Document:

EX-10.7

 Exhibit 10.7 

DIRECTOR NOMINATION AGREEMENT 

This Director Nomination Agreement is made and entered into as of December 21, 2018 (this “Agreement”) by and among
Ultra Petroleum Corp. (the “Company”) and the holders signatory hereto (the “Holders”) of the 9.00% Cash / 2.00% PIK Senior Secured Second Lien Notes due 2024 (the “Notes”) of Ultra Resources, Inc.,
a Delaware corporation (the “Issuer”). 
 WHEREAS, the Company and the Holders are parties to that certain Exchange
Agreement, dated as of as of December 17, 2018 (the “Exchange Agreement”), by and among the Issuer, the Company, the subsidiary guarantors party thereto, the Holders and certain other holders of the Notes; 

WHEREAS, the Company and the Holders wish to set forth certain understandings among themselves, including with respect to certain matters
relating to the composition of the board of directors of the Company (the “Board”); and 
 WHEREAS, the Holders and Fir
Tree Value Master Fund, LP, Fir Tree Capital Opportunity Master Fund, LP, Fir Tree Capital Opportunity Master Fund III, LP, FT COF (E) Holdings, LLC, FT SOF IV Holdings, LLC, FT SOF V Holdings, LLC and FT SOF VII Holdings, LLC (collectively,
“Fir Tree”) are parties to a letter agreement dated as of December 21, 2018 setting forth certain understandings among themselves, including with respect to the voting by Fir Tree of its Voting Securities on such matters. 

NOW, THEREFORE, in consideration of the covenants and agreements contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Company and each of the Holders agree as follows: 
 1. Board Observer. The
Majority Holders (as such group is determined on the Closing Date (as defined in the Exchange Agreement)) may, at any time on or after the Closing Date and prior to termination of this Agreement pursuant to Section 8(a) (the
“Term”), designate one (1) non-voting observer that meets the Independent Director Criteria (as defined herein) (such non-voting observer, the
“Board Observer”); provided that such right shall be suspended at any time during which a New Independent Director (as defined herein) has been elected or appointed as a director of the Company pursuant to Section 2. The
Company shall appoint the Board Observer as soon as practicable following his or her designation by the Majority Holders and the Board Observer will have the right, in the Board Observer’s capacity as such, to attend meetings of the Board and
to receive all materials distributed to members of the Board; provided that (i) the Board Observer will only be allowed to observe meetings of the full Board and of the Board’s executive committee or other committee serving a
similar function, if any, thereof and not any meetings of any other committee thereof, (ii) the Board Observer will in no circumstances have any right to vote, consent to or take any action in his or her capacity as Board Observer or on behalf
of the Board or any committee thereof; (iii) the Board Observer may be excluded from any meeting of the Board (or any executive committee or other committee serving a similar function, if any, thereof) or portion thereof and may be prohibited
from receiving any related materials if (x) the Board determines in good faith that such exclusion is necessary to preserve attorney-client, work product or similar privilege, or to comply with applicable law, or (y) if the Board
determines in good faith that there exists, with respect to the subject matter of any such meeting or the related 

 
materials, an actual or potential conflict of interest between the Board Observer or any Affiliate of the Board Observer and the Company; and (iv) the Board Observer shall agree, pursuant to
a confidentiality agreement that is consistent with, and no more restrictive than, the terms described herein (including, without limitation, the terms and conditions set forth in Sections 4(b) and (c) of this Agreement) and otherwise in form
and substance acceptable to the Company in its reasonable discretion (each, a “Confidentiality Agreement”), to keep confidential any Confidential Information (as defined herein) prior to receiving any such material or attending any
such meetings. 
 2. Board Representative. 

(a) In the event that a current director of the Company who is not a Section 4.15 Director, as defined in Section 2
of Schedule A to the Company’s Articles of Reorganization, resigns or becomes unable to serve as a director of the Company due to death, disability or other reasons prior to the expiration of his or her term and a New Independent Director
is not then a director of the Company, the Company shall nominate one (1) nominee to serve as a new independent director, which nominee shall (A) meet the Independent Director Criteria, (B) have been designated by the Majority Holders
(as such group is determined ten (10) days prior to the Notification Date) and notified to the Company prior to the Notification Date and (C) have been approved by the Board, such approval not to be unreasonably withheld (each such
nominee, a “New Independent Director”). As soon as practicable after nomination, the directors of the Company shall cause such New Independent Director to be appointed as a director of the Company and, at the 2019 Annual Meeting of
Shareholders of the Company, and at each subsequent Applicable Meeting during the Term, the Company shall cause such New Independent Director to be nominated for election as a director of the Company at such Applicable Meeting and shall recommend to
holders of Voting Securities that such New Independent Director be elected as a director of the Company at such Applicable Meeting (and shall not nominate, recommend or otherwise endorse any competing nominee to fill the vacancy on the Board). 

(b) Provided that no New Independent Director has been appointed as a director of the Company by the directors of the Company
in accordance with Section 2(a), at the 2019 Annual Meeting of Shareholders of the Company, and at each subsequent Applicable Meeting during the Term, until the amendment of the Company’s Articles to implement the Charter Amendment (as
defined herein), the Company shall (i) propose an amendment (the “Charter Amendment”) to the Company’s Articles to increase the maximum number of directors of the Board by one (1) director from seven (7)
directors to eight (8) directors and (ii), subject to the approval of the Shareholders by special resolution of the Charter Amendment, nominate one (1) New Independent Director. Upon approval of the Charter Amendment, the Company
shall cause such New Independent Director to be nominated for election as a director of the Company at such Applicable Meeting and shall recommend to holders of Voting Securities that such New Independent Director be elected as a director of the
Company at such Applicable Meeting (and shall not nominate, recommend or otherwise endorse any competing nominee to fill the vacancy on the Board created by the Charter Amendment). If the Company’s Articles are amended to implement the Charter
Amendment but a New Independent Director is not approved by the Shareholders such that 

  
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a vacancy is created on the Board, the Majority Holders may propose to the Board another nominee for election as a director of the Company, pursuant to the procedures set forth in
Section 2(c), and the directors of the Company shall call a meeting of shareholders to vote on the election of such New Independent Director as a director of the Company to fill such vacancy. 

(c) For each Applicable Meeting during the Term at which the term of any New Independent Director then on the Board will expire
or at which no New Independent Director is then on the Board (other than by reason of the failure of the Company to amend its Articles to implement the Charter Amendment in accordance with Section 2(b)): (i) the Majority Holders may
propose to the Board one (1) New Independent Director for nomination as a director of the Company. The Company shall cause such New Independent Director to be nominated for election as a director of the Company at such Applicable Meeting, and
shall cause the Board to recommend to holders of Voting Securities that such New Independent Director be elected as a director of the Company at such Applicable Meeting (and shall not nominate, recommend or otherwise endorse any competing nominee to
fill the applicable seat on the Board). 
 (d) Notwithstanding anything to the contrary in this Agreement, no director or
officer of the Company shall, and the Company shall not be required to compel any director or officer to, take any action that such director or officer of the Company determines, in his or her sole discretion, may violation such officer or
director’s fiduciary duties to the Company. 
 (e) The election or appointment of a New Independent Director pursuant to
Section 2(a), Section 2(b) or Section 2(c) will be subject to such New Independent Director having executed and agreed to comply with all director onboarding materials (which onboarding materials will be no more onerous than the
onboarding materials provided to other non-executive directors of the Board and which shall include a Confidentiality Agreement) provided to such New Independent Director prior to such Applicable Meeting.
Should the Board and the Majority Holders be unable to mutually agree upon a New Independent Director pursuant to Section 2(a), Section 2(b) or Section 2(c), the Majority Holders will be entitled to continue to recommend different
nominees that meet the Independent Director Criteria, until a New Independent Director is so mutually agreed upon and nominated for election as a director of the Company, provided that, for the avoidance of doubt, there shall be no
requirement to notify the Company of such additional proposals prior to the Notification Date. 
 (f) At all times while
serving as a member of the Board (and as a condition to such service), a New Independent Director shall (i) comply with all policies, codes and guidelines applicable to Board members (subject to Section 4(b)) (the “Director
Policies”) and (ii) otherwise qualify as “independent” of the Company pursuant to the applicable securities laws and stock exchange requirements; provided that none of the Holders shall be responsible for any breach of
this Section 2(f) by a New Independent Director. 

  
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 (g) Should a New Independent Director resign from the Board or become unable
to serve as a director of the Company due to death, disability or other reasons prior to the expiration of his or her term, the Majority Holders (as such group is determined on the date of resignation of such New Independent Director) will have the
right to recommend for appointment as a director of the Company one (1) nominee that meets the Independent Director Criteria as a replacement director, subject to the approval by the Board, such approval not to be unreasonably withheld (each, a
“Replacement”). The appointment of a Replacement for a New Independent Director will be subject to such Replacement having executed and agreed to comply with all director onboarding materials (which onboarding materials will be no
more onerous than and in substantially the same form as the onboarding materials provided to other non-executive directors of the Board and which shall include a Confidentiality Agreement) provided to such
Replacement, interviews with members of the Board (to be conducted within ten (10) Business Days of the Majority Holders’ recommendation of such Replacement), and a customary background check. The Company will complete its approval
process within ten (10) Business Days of the later of its receipt of the Replacement’s executed director onboarding materials and the date of such interview. The Company shall appoint a Replacement as a director of the Company if (and
only if), taking into account the Replacement’s skillset and experience (only if such replacement is a Replacement for a New Independent Director), it finds a Replacement to be reasonably acceptable. Promptly after a determination that a
Replacement is reasonably acceptable, the Board and all applicable committees of the Board shall take all necessary actions to cause the Replacement to be appointed as a director of the Company and, if the Replacement is qualified under applicable
securities laws and stock exchange requirements, as a member of those Board committees on which a New Independent Director being replaced served. In the event the Board reasonably finds that a Replacement is not acceptable, such Majority Holders
will be entitled to recommend different nominees which meet the Independent Director Criteria, and such nominees will be subject to the foregoing approval process. For the avoidance of doubt, such Majority Holders will be entitled to continue to
recommend different nominees which meet the foregoing criteria until a Replacement is appointed. Except as otherwise specified in this Agreement, if a Replacement is appointed, all references in this Agreement to the term “New Independent
Director” will include such Replacement, as applicable. Except as otherwise expressly permitted herein, the Company and the Board shall not take any action to remove or seek the removal of any New Independent Director during the Term other than
for Cause (as defined herein). 
 (h) On each date that a New Independent Director or a Replacement is nominated pursuant to
this Agreement, each member of the Holder Group shall deliver to the Board a certificate certifying that such Holder beneficially owns the applicable Requisite Amount of Notes (which Notes, for the avoidance of doubt, may have been acquired in the
Exchange or thereafter by such Holder). 
 (i) The Holders acknowledge that under no circumstances will the Company be
required to nominate, elect or appoint more than one (1) New Independent Director as a director of the Company. 
 3.
Resignation. Prior to the appointment of any New Independent Director as a director of the Company, such New Independent Director shall deliver to the Company an irrevocable resignation letter pursuant to which such New Independent Director
shall resign from the Board and all applicable committees thereof as of the expiration of the Term. When such New Independent Director’s resignation is effected in accordance with this Section 3, the Company shall have no further
obligations under Section 1 of this Agreement. 

  
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 4. Confidentiality. 

(a) Each New Independent Director shall be required to comply with the Company’s Code of Ethics and Business Conduct, as
in effect on the date of this Agreement, including provisions relating to the confidentiality, disclosure and use of, including trading or influencing the actions of any Person based on, any non-public
information entrusted to or obtained by such director by reason of his or her position as a director of the Company (“Confidential Information”). 

(b) Notwithstanding the foregoing, each New Independent Director, if he or she is an Affiliate of any of the Holders or their
respective Affiliates (or their Replacement, if an Affiliate of any of the Holders or their respective Affiliates), may, if he or she wishes to do so, provide Confidential Information to the Holders and their respective controlled Affiliates,
officers, directors, employees, agents, representatives and advisors (including legal, tax, accounting and financial advisors and excluding, for the avoidance of doubt, any New Independent Director) (collectively, “Holder
Representatives”) solely to the extent that provision of any such information is made in compliance with applicable securities laws; provided that the Holders (i) shall inform each Holder Representative of the confidential
nature of the Confidential Information and (ii) shall not, and shall cause each Holder Representative not to, and shall instruct each other Holder Representative not to, disclose any Confidential Information to any Person other than Holder
Representatives in compliance with this Section 4(b). The Company acknowledges that any such disclosure to any Holder or Holder Representative is in the necessary course of business for the Company. Each Holder shall be responsible for the
breach of this Section 4(b) by any Holder Representative of such Holder. Notwithstanding the foregoing, neither any of the Holders nor any Holder Representative will be required to keep confidential or not disclose any information that
(i) is already in the possession of such Holder or such Holder Representative from a source other than the Company; provided that such information is not known by such Holder, at the time of disclosure, to be subject to a confidentiality
agreement with, or other obligation of confidentiality to, the Company; (ii) is or becomes generally known to the public other than as a result of a disclosure by any of the Holders or any Holder Representative in breach of this Section 4;
(iii) is or becomes available or known to any of the Holders or any Holder Representative on a non-confidential basis from a source other than the Company; provided that such source is not known by
such Holder to be bound by a confidentiality agreement with, or other obligation of confidentiality to, the Company; (iv) is or was independently developed by any of the Holders or any Holder Representative without any use of Confidential
Information; or (v) is approved for disclosure by written authorization from the Company. 
 (c) In the event that any
of the Holders or any Holder Representative is required by applicable subpoena, legal process, securities regulation or other legal requirement, or formally requested in an audit or examination by a regulator or
self-regulatory organization with jurisdiction to regulate or oversee any aspect of its business (each, a “Legal  

  
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Requirement”), to disclose any of the Confidential Information, such Holder or Holder Representative shall, to the extent legally permissible and practicable, promptly notify the
Company in writing in advance (including by email) so that the Company may seek a protective order or other appropriate remedy, at its sole cost and expense. Following notification by such Holder or Holder Representative to the Company (or before
such notification if prior notification is not legally permissible or practicable), such Holder or Holder Representative may honor any such Legal Requirement if and solely to the extent that (i) such Person produces or discloses only that
portion of the Confidential Information which its legal counsel advises it is legally required to be so produced or disclosed and such Person informs the recipient of such Confidential Information of the existence of the confidentiality obligations
under this Section 4 and the confidential nature of the Confidential Information or (ii) the Company consents in writing to having the Confidential Information produced or disclosed pursuant to a Legal Requirement. In no event shall the
Holders oppose action by the Company to obtain a protective order or other relief to prevent the production, disclosure or use of the Confidential Information or to obtain reliable assurance that confidential treatment will be afforded the
Confidential Information. Notwithstanding any other provision of this Agreement to the contrary, if any of the Holders or any Holder Representative is subject to routine examination that is not targeted towards to the Company or the Confidential
Information by a governmental regulatory agency having authority to regulate such Person, as applicable, such Holders or Holder Representative may disclose such Confidential Information as is requested by such agency in the course of any such
examination without prior notice to the Company; provided that such Holders or Holder Representative, as applicable, shall advise the regulatory agency of the confidential nature of such information. 

(d) The confidentiality provisions contained in this Section shall terminate on the later of the date (the
“Termination Date”) that is twelve (12) months after the date that a New Independent Director or any Replacement ceases to serve on the Board. 

5. Securities Laws. Each of the Holders acknowledges that it is aware, and agrees that it shall advise each Holder Representative who
receives Confidential Information pursuant to Section 4(b), that applicable securities laws prohibit any Person who has received material, non-public information from purchasing or selling securities on
the basis of such information or from communicating such information to any other Person unless in compliance with such laws. The Holders represent and warrant that they respectively maintain customary policies and procedures designed to prevent
unauthorized trading and misuse of material, non-public information in violation of applicable securities laws. 

6. Representations and Warranties of All Parties. Each of the parties represents and warrants to the other party that: (a) such
party has all requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder; (b) this Agreement has been duly and validly authorized, executed and delivered by it and is a valid and binding
obligation of such party, enforceable against such party in accordance with its terms (subject to applicable bankruptcy and similar laws relating to creditors’ rights and to general equity principles); and (c) this Agreement will not
result in a violation of any terms or conditions of any agreements to which such Person is a party or by which such party may otherwise be bound or of any law, rule, license, regulation, judgment, order or decree governing or affecting such party.

  
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 7. Director Compensation. Each of the Holders represents and warrants and agrees that
neither they nor any of their respective Affiliates have provided or agreed to provide, and shall not provide, any compensation in cash or otherwise to any New Independent Director in connection with such New Independent Director’s nomination
and appointment as, or service as, a director of the Company (other than any New Independent Director’s regular compensation as an employee of or investor in such Holder or its Affiliate, as applicable). 

8. Termination. 

(a) This Agreement shall terminate in its entirety: (i) on the date on which no Holder beneficially owns the applicable
Requisite Amount of Notes, whether such Notes were acquired in the Exchange or thereafter; or (ii) by delivery of written notice to the Company by the Holders beneficially owning at least a majority in principal amount of the Notes beneficially
owned by the Holder Group on such date, requesting the termination of this Agreement. 
 (b) Notwithstanding the provisions
of Section 8(a), the provisions of Sections 5 and 6 shall survive the termination of this Agreement indefinitely. 
 9. Certain
Defined Terms. For purposes of this Agreement: 
 (a) “2019 Annual Meeting” means the annual meeting to
be held in 2019. 
 (b) “Affiliate” means, with respect to a specified Person, any other Person, directly or
indirectly Controlling or Controlled by or under direct or indirect common Control with such specified Person. 
 (c)
“Applicable Meeting” means each annual and special meeting of Shareholders and any other meeting of Shareholders at which any director is being nominated for election or reelection. 

(d) “Business Day” means any day other than a day on which banks are permitted or required to be closed in New
York City. 
 (e) “Cause” means the termination of a New Independent Director by the Company by reason of:
(i) the conviction of such New Independent Director by a court of competent jurisdiction as to which no further appeal can be taken of a crime involving moral turpitude or a felony; (ii) the commission by such New Independent Director of a
material act of fraud upon the Company or any Affiliate, or any customer or supplier thereof; (iii) the misappropriation of any funds or property of the Company or any Affiliate, or any customer or supplier thereof, by such New Independent
Director, (iv) the engagement by such New Independent Director in any direct and material conflict of interest with the Company or any Affiliate without compliance with the Company’s or Affiliate’s conflict of interest policy, if any,
then in effect; (v) the failure of such New Independent Director to continue to meet the Independent Director Criteria; or (vi) the failure of such New Independent Director to comply with the Director Policies. 

  
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 (f) “Control,” “Controlling” or
“Controlled” means, as to a specified Person, the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise. 
 (g) “Common Shares” means the common shares of the Company. 

(h) “Exchange” has the meaning ascribed thereto in the Exchange Agreement. 

(i) “Holder Group” means, together, each Holder that beneficially owns the applicable Requisite Amount of
Notes (which Notes, for the avoidance of doubt, may have been acquired in the Exchange or thereafter by such Holder). 
 (j)
“Independent Director Criteria” means that such Person (i) has substantial expertise and experience in exploration and production in the oil and gas industry, (ii) has the relevant financial and business experience to be a
director of the Company and (iii) otherwise qualifies as “independent” of the Company pursuant to the applicable securities laws and stock exchange requirements. 

(k) “Majority Holders” means, at the relevant time specified in this Agreement, members of the Holder Group
that beneficially own at least a majority of the principal amount of the Notes beneficially owned by the Holder Group as a whole at such time (which Notes, for the avoidance of doubt, may have been acquired in the Exchange or thereafter by such
member). 
 (l) “Notification Date” means sixty (60) days prior to the Applicable Meeting of
Shareholders, whether an annual meeting or otherwise. 
 (m) “Person” means any individual, corporation
(including not-for-profit), general or limited partnership, limited liability or unlimited liability company, joint venture, estate, trust, association, organization or
other entity of any kind or nature. 
 (n) “Requisite Amount” means, with respect to each Holder, at least
50% of the aggregate principal amount of the Notes held by such Holder on the Closing Date. 
 (o)
“Shareholder” means a holder of Voting Securities. 
 (p) “Voting Securities” shall mean
the Common Shares and any other securities of the Company entitled to vote in the election of directors 
 10. Governing Law;
Jurisdiction. This Agreement shall be governed by and construed and enforced in accordance with the laws of Delaware without reference to the conflict of laws principles thereof. Each of the parties hereto irrevocably agrees that any legal
action or proceeding with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the
other party hereto or its successors or assigns, shall be brought and determined exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to
accept jurisdiction over a particular matter, any federal court within the State of Delaware). Each of the 

  
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parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the personal jurisdiction of
the aforesaid courts and agrees that it will not bring any action relating to this Agreement in any court other than the aforesaid courts. Each of the parties hereto hereby irrevocably waives, and agrees not to assert in any action or proceeding
with respect to this Agreement, (a) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason, (b) any claim that it or its property is exempt or immune from jurisdiction of any such court or
from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) to the fullest extent permitted by
applicable legal requirements, any claim that (i) the suit, action or proceeding in such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper or (iii) this Agreement, or the subject
matter hereof, may not be enforced in or by such courts. Each party hereby irrevocably and unconditionally waives any right such party may have to a trial by jury in respect of any dispute. 

11. No Waiver. Any waiver by any party of a breach of any provision of this Agreement shall not operate as or be construed to be a
waiver of any other breach of such provision or of any breach of any other provision of this Agreement. The failure of a party to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver or
deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 
 12.
Entire Agreement. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof and may be amended only by an agreement in writing executed by the parties hereto. 

13. Notices. All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal
process in regard hereto shall be in writing and shall be deemed validly given, made or served, if (a) given by email, when such email is sent to the email address set forth below during normal business hours and the appropriate confirmation is
received, or (b) if given by any other means, when actually received during normal business hours at the address specified in this subsection: 

if to the Company: 
 116 Inverness
Drive East, Suite 400, 
 Englewood, Colorado 80112 

Attention:      Chief Executive Officer 

Corporate Secretary 

  
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 with copies to: 

Kirkland & Ellis LLP 

609 Main Street 
 Houston, Texas
77002 
 Attention:      Matthew R. Pacey 

Brooks Antweil 

Facsimile:      (713) 836-3786 

Email:           matt.pacey@kirkland.com 

brooks.antweil@kirkland.com 
 if
to the Holders: 
 As set forth on each Holder’s signature page hereto. 

with copies to: 
 Davis
Polk & Wardwell LLP 
 450 Lexington Avenue 

New York, NY 10017 

Attention:      Damian S. Schaible 

Eli J. Vonnegut 

Email:           damian.schaible@davispolk.com 

eli.vonnegut@davispolk.com 
 14.
Severability. If any provision of this Agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such
provision shall have no effect upon the legality or enforceability of any other provision of this Agreement. 
 15. Counterparts.
This Agreement may be executed in two or more counterparts, which together shall constitute a single agreement. 
 16. Successors and
Assigns. This Agreement shall not be assignable by any of the parties to this Agreement. This Agreement, however, shall be binding on successors of the parties hereto. 

17. No Third Party Beneficiaries. This Agreement is solely for the benefit of the parties hereto and is not enforceable by any other
Persons. 

  
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 18. Amendments. This Agreement may only be amended pursuant to a written agreement
executed by the members of the Holder Group and the Company. 
 19. Interpretation and Construction. Each of the parties hereto
acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed the same with the advice of said independent counsel. Each party and its
counsel cooperated and participated in the drafting and preparation of this Agreement and the documents referred to herein, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all of the parties
and may not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against any party that drafted or prepared
it is of no application and is hereby expressly waived by each of the parties hereto, and any controversy over interpretations of this Agreement shall be decided without regards to events of drafting or preparation. The section headings contained in
this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. The term “including” shall be deemed to mean “including without limitation” in all instances. 

20. Specific Performance. Each of the parties hereto acknowledges and agrees that irreparable injury to the other
party hereto would occur in the event any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached and that such injury would not be adequately compensable by the remedies available at
law (including the payment of money damages). It is accordingly agreed that the Company, on the one hand, and any of the Holders, on the other hand (the “Moving Party”), shall each be entitled to specific enforcement of, and
injunctive relief to prevent any violation of, the terms hereof, and the other party hereto will not take action, directly or indirectly, in opposition to the Moving Party seeking such relief on the grounds that any other remedy or relief is
available at law or in equity. This Section 20 is not the exclusive remedy for any violation of this Agreement. 
 21. Judgment
Currency. The Company agrees to indemnify each Holder, its directors, officers, affiliates and each person, if any, who controls such Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act
(each, a “Holder Indemnified Party”), against any loss incurred by such Holder as a result of any judgment or order being given or made for any amount due hereunder and such judgment or order being expressed and paid in a currency
(the “judgment currency”) other than U.S. dollars and as a result of any variation as between (i) the rate of exchange at which the U.S. dollar amount is converted into the judgment currency for the purpose of such judgment or
order, and (ii) the rate of exchange at which such indemnified person is able to purchase U.S. dollars with the amount of the judgment currency actually received by the indemnified person; provided that the Company shall have no
obligation to indemnify any Holder Indemnified Party against any such loss if the judgment or order is being made pursuant to an action brought by the Company or any of its Affiliates against such Holder Indemnified Party. The foregoing indemnity
shall constitute a separate and independent obligation of the Company shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term “rate of exchange” shall include any premiums and costs of
exchange payable in connection with the purchase of, or conversion into, the relevant currency. 
 [Signature Pages Follow] 

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

			
	ULTRA PETROLEUM CORP.

			
		
	By:	 	/s/ Brad Johnson

			
	Name:	 	Brad Johnson
	Title:	 	Interim Chief Executive Officer

  
 [Signature Page to
Director Nomination Agreement] 

 
			
	NAME OF HOLDER:
	
	[HOLDER],
	on behalf of funds and/or accounts managed and/or advised by it and/or its affiliates

 
			
		
	By:	 	/s/ Holder Representative

 
			
	Name:	 	
	Title:	 	
		
	Address:	 	
	 	 	 
	 	 	 
	 	 	 
		
	Email:	 	
	 	 	 

  
 [Signature Page to
Director Nomination Agreement] 

 
			
	NAME OF HOLDER:
	
	[HOLDER],
	on behalf of funds and/or accounts managed and/or advised by it and/or its affiliates

 
			
		
	By:	 	/s/ Holder Representative

 
			
	Name:	 	
	Title:	 	
		
	Address:	 	
	 	 	 
	 	 	 
	 	 	 
		
	Email:	 	
	 	 	 

  
 [Signature Page to
Director Nomination Agreement]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. 95001BB78	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, the Russell 2000® Index and

the EURO STOXX 50® Index due December 29, 2021

 

 

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 automatically called prior to
the Stated Maturity Date as provided below under “Automatic Call,” 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 Call Settlement Date (as
defined below), if any. The “Initial Stated Maturity Date” shall be December 29, 2021. 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.”

Automatic
Call

If
the Closing Level (as defined below) of the Lowest Performing Index (as defined below) on any of the quarterly Calculation Days
(as defined below) from June 2019 to September 2021,

    	 	 	 

    	 

    

inclusive,
is greater than or equal to its Starting Level (as defined below), this Security will be automatically called by the Company,
and on the related Call Settlement Date the Holder hereof will receive the Call Price (as defined below) plus a final Contingent
Coupon Payment. Unless the Company defaults in the payment of the Call Price plus the final Contingent Coupon Payment, this Security
will cease to be outstanding on such Call Settlement 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 Call Settlement Date. The Holder hereof will
not receive any notice from the Company in the event this Security is automatically called pursuant to the terms hereof. The “Call
Price” is equal to the Face Amount of this Security. The “Call Settlement Date” for a Calculation
Day shall be three Business Days after such Calculation Day, as such Calculation Day may be postponed as provided herein. If a
Calculation Day is postponed with respect to one or more Indices, the related Call Settlement Date will be three Business Days
after the last Calculation Day as postponed.

Payment
of Contingent Coupon Payments, the Maturity Payment Amount and the Call Price

On
each quarterly Contingent Coupon Payment Date, the Company shall pay a Contingent Coupon Payment if, and only if, the Closing
Level of the Lowest Performing Index 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 (i) the product of
the Face Amount of this Security and the Contingent Coupon Rate, (ii) divided by 4. 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 more Indices, the related Contingent Coupon Payment Date will be three Business
Days after the last Calculation Day as postponed. The “Contingent Coupon Rate” is 10.70% per annum. Any Contingent
Coupon Payments will be rounded to the nearest cent, with one-half cent rounded upward. If a Contingent Coupon Payment Date is
postponed, the Contingent Coupon Payment, if any, due on that Contingent Coupon Payment Date will be made on that Contingent Coupon
Payment Date as so postponed with the same force and effect as if it had been made on the originally scheduled Contingent Coupon
Payment Date, with no additional amount accruing or payable as a result of the postponement.

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

    	 	2	 

     

    

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 Call 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.

Payment
of the Maturity Payment Amount or the Call 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 Call Price and Contingent Coupon Payments

If
this Security is not automatically called prior to the Stated Maturity Date as provided above under “Automatic Call,”
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:

 

	 	 	Face
    Amount  x	Performance
        Factor of the Lowest Performing

        Index
        on the Final Calculation Day
	 	 

 

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, the Russell 2000 Index and the EURO STOXX 50 Index.

The
“Pricing Date” shall mean December 20, 2018.

    	 	3	 

     

    

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 more Indices as provided herein).

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).

The
“Starting Level” with respect to the S&P 500 Index is 2467.42, its Closing Level on the Pricing Date, with
respect to the Russell 2000 Index is 1326.002, its Closing Level on the Pricing Date, and with respect to the EURO STOXX 50 Index
is 3000.06, its Closing Level on the Pricing Date.

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 1850.565, which is equal to 75% of its Starting
Level, with respect to the Russell 2000 Index is 994.5015, which is equal to 75% of its Starting Level, and with respect to the
EURO STOXX 50 Index is 2250.045, which is equal to 75% 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 23rd day of each March, June, September and December, commencing
March 2019 and ending September 2021, and the Final Calculation Day. If any such day is not a Trading Day with respect to any
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 December
23, 2021. 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,

    	 	4	 

     

    

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 (i) with respect to the S&P 500 Index or the
Russell 2000 Index, 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 or (ii) with respect to the EURO STOXX 50 Index, the
time at which the official Closing Level of such Index is calculated and published by the relevant Index Sponsor) 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 (i) with respect to the S&P 500
Index or the Russell 2000 Index, 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 or (ii) with respect to the EURO STOXX
50 Index, the time at which the official Closing Level of such Index is calculated and published by the relevant Index Sponsor.
Notwithstanding the postponement of a Calculation Day for an 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 any Index not affected by
a Market Disruption Event on such day.

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

“Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among
other things, the determination of whether this Security will be automatically called prior to stated maturity and whether a Contingent
Coupon Payment will be made, the Call 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 the S&P 500 Index or the Russell 2000 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.

A
“Trading Day” with respect to the EURO STOXX 50 Index means a day, as determined by the Calculation Agent,
on which (i) the relevant Index Sponsor is scheduled to publish the level of the EURO STOXX 50 Index and (ii) each Related
Futures or Options Exchange is scheduled to be open for trading for its regular trading session.

    	 	5	 

     

    

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).

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.

    	 	6	 

     

    

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 the S&P 500 Index or the Russell 2000 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.

 

(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

 

    	 	7	 

     

    

 

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 the S&P 500 Index or the Russell 2000
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;

 

(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

 

    	 	8	 

     

    

 

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.

 

A
“Market Disruption Event” with respect to the EURO STOXX 50 Index means any of (A), (B), (C) or (D) below,
as determined by the Calculation Agent in its sole discretion:

 

(A)

Any of the following events occurs or exists with respect to any security included in such Index or any Successor Equity Index,
and the aggregate of all securities included in such Index or Successor Equity Index with respect to which any such event occurs
comprise 20% or more of the level of such Index or Successor Equity Index;

 

●

a material suspension
of or limitation imposed on trading by the Relevant Stock Exchange for such security or otherwise at any time during the one-hour
period that ends at the Scheduled Closing Time for the Relevant Stock Exchange for such security on that day, whether by reason
of movements in price exceeding limits permitted by the Relevant Stock Exchange or otherwise;

 

●

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, such security on its Relevant Stock Exchange at any time during the one-hour period
that ends at the Scheduled Closing Time for the Relevant Stock Exchange for such security on that day; or

 

●

the closure on any
Exchange Business Day of the Relevant Stock Exchange for such security prior to its Scheduled Closing Time unless the earlier
closing is announced by such Relevant Stock Exchange at least one hour prior to the earlier of (i) the actual closing time for
the regular trading session on such Relevant Stock Exchange and (ii) the submission deadline for orders to be entered into the
Relevant Stock Exchange system for execution at the Scheduled Closing Time for such Relevant Stock Exchange on that day.

 

(B)   

    

Any of the following events occurs or exists with respect to futures or options contracts relating to such Index or any Successor
Equity Index:

 

●

a material suspension of or limitation imposed on trading by any Related Futures or Options Exchange or otherwise at any time
during the one-hour period that ends at the close of trading on such Related Futures or Options Exchange on that day, whether
by reason of movements in price exceeding limits permitted by the Related Futures or Options Exchange or otherwise;

 

●

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 Successor Equity Index on any Related
Futures or Options Exchange at any

 

    	 	9	 

     

    

time
during the one-hour period that ends at the close of trading on such Related Futures or Options Exchange on that day; or

 

●

the closure
on any Exchange Business Day of any Related Futures or Options Exchange prior to its Scheduled Closing Time unless the earlier
closing time is announced by such Related Futures or Options Exchange at least one hour prior to the earlier of (i) the actual
closing time for the regular trading session on such Related Futures or Options Exchange and (ii) the submission deadline for
orders to be entered into the Related Futures or Options Exchange system for execution at the close of trading for such Related
Futures or Options Exchange on that day.

 

(C)    

   

The relevant Index Sponsor fails to publish the level of such Index or any Successor Equity Index (other than as a result of the
relevant Index Sponsor having discontinued publication of such Index or Successor Equity Index and no Successor Equity Index being
available).

 

(D)

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 with respect to the EURO STOXX 50 Index:

(1)   

 

   

the
relevant percentage contribution of a security included in such Index or any Successor Equity Index to the level of such Index
will be based on a comparison of (x) the portion of the level of such index attributable to that security to (y) the overall level
of such index, in each case using the official opening weightings as published by the relevant Index Sponsor as part of the market
opening data;

(2) 

the
“Scheduled Closing Time” of any Relevant Stock Exchange or Related Futures or Options Exchange on any Trading
Day 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

(3) 

an
“Exchange Business Day” means any Trading Day on which (i) the relevant Index Sponsor publishes the level of
such Index or any Successor Equity Index and (ii) each Related Futures or Options Exchange is open for trading during its regular
trading session, notwithstanding any Related Futures or Options Exchange closing prior to its Scheduled Closing Time.

Calculation
Agent

The
Calculation Agent will determine whether this Security will be automatically called prior to stated maturity and whether a Contingent
Coupon Payment will be made, the Call 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

    	 	10	 

     

    

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.

Redemption
and Repayment

This
Security is not subject to repayment at the option of the Holder hereof prior to December 29, 2021. Except as set forth above
under “Automatic Call,” this Security is not subject to redemption prior to December 29, 2021. 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]

 

 

 

 

    	 	11	 

     

    

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	 

 

 

 

 

    	 	12	 

     

    

 

[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, the Russell 2000® Index and

the EURO STOXX 50® Index due December 29, 2021

 

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

    	 	13	 

     

    

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, 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.

    	 	14	 

     

    

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 Call 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 Call 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.

    	 	15	 

     

    

 

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)

 

 

    	 	16	 

     

    

 

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. 

 

 

 

    	 	17

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