Document:

EXHIBIT
10.1

 

MUTUAL
TERMINATION AGREEMENT

 

This
MUTUAL TERMINATION AGREEMENT (this “Agreement”), dated as of June 29, 2020, is by and among Synacor, Inc., a Delaware
corporation (“Synacor”), Qumu Corporation., a Minnesota corporation (“Qumu”), and Quantum Merger Sub I,
Inc., a Minnesota corporation.

 

W
I T N E S S E T H:

 

WHEREAS,
the parties have entered into that certain Agreement and Plan of Merger and Reorganization, dated as of February 11, 2020 (the
“Merger Agreement”) and any capitalized term used but not otherwise defined herein shall have the meaning set forth
in the Merger Agreement;

 

WHEREAS,
Section 9.1(a) of the Merger Agreement provides that the Merger Agreement may be terminated at any time prior to the Effective
Time by mutual written consent of Synacor and Qumu; and

 

WHEREAS,
the Synacor Board and the Qumu Board each has determined that it is in the best interests of Synacor and the stockholders of Synacor
and of Qumu and the shareholders of Qumu, respectively, to terminate the Merger Agreement in accordance with the terms hereof.

 

NOW,
THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained herein, and intending
to be legally bound hereby, the parties agree as follows:

 

1.
On the date hereof, Qumu shall pay to Synacor an amount equal to $250,000 by wire transfer of immediately available funds to an
account or accounts designated in writing by Synacor. In addition, Qumu shall pay to Synacor a fee equal to $1,450,000 (the “Additional
Amount”) in the event that either (a) within fifteen (15) months following the date hereof, an Acquisition Transaction in
respect of Qumu is consummated with a Person other than Synacor or (b) (i) within fifteen (15) months following the date hereof,
Qumu enters into a binding definitive agreement for an Acquisition Transaction with a Person other than Synacor and (ii) such
Acquisition Transaction is ultimately consummated (whether or not during the foregoing fifteen (15)-month period). Qumu shall
pay the Additional Amount to Synacor by wire transfer of immediately available funds to an account or accounts designated in writing
by Synacor within one business day of the consummation of such Acquisition Transaction. For the purposes of this Agreement, all
references to fifteen percent (15%) or eighty-five percent (85%) in the definition of “Acquisition Transaction” of
the Merger Agreement shall be replaced by fifty percent (50%).

 

2.
The parties hereto mutually agree to terminate the Merger Agreement, effective as of the date of this Agreement, such agreement
constituting the requisite mutual agreement and written consent required to terminate the Merger Agreement pursuant to Section
9.1(a) of the Merger Agreement and otherwise as may be required pursuant to applicable Legal Requirements. Synacor acknowledges
and agrees that the date of this Agreement is the “Expiration Date” under the Qumu Support Agreements. Qumu acknowledges
and agrees that the date of this Agreement is the “Expiration Date” under the Synacor Support Agreements.

 

    	 	 	 

     

    

 

3.
The parties hereto agree that the Merger Agreement is hereby and forthwith void and without effect and none of Synacor, Qumu,
any of their respective Subsidiaries, any of their respective Affiliates or any of the shareholders, officers or directors of
any of them shall have any liability of any nature whatsoever under the Merger Agreement, the Qumu Support Agreements or the Synacor
Support Agreements, or in connection with the transactions contemplated by the Merger Agreement, the Qumu Support Agreements or
the Synacor Support Agreements, or the termination of any of the foregoing; except that Section 7.5(h) of the Merger Agreement,
the proviso of Section 9.3(a) of the Merger Agreement, and the Confidentiality Agreement shall survive such termination of the
Merger Agreement (collectively, the “Surviving Provisions”).

 

4.
In consideration of the covenants, agreements and undertakings of the parties set forth herein, effective the date hereof, each
party, on behalf of itself and its respective present and former Subsidiaries, Affiliates, officers, directors, stockholders,
employees, agents, representatives, successors and assigns (collectively, “Releasors”) hereby releases, waives, and
forever discharges the other parties and their respective present and former Subsidiaries, Affiliates, officers, directors, stockholders,
employees, agents, representatives, successors and assigns (collectively, “Releasees”) of and from any and all actions,
causes of action, suits, losses, liabilities, damages, claims, and demands, of every kind and nature whatsoever, whether now known
or unknown, foreseen or unforeseen, matured or unmatured, suspected or unsuspected, in law or in equity, which any of such Releasors
ever had, now have, or hereafter may have against any of such Releasees for, upon, or by reason of any matter, cause, or thing
whatsoever from the beginning of time through the date of this Agreement arising out of or relating to the Merger Agreement, the
Qumu Support Agreements or the Synacor Support Agreements, or in connection with the transactions contemplated by the Merger Agreement,
the Qumu Support Agreements or the Synacor Support Agreements, or the termination of any of the foregoing (collectively, “Claims”);
provided that notwithstanding the foregoing, nothing herein shall release a party from, and Claims shall not include, the
obligations of such party under this Agreement or the Surviving Provisions. The Releasors irrevocably covenant not to assert any
claim or demand, or commence, institute or voluntarily aid in any way, or cause to be commenced or instituted any proceeding of
any kind against any Releasee based upon any Claim.

 

5.
On the date hereof, Synacor and Qumu will jointly issue the press release attached hereto as Exhibit A announcing the termination
of the Merger Agreement. Each of Synacor and Qumu shall consult with the other party hereto before issuing any other press release
or making any other public announcement or statement with respect to this Agreement, the Merger Agreement, the Merger or any other
transactions contemplated by the Merger Agreement, and shall not issue any such press release or make any such public announcement
or statement without the prior written consent of the other party hereto (which consent shall not be unreasonably withheld, conditioned
or delayed); provided, however, that (a) a party may, without the prior consent of the other party hereto, issue any such press
release or make any such public announcement or statement as may be required by Legal Requirement or the rules and regulations
of Nasdaq if it first notifies and consults with the other party hereto prior to issuing any such press release or making any
such public announcement or statement; and (b) each party may, without consultation or consent of the other party, make any public
statement in response to questions from the press, analysts, investors or those attending industry conferences, make internal
announcements to employees and make disclosures in filings by such party with the SEC, so long as such statements are consistent
with previous press releases, public disclosures or public statements made by such party in compliance with this Agreement.

 

    	 	2	 

     

    

 

6.
Each party hereby represents and warrants to the other party that (a) such party has full corporate power and authority to execute
and deliver this Agreement, (b) the execution and delivery of this Agreement, the termination of the Merger Agreement, the Qumu
Support Agreements or the Synacor Support Agreements, and consummation of the other transactions contemplated hereby have been
duly and validly approved by the Board of Directors of such party, (c) no other corporate proceedings on the part of such party
are necessary to approve this Agreement or the termination of the Merger Agreement, the Qumu Support Agreements or the Synacor
Support Agreements, or to consummate the other transactions contemplated hereby and (d) this Agreement has been duly and validly
executed and delivered by such party (assuming due authorization, execution and delivery by the other parties) and constitutes
a valid and binding obligation of such party, enforceable against such party in accordance with its terms (except insofar as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Legal Requirements affecting
creditors’ rights generally, or by principles governing the availability of equitable remedies).

 

7.
This Agreement may not be amended except by an instrument in writing signed on behalf of each of the parties hereto and duly approved
by the Synacor Board and the Qumu Board. Any agreement on the part of a party hereto to any extension or waiver of the Agreement
shall be valid only if set forth in a written instrument signed on behalf of such party.

 

8.
All fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid
by the party incurring such expenses.

 

9.
The parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question
of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption
or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of a provision of this Agreement.
When a reference is made in this Agreement to Sections or paragraphs, such reference shall be to a Section or paragraph of this
Agreement unless otherwise indicated. Whenever the words “include,” “includes” or “including”
are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The word “or”
shall not be exclusive. References to “the date hereof” shall mean the date of this Agreement.

 

10.
Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto
(whether by operation of law or otherwise) without the prior written consent of the other party (which may be withheld by such
other party in its sole discretion). Any purported assignment in contravention hereof shall be null and void. Subject to the preceding
sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective
successors and assigns. This Agreement (including the documents and instruments referred to herein) is not intended to confer
upon any Person other than the parties hereto any rights or remedies hereunder.

 

11.
Sections 10.3, 10.8 through 10.10 and 10.12 through 10.15 of the Merger Agreement are hereby incorporated into this Agreement
by reference, and shall apply hereto as though set forth herein, mutatis mutandis.

 

[Signature
Page Follows]

 

    	 	3	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Termination Agreement to be executed by their respective officers thereunto
duly authorized as of the date first above written.

 

	 	SYNACOR,
    INC.
	 	 	 
	 	By:
    	/s/
    Himesh Bhise
	 	Name:	Himesh
    Bhise
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	QUMU
    CORPORATION
	 	 	 
	 	By:
    	/s/
    Vern Hanzlik
	 	Name:	Vern
    Hanzlik
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	QUANTUM
    MERGER SUB I, INC.
	 	 	 
	 	By:
    	/s/
    Himesh Bhise
	 	Name:	Himesh
    Bhise
	 	Title:	Chief
    Executive Officer

 

    	 	4	 

     

    

 

EXHIBIT
A

FORM
OF PRESS RELEASE

 

		

 

Synacor
and Qumu Announce Mutual Termination of Merger Agreement

 

BUFFALO,
NY, and MINNEAPOLIS, MN, June 29, 2020 – Synacor, Inc. (Nasdaq: SYNC), a leading provider of cloud-based Collaboration
and Identity Management software and services serving global enterprises, video, internet and communications providers, and governments,
and Qumu Corporation (Nasdaq: QUMU) a leading provider of tools to create, manage, secure, distribute and measure the success
of live and on-demand video for the enterprise, today announced that the companies have mutually agreed to terminate their proposed
all-stock merger agreement, previously announced on February 11, 2020.

 

The
termination was approved by the Boards of Directors of both companies.

 

In
a joint statement, Kevin Rendino, Chairman of Synacor, and Neil Cox, Chairman of Qumu, said, “We mutually concluded after
careful consideration that it would not be prudent to continue to pursue the combination and integration of our companies. We
are confident this is the right decision for our shareholders, our customers and our employees. This decision will ensure each
of Synacor and Qumu can dedicate the resources and focus to pursue opportunities in their respective industries and businesses.”

 

Additional
details regarding the termination agreement will be set forth in a Current Report on Form 8-K to be filed by each of Synacor and
Qumu with the Securities and Exchange Commission on June 29, 2020.

 

About
Synacor

 

Synacor
(Nasdaq: SYNC) is a cloud-based software and services company serving global video, internet and communications providers, device
manufacturers, governments and enterprises. Synacor’s mission is to enable its customers to better engage with their consumers.
Its customers use Synacor’s technology platforms and services to scale their businesses and extend their subscriber relationships.
Synacor delivers managed portals, advertising solutions, email and collaboration platforms, and cloud-based identity management.
www.synacor.com

 

About
Qumu

 

Qumu
Corporation (Nasdaq: QUMU) is the leading provider of best-in-class tools to create, manage, secure, distribute and measure the
success of live and on-demand video for the enterprise. Backed by the most trusted and experienced team in the industry, the Qumu
platform enables global organizations to drive employee engagement, increase access to video, and modernize the workplace by providing
a more efficient and effective way to share knowledge.

 

Synacor
Contact:

 

FNK
IR

Rob
Fink

+1.646.809.4048

rob@fnkir.com

 

Meredith
Roth

VP,
Marketing & Corporate Communications

Synacor

+1.770.846.1911

mroth@synacor.com

 

Qumu
Contact:

 

Dave
Ristow

Chief
Financial Officer

Qumu
Corporation

+1.612.638.9045

dave.ristow@qumu.comWELLS 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. 95001DAJ9	 	PRINCIPAL AMOUNT: $___________
	REGISTERED
NO. __	 	 

  

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES T

 

Due Nine Months or More From Date of
Issue

 

Notes due December 30, 2023

 

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, the principal sum of ______________________________________________________
DOLLARS ($___________) on December 30, 2023 (the “Stated Maturity Date”) and to pay interest thereon from June
30, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for monthly on the last
calendar day of each February and the 30th day of each month, commencing July 30, 2020, and at Maturity (each, an “Interest
Payment Date”), at the rate per annum specified below until the principal hereof is paid or made available for payment.
The interest so payable, and punctually paid or duly provided for, on any Interest 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 interest next preceding such Interest Payment Date. The Regular Record Date for an Interest
Payment Date shall be one Business Day prior to such Interest Payment Date. If an Interest Payment Date is not a Business Day,
interest on this Security shall be payable on the next day that is a Business Day, with the same force and effect as if made on
such Interest Payment Date, and without any interest or other payment with respect to the delay. “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.

 

Except as described
below for the first Interest Period, on each Interest Payment Date, interest will be paid for the period commencing on and including
the immediately preceding Interest Payment Date and ending on and including the day immediately preceding that Interest

 

     

     

    

 

Payment
Date. This period is referred to as an “Interest Period.” The first Interest Period will commence on and include
June 30, 2020 and end on and include July 29, 2020. Interest on this Security will be computed on the basis of a 360-day year of
twelve 30-day months.

 

The interest rate on
this Security that will apply during an Interest Period will be as follows:

 

	
        Commencing June 30, 2020 and

        ending December 29, 2021 
	 	
        1.00% per annum

	
        Commencing December 30, 2021 and

        ending June 29, 2023 
	 	
        1.50% per annum

	
        Commencing June 30, 2023 and

        ending December 29, 2023 
	 	
        2.00% per annum

 

Any interest 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 interest
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 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; provided, however, that, at the option of the Company, payment of interest 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. Payment of principal of and interest 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. Notwithstanding the foregoing, for so long as this Security is a Global Security registered
in the name of the Depositary, payments of principal and interest on this Security will be made to the Depositary by wire transfer
of immediately available funds.

 

This Security is redeemable
at the option of the Company, in whole but not in part, on any Optional Redemption Date at a Redemption Price equal to 100% of
the principal amount of this Security to be redeemed, plus any accrued but unpaid interest to, but excluding, the Redemption Date.
The “Optional Redemption Dates” are quarterly on the 30th day of each March, June, September and December, commencing
June 30, 2021 and ending September 30, 2023. Notice of any redemption will be mailed at least 5 but not more than 30 days before
the applicable Redemption Date to the Holder hereof. Unless the Company defaults in the payment of the Redemption Price, on or
after the Redemption Date, interest will cease to accrue on this Security or the portion hereof called for redemption.

 

This Security is not
subject to repayment at the option of the Holder hereof prior to December 30, 2023. This Security is not entitled to any sinking
fund.

 

    2 

     

    

 

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]

 

    3 

     

    

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

  

DATED:

 

	 

	WELLS FARGO & COMPANY

	 

	 

	 

	 

	By:

	 

	 

	 

	 

	 

	 
	Its:

 

	 

	Attest:

	 

	 

	 

	 

	 

	 
	Its: 

 

TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION

This is one of the Securities of the

series designated therein described

in the within-mentioned Indenture.

 

	CITIBANK,
                                         N.A.,

	 

	as
                                         Trustee

	 

	 

	 

	 

	By:

	 

	 

	 

	Authorized
                                         Signature

	 

	 

	 

	 

	OR

	 

	 

	 

	 

	WELLS
                                         FARGO BANK, N.A.,

	 

	as
                                         Authenticating Agent for the Trustee

	 

	 

	 

	 

	By:

	 

	 

	 

	Authorized
                                         Signature

	 

  

    4 

     

    

 

[Reverse of Note]

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES T

 

Due Nine Months or More From Date of
Issue

 

Notes due December 30, 2023

 

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 T, of the Company.
The Securities of this series will 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. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder

 

    5 

     

    

 

and
upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

Defeasance

 

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

 

Authorized Denominations

 

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

 

Registration of Transfer

 

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

 

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.

 

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

 

    6 

     

    

 

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 principal of and interest 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 the principal of or the interest on this Security, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder,
officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 

Defined Terms

 

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

 

    7 

     

    

 

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)

 

    8 

     

    

 

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.

 

    9

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