on Common Stock, or upon a similar event in the same manner that the Common Stock
is adjusted.

 

2.          Dividend
Equivalents. For each Restricted Stock Unit that is granted and credited to the Grantee’s account, the Grantee’s
account will also be credited with a Dividend Equivalent Rights in an amount equal to any cash dividends paid by the Company upon
one Share of Common Stock after the Effective Date and before the Payment Date (as provided in the Award Notice) for the Restricted
Stock Unit, subject to the vesting and other provisions of this Award Agreement and the Award Notice.

 

    	 

     

    

 

3.          Vesting.
The Restricted Stock Units (and Dividend Equivalent Rights associated with the Restricted Stock Units) shall be unvested and shall
be subject to the restrictions set forth in this Award Agreement and the Award Notice. Unless sooner forfeited in accordance with
Section 5, the Restricted Stock Units and Dividend Equivalent Rights associated with the Restricted Stock Unit shall vest as set
forth in the Grantee’s Award Notice.

 

4.          Settlement
of Vested Restricted Stock Units and Restricted Dividend Equivalents. If any of the Restricted Stock Units vest on a Vesting
Date, the Company shall settle such Restricted Stock Units (the “Vested Restricted Stock Units”) and Dividend
Equivalent Rights attributable to such Vested Restricted Stock Units (“Vested Dividend Equivalents”) on the
Payment Date established in the Award Notice (the “Payment Date”) by delivering to the Grantee (a)  shares
of Common Stock of the Company and (b) cash, determined as follows:

 

		(a)	Number of Shares of Common Stock. The Company will determine the value as of the Payment Date of the Vested Restricted
Stock Units and the Vested Dividend Equivalent Rights (together, the “Total Amount”). For this purpose, the
Vested Dividend Equivalents shall be valued at their original value and shall not be increased or decreased by an interest or earnings
factor. The Total Amount will be divided by the value of one (1) Common Share of the Company as of the Vesting Date, and the resulting
whole number (without remainder) shall be the number of shares of Common Stock that will be delivered to the Grantee, and

 

		(b)	Cash. The remainder resulting from the division
in (a) above to determine the number of shares of Common Stock will be the dollar amount of the cash payable to the Grantee, and
such amount shall be paid to the Grantee by check.

 

The Vested Restricted Stock Units and Vested
Dividend Equivalents will be settled by the Company within thirty (30) days of the applicable Payment Date.

 

5.          Forfeiture
of Restricted Stock Units (and Dividend Equivalent Rights Attributable to Restricted Stock Units). In the event of termination
of Continuous Service of the Grantee from the Company for any reason (including Disability), any Restricted Stock Units and Dividend
Equivalent Rights attributable to such Restricted Stock Units that were not already vested on the termination of Continuous Service
shall be forfeited on that date.

 

6.          Certain
Tax Matters. The Grantee acknowledges that the Grantee understands the federal, state and local income, employment and foreign
(if applicable) tax consequences of the Restricted Stock Unit Award, and the issuance, vesting and forfeiture provisions relating
to the Restricted Stock Unit Award.

 

7.          Rights
Prior to Vesting. The Restricted Stock Units and Dividend Equivalent Rights represent a right to payment from the Company if
the conditions of this Award Agreement are met and do not give the Grantee ownership of any Common Stock prior to delivery as provided
in Section 4. No assets have been set aside by the Company or otherwise to pay the amounts promised by this Award Agreement, the
right to payment is unsecured, and the Grantee is a general creditor of the Company for payment under this Award Agreement.

 

    	 

     

    

 

8.          Investment
Representation. The Grantee represents and warrants to the Company that the Grantee has read this Award Agreement carefully,
and to the extent believed necessary, has discussed this Award Agreement and its impact and limitations upon the Grantee with counsel.

 

9.          Transferability.
The right to payment under this Award Agreement may not be sold, exchanged, transferred, pledged, hypothecated, encumbered or otherwise
disposed of except as provided in the Plan. The Company shall have the right to assign to any of its affiliates any of its rights,
or to delegate to any of its affiliates any of its obligations under this Award Agreement.

 

10.         Defined
Terms. The following terms shall have the meanings set forth below:

 

(a)          “Corporate
Transaction” has the meaning assigned to such term in the Plan. Notwithstanding the foregoing, a Corporate Transaction
shall not be deemed to have occurred unless such transaction also constitutes a “change in the ownership” of the Company
or a “change in the ownership of a substantial portion of the Company’s assets” for purposes of Section 409A
of the Code.

 

11.         Section
409A of the Code.

 

(a)          The
parties intend that this Award Agreement will be administered in accordance with Section 409A of the Code. To the extent that any
provision of this Award Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read
in such a manner so that all payments hereunder comply with Section 409A of the Code. The parties agree that this Award Agreement
may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code
and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost
to either party.

 

(b)          The
Company makes no representation or warranty and shall have no liability to the Grantee or any other person if any provisions of
this Award Agreement or the Award Notice are determined to constitute deferred compensation subject to Section 409A of the Code
but do not satisfy an exemption from, or the conditions of, such Section.

 

12.         Binding
Effect. This Award Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs,
executors, administrators, successors and assigns.

 

13.         Gender
and Number. All terms used in this Award Agreement shall be deemed to refer to the masculine, feminine, neuter, singular or
plural as the context may require.

 

14.         Terms
and Conditions of Plan. The terms and conditions included in the Plan and the Award Notice are incorporated by reference herein,
and to the extent that any conflict may exist between any term or provision of this Award Agreement and any term or provision of
the Plan as in effect from time to time, such term or provision of the Plan shall control.

 

    	 

     

    

 

15.         Certain
Remedies. Without intending to limit the remedies available to the Company, the Grantee agrees that damages at law will be
an insufficient remedy in the event the Grantee violates the terms of this Award Agreement. The Grantee agrees that the Company
may apply for and have injunctive or other equitable relief in any court of competent jurisdiction to restrain the breach or threatened
breach of, or otherwise specifically to enforce, any of the provisions hereof.

 

16.         Waiver.
The waiver by either party of compliance with any provision of this Award Agreement by the other party shall not operate or be
construed as a waiver of any other provision of this Award Agreement, or of any subsequent breach by such party of a provision
of this Award Agreement.

 

17.         No
Restriction on Right of Company to Effect Corporate Changes.          Neither
the Plan nor this Award Agreement shall affect in any way the right or power of the Company or its stockholders to make or authorize
any or all adjustments, recapitalizations, reorganizations or other changes in the capital structure or business of the Company,
or any merger or consolidation of the Company, or any issue of stock or of options, warrants or rights to purchase stock or of
bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof
or which are convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any sale or
transfer of all or any part of the assets or business of the Company, or any other corporate act or proceeding, whether of a similar
character or otherwise.

 

16.         Entire
Agreement. This Award Agreement (including the Award Notice, and the Plan which are incorporated herein by reference and all
additional riders incorporated herein) sets forth all of the promises, agreements, conditions and understandings between the parties
hereto with respect to the Award, and there are no promises, agreements, conditions, understandings, warranties or representations,
oral or written, express or implied, between them with respect to the Restricted Stock Unit Award other than as set forth therein
or herein. This Award Agreement supersedes and replaces any and all prior agreements between the parties hereto with respect to
Restricted Stock Units and Dividend Equivalent Rights. This Award Agreement is, and is intended by the parties to be, an integration
of any and all prior agreements or understandings, oral or written, with respect to Restricted Stock Units and Dividend Equivalent
Rights. No modification, amendment or waiver of any of the provisions of this Award Agreement shall be effective unless approved
in writing by both parties.

 

17.         Invalid
or Unenforceable Provision. The invalidity or unenforceability of any particular provision of this Award Agreement shall not
affect the other provisions hereof, and this Award Agreement shall be construed in all respects as if such invalid or unenforceable
provision was omitted.

 

18.         Governing
Law. This Award Agreement shall be construed and enforced in accordance with the laws of Delaware, without giving effect to
principles of conflicts of laws.

 

    	 

     

    

 

19.         Miscellaneous.

 

(a)          Neither
the granting or vesting of the Restricted Stock Units and Dividend Equivalent Rights nor
any other provision of this Award Agreement shall be construed as conferring upon the Grantee any right to continue in the services
of the Company, or as interfering with or restricting in any way the right of the Company to terminate such services at any time.

 

(b)          The
Company, the Board (or the Committee) and any employees or agents thereof are relieved from any liability for the non-issuance
or non-transfer, or any delay in the issuance or transfer, of any Common Stock which results from the inability of the Company
to obtain, or in any delay in obtaining, from each regulatory body having jurisdiction all requisite authority to issue or transfer
the Common Stock in satisfaction of this Award Agreement if counsel for the Company deems such authorization necessary for the
lawful issuance or transfer of any of the Common Stock.

 

(c)          No
Common Stock shall be sold or otherwise disposed of in violation of any federal or state securities law or regulations.

 

(d)          All
decisions of the Board (or the Committee) with respect to the interpretation, construction and application of the Plan and/or this
Award Agreement shall be conclusive and binding upon the Grantee and all other persons.WELLS 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. 95001B5X8	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 Lowest Performing of the S&P 500® Index

and
the Russell 2000® Index due February 10, 2020

 

 

WELLS
FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Maturity Payment
Amount (as defined below) on the Stated Maturity Date (as defined below), unless this Security is redeemed prior to the Stated
Maturity Date as provided below under “Optional Redemption,” and to pay Contingent Coupon Payments (as defined below)
on the Face Amount of this Security to the extent provided herein on the Contingent Coupon Payment Dates specified herein at the
Contingent Coupon Rate (as defined below) until the earlier of the Stated Maturity Date and the Optional Redemption Date (as defined
below), if any. The “Initial Stated Maturity Date” shall be February 10, 2020. If the Final Calculation
Day (as defined below) is not postponed, the Initial Stated Maturity Date will be the “Stated Maturity Date.”
If the Final Calculation Day is postponed, the “Stated Maturity Date” shall be the later of (i) the Initial
Stated Maturity Date and (ii) three Business Days (as defined below) after the last Final Calculation Day as postponed.

“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.”

Optional
Redemption

The
Company may, at its option, redeem this Security, in whole but not in part, on any Optional Redemption Date (as defined below)
by giving notice to the Holder hereof on or before the Calculation
Day (as defined below) immediately preceding that Optional Redemption Date. If this Security is redeemed, the Holder hereof will
receive the Optional Redemption Price (as defined below) plus a final Contingent Coupon Payment (as defined below), if any, on
the applicable Optional Redemption Date. Unless the Company defaults in the payment of the Optional Redemption Price plus the
final Contingent Coupon Payment, if any, this Security will cease to be outstanding on such Optional Redemption Date, no additional
Contingent Coupon Payments will be payable on this Security and the Holder hereof will have no further rights under this Security
after such Optional Redemption Date. The “Optional Redemption Price” is equal to the Face Amount of this Security.
The “Optional Redemption Dates” shall be the Contingent Coupon Payment Dates (as defined below) following each
Calculation Day scheduled to occur from February 2019 to January 2020, inclusive.

    	 	 	 

    	 

    

Payment
of Contingent Coupon Payments, the Maturity Payment Amount and the Optional Redemption Price

On
each monthly Contingent Coupon Payment Date, the Company shall pay a Contingent Coupon Payment if, and only if, the Closing Level
(as defined below) of
the Lowest Performing Index (as defined below) on the related Calculation Day
is greater than or equal to its Threshold Level (as defined below). A “Contingent Coupon Payment,” if payable
as provided herein, shall be equal to the product of (i) the Face Amount of this Security,
(ii) the Contingent Coupon Rate, and (iii) 30/360. The “Contingent Coupon Payment Dates” shall be
the third Business Day following each Calculation Day, as each such Calculation Day may be postponed as herein provided, provided
that the Contingent Coupon Payment Date with respect to the Final Calculation Day will be the Stated Maturity Date. If a Calculation
Day is postponed with respect to one or both Indices, the related Contingent Coupon Payment Date will be three Business Days after
the last Calculation Day as postponed. The “Contingent Coupon Rate” is 6.90% per annum. Any Contingent Coupon
Payments will be rounded to the nearest cent, with one-half cent rounded upward. 

Any
Contingent Coupon Payment so payable, and punctually paid or duly provided for, on any Contingent Coupon Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such Contingent Coupon Payment next preceding such Contingent Coupon Payment
Date. The Regular Record Date for a Contingent Coupon Payment Date shall be the date one Business Day prior to such Contingent
Coupon Payment Date.

Any
Contingent Coupon Payment not punctually paid or duly provided for will 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.

Payment
of any Contingent Coupon Payment on this Security will be made in immediately available funds at the office or agency of the Company
maintained for that purpose in the City of Minneapolis,
Minnesota; provided, however, that, at the option of the Company, payment of any Contingent Coupon Payment may be paid by check
mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer
to such account as may have been designated by such Person. Payments of any Contingent Coupon Payment and the Maturity Payment
Amount or the Optional Redemption Price, as applicable, 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. Notwithstanding the foregoing, for so long as this Security is a
Global Security registered in the name of the Depositary, any payments on this Security will be made to the Depositary by wire
transfer of immediately available funds.

    	 	2	 

     

    

Payment
of the Maturity Payment Amount or the Optional Redemption Price, as applicable, and any Contingent Coupon Payments on this Security
will be made 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.

Definitions
Relating to Maturity Payment Amount, the Optional Redemption Price and Contingent Coupon Payments

If
this Security is not redeemed prior to the Stated Maturity Date as provided above under “Optional Redemption,” the
“Maturity Payment Amount” of this Security will equal:

●

if
the Ending Level of the Lowest Performing Index on the Final Calculation Day (as defined below) is greater than or equal to its
Threshold Level: the Face Amount; or

 

●

if
the Ending Level of the Lowest Performing Index on the Final Calculation Day is less than its Threshold Level:

 

 

 

All
calculations with respect to the Maturity Payment 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 Maturity Payment Amount will be rounded to the nearest cent,
with one-half cent rounded upward.

“Index”
shall mean each of the S&P 500 Index and the Russell 2000 Index.

The
“Pricing Date” shall mean August 3, 2018.

The
“Lowest Performing Index” for any Calculation Day will be the Index with the lowest Performance Factor on that
Calculation Day (as such Calculation Day may be postponed for one or both Indices).

The
“Performance Factor” with respect to an Index on any Calculation Day is its Closing Level on such Calculation
Day divided by its Starting Level (expressed as a percentage).

    	 	3	 

     

    

The
“Starting Level” with respect to the S&P 500 Index is 2827.22 and with respect to the Russell 2000 Index
is 1682.099.

The
“Ending Level” of an Index will be its Closing Level on the Final Calculation Day.

The
“Threshold Level” with respect to the S&P 500 Index is 1979.054, which is equal to 70% of its Starting
Level, and with respect to the Russell 2000 Index is 1177.4693, which is equal to 70% of its Starting Level.

The
“Closing Level” with respect to each Index on any Trading Day means the official closing level of that Index
reported by the relevant Index 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 “—Market Disruption Events,” “—Adjustments to an Index”
and “—Discontinuance of an Index.”

“Index
Sponsor” shall mean the sponsor or publisher of an Index.

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

The
“Calculation Days” shall be the 5th day of each month commencing September 2018 and ending
January 2020, and the Final Calculation Day. If any such day is not a Trading Day with respect to either Index, such
Calculation Day for each Index will be postponed to the next succeeding day that is a Trading Day with respect to each Index.
A Calculation Day for an Index is also subject to postponement due to the occurrence of a Market Disruption Event (as defined
below) with respect to such Index on such Calculation Day. The “Final Calculation Day” is February 5,
2020. If a Market Disruption Event occurs or is continuing with respect to an Index on any Calculation Day, then such
Calculation Day for such Index will be postponed to the first succeeding Trading Day for such Index on which a Market
Disruption Event for such Index has not occurred and is not continuing; however, if such first succeeding Trading Day has not
occurred as of the eighth Trading Day for such Index after the originally scheduled Calculation Day, that eighth Trading Day
shall be deemed to be the Calculation Day for such Index. If a Calculation Day has been postponed eight Trading Days for an
Index after the originally scheduled Calculation Day and a Market Disruption Event occurs or is continuing with respect to
such Index on such eighth Trading Day, the Calculation Agent will determine the Closing Level of such Index on such eighth
Trading Day in accordance with the formula for and method of calculating the Closing Level of such Index 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 such Index. 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. Notwithstanding the postponement
of a Calculation Day for one Index due to a Market Disruption Event with respect to such Index on such Calculation Day, the originally
scheduled Calculation Day will remain the Calculation Day for the other Index if such other Index is not affected by a Market
Disruption Event on such day.

    	 	4	 

     

    

“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, whether a Contingent Coupon Payment will be made, the Optional Redemption Price, if any, and the Maturity Payment
Amount, if any, 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.

Certain
Definitions 

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

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

The
“Related Futures or Options Exchange” for an Index 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
such Index.

Adjustments
to an Index

If
at any time the method of calculating an Index or a Successor Equity Index, or the closing level thereof, is changed in a
material respect, or if an Index or a Successor Equity Index is in any other way modified so that such index does not, in the
opinion of the Calculation Agent, fairly represent the level of such index 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
index 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 index comparable to such Index or Successor Equity Index as if those
changes or modifications had not been made, and the Calculation Agent will calculate the closing level of such Index or
Successor Equity Index with reference to such index, as so adjusted. Accordingly, if the method of calculating an Index or
Successor Equity Index is modified so that the level of such
index 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 index), then the Calculation Agent will adjust such Index or Successor Equity Index in order to arrive at
a level of such index as if it had not been modified (e.g., as if the split or reverse split had not occurred).

    	 	5	 

     

    

Discontinuance
of an Index

If
an Index Sponsor discontinues publication of an Index, and such Index Sponsor or another entity publishes a successor or substitute
equity index that the Calculation Agent determines, in its sole discretion, to be comparable to such Index (a “Successor
Equity Index”), then, upon the Calculation Agent’s notification of that determination to the Trustee and the Company,
the Calculation Agent will substitute the Successor Equity Index as calculated by the relevant Index Sponsor or any other entity
for purposes of calculating the Closing Level of such Index on any date of determination. Upon any selection by the Calculation
Agent of a Successor Equity Index, the Company will cause notice to be given to the Holder of this Security.

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

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

Market
Disruption Events 

A
“Market Disruption Event” with respect to an Index 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 such Index or any Successor Equity Index 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.

 

    	 	6	 

     

    

(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 such Index or any Successor Equity Index 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 such Index or any Successor Equity Index 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 such
Index or any Successor Equity Index 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 such Index or any Successor Equity Index are traded or any Related Futures or Options Exchange with respect to such
Index or any Successor Equity Index 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 such Index or Successor Equity Index or any Related Futures or Options
Exchange with respect to such Index or Successor Equity Index fails to open for trading during its regular trading session.

 

For
purposes of determining whether a Market Disruption Event has occurred with respect to an Index:

 

(1)

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

    	 	7	 

     

    

 

(2)

the “Close of Trading” on any Trading Day for such Index or any Successor Equity Index means the Scheduled
Closing Time of the Relevant Stock Exchanges with respect to the securities underlying such Index or Successor Equity Index 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 such Index or Successor Equity Index 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 such Index or Successor Equity Index, 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 such Index or any Successor Equity Index 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 such Index or any Successor Equity Index on which each
Relevant Stock Exchange for the securities underlying such Index or any Successor Equity Index and each Related Futures or Options
Exchange with respect to such Index or any Successor Equity Index 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.

 

Calculation
Agent

The
Calculation Agent will determine whether a Contingent Coupon Payment will be made, the Optional Redemption Price, if any, and
the Maturity Payment Amount, if any. In addition, the Calculation Agent will (i) determine if adjustments are required to
the Closing Level of an Index under the circumstances described in this Security, (ii) if publication of an Index is discontinued,
select a Successor Equity Index or, if no Successor Equity Index is available, determine the Closing Level of such Index under
the circumstances described in this Security, and (iii) determine whether a Market Disruption Event has occurred.

The
Company covenants that, so long as 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.

    	 	8	 

     

    

Redemption
and Repayment

This
Security is not subject to repayment at the option of the Holder hereof prior to February 10, 2020. This Security is subject
to redemption prior to February 10, 2020 as set forth under “Optional Redemption” above. 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 Maturity Payment
Amount (calculated as set forth in the next two sentences) 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 Maturity Payment Amount
hereof calculated as provided herein, plus a portion of a final Contingent Coupon Payment, if any. The Maturity Payment Amount
and any final Contingent Coupon Payment will be calculated as though the date of acceleration were the Final Calculation Day.
The final Contingent Coupon Payment, if any, will be prorated from and including the immediately preceding Contingent Coupon Payment
Date to but excluding the date of acceleration.

 

 

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]

 

 

 

 

    	 	9	 

     

    

 

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

 

DATED: __________, 2018

 

	 	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	 

 

 

    	 	10	 

     

    

 

[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 Lowest Performing of the S&P 500® Index

and
the Russell 2000® Index due February 10, 2020

 

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 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.

    	 	11	 

     

    

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

    	 	12	 

     

    

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 Contingent Coupon Payments, if any, and the Maturity Payment Amount or
the Optional Redemption Price, as applicable, on this Security 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 any Contingent Coupon Payments or the Maturity Payment Amount or the Optional Redemption
Price, as applicable, 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 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.

    	 	13	 

     

    

 

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)

 

    	 	14	 

     

    

 

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.

 

 

    	 	15

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