Document:

EX-4.16

 Exhibit 4.16 

THIRTEENTH SUPPLEMENTAL INDENTURE 
 Dated as
of [●], 2020 
 Between 

MICROSOFT CORPORATION, 
 as Issuer 

and 
 U.S. BANK NATIONAL ASSOCIATION,

 as Trustee 
 to 

INDENTURE 
 Dated as of May 18, 2009

 Between 
 MICROSOFT CORPORATION, as
Issuer 
 and 
 THE BANK OF NEW YORK
MELLON TRUST COMPANY, N.A., as trustee 
  

 
 [●]% Notes due 2050 
 [●]% Notes due 2060 
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE 1. DEFINITIONS
	  	 	2	 
			
	 Section 1.1.
	 	Definition of Terms	  	 	2	 
		
	 ARTICLE 2. TERMS AND CONDITIONS OF NOTES
	  	 	2	 
			
	 Section 2.1.
	 	Designation and Principal Amount	  	 	2	 
			
	 Section 2.2.
	 	Maturity	  	 	2	 
			
	 Section 2.3.
	 	Further Issues	  	 	3	 
			
	 Section 2.4.
	 	Payment	  	 	3	 
			
	 Section 2.5.
	 	Global Securities	  	 	3	 
			
	 Section 2.6.
	 	Interest	  	 	3	 
			
	 Section 2.7.
	 	Authorized Denominations	  	 	4	 
			
	 Section 2.8.
	 	Redemption and Sinking Fund	  	 	4	 
			
	 Section 2.9.
	 	Ranking	  	 	4	 
			
	 Section 2.10.
	 	Appointments	  	 	4	 
			
	 Section 2.11.
	 	Defeasance	  	 	4	 
		
	 ARTICLE 3. FORM OF NOTES
	  	 	4	 
			
	 Section 3.1.
	 	Form of Notes	  	 	4	 
		
	 ARTICLE 4. ORIGINAL ISSUE OF NOTES
	  	 	4	 
			
	 Section 4.1.
	 	Original Issue of Notes	  	 	4	 
		
	 ARTICLE 5. MISCELLANEOUS
	  	 	4	 
			
	 Section 5.1.
	 	Ratification of Indenture	  	 	4	 
			
	 Section 5.2.
	 	Trustee Not Responsible for Recitals	  	 	4	 
			
	 Section 5.3.
	 	Governing Law	  	 	5	 
			
	 Section 5.4.
	 	Separability	  	 	5	 
			
	 Section 5.5.
	 	Counterparts	  	 	5	 
		
	 EXHIBIT A – Form of 2050 Notes
	  	 	A-1	 
		
	 EXHIBIT B – Form of 2060 Notes
	  	 	B-1	 

  
 i 

 THIRTEENTH SUPPLEMENTAL INDENTURE, dated as of
[●], 2020 (this “Supplemental Indenture”), between MICROSOFT CORPORATION, a corporation duly organized and existing under the laws of the State of Washington (the
“Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association duly organized and existing under the laws of the United States, as Trustee (the “Trustee”). 

RECITALS OF THE COMPANY 
 WHEREAS, the Company
executed and delivered to The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee, the Indenture, dated as of May 18, 2009 (the “Indenture”), to provide for the issuance of the Company’s
debt securities (the “Securities”), to be issued in one or more series, a First Supplemental Indenture, dated as of May 18, 2009, a Second Supplemental Indenture, dated as of September 27, 2010, a Third Supplemental
Indenture, dated as of February 9, 2011, a Fourth Supplemental Indenture, dated as of November 7, 2012, a Fifth Supplemental Indenture, dated as of May 2, 2013, a Sixth Supplemental Indenture, dated as of May 2, 2013, a Seventh
Supplemental Indenture, dated as of December 6, 2013, an Eighth Supplemental Indenture, dated as of December 6, 2013, a Ninth Supplemental Indenture, dated as of February 12, 2015, a Tenth Supplemental Indenture, dated as of
November 3, 2015, an Eleventh Supplemental Indenture, dated as of August 8, 2016 and a Twelfth Supplemental Indenture, dated as of February 6, 2017; 

WHEREAS, pursuant to the terms of the Indenture, the Company desires to provide for the establishment of two new series of its Securities under the
Indenture to be known as its “[●]% Notes due 2050” (the “2050 Notes”) and “[●]% Notes due 2060” (the
“2060 Notes” and, together with the 2050 Notes, the “Notes”), the form and substance and the terms, provisions and conditions thereof to be set forth as provided in the Indenture and this Supplemental Indenture;

 WHEREAS, the Board of Directors of the Company by duly adopted resolutions has authorized the proper officers of the Company to, among other
things, determine the terms of the Securities to be issued under the Indenture and execute any and all appropriate documents necessary or appropriate to effect each such issuance; 

WHEREAS, this Supplemental Indenture is being entered into pursuant to the provisions of Section 901 of the Indenture; 

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture; and 

WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the Company, in accordance with its terms, and to make the Notes,
when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed, and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects. 

 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, and for the purpose of setting forth, as provided in the
Indenture, the forms and terms of the Notes, the Company covenants and agrees, with the Trustee, as follows: 
 ARTICLE 1. 

DEFINITIONS 

Section 1.1.    Definition of Terms. Unless the context otherwise requires: 

(a)    each term defined in the Indenture has the same meaning when used in this Supplemental Indenture; 

(b)    the singular includes the plural, and vice versa; 

(c)    headings are for convenience of reference only and do not affect interpretation. 

ARTICLE 2. 
 TERMS AND CONDITIONS OF NOTES

 Section 2.1.    Designation and Principal Amount. 

(a)    There is hereby authorized and established a series of Securities under the Indenture, designated as the “[●]% Notes due 2050,” which is initially limited in aggregate principal amount to $[●] (except upon registration of transfer of, or in
exchange for, or in lieu of, other 2050 Notes pursuant to Section 304, 305, 306, 906 or 1107 of the Indenture and except for any Securities which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and
delivered). 
 (b)    There is hereby authorized and established a series of Securities under the Indenture, designated as the
“[●]% Notes due 2060,” which is initially limited in aggregate principal amount to $[●] (except upon registration of transfer of,
or in exchange for, or in lieu of, other 2060 Notes pursuant to Section 304, 305, 306, 906 or 1107 of the Indenture and except for any Securities which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated
and delivered). 
 Section 2.2.    Maturity. 

(a)    The Stated Maturity of principal of the 2050 Notes shall be June 1, 2050. 

(b)    The Stated Maturity of principal of the 2060 Notes shall be June 1, 2060. 

  
 2 

 Section 2.3.    Further Issues. The Company may at any time and from
time to time, without the consent of the Holders of any series of the Notes, issue additional notes of any series; provided that such additional notes are fungible for U.S. federal income tax purposes with the relevant series of Notes. Any
such additional notes shall have the same ranking, interest rate, maturity date and other terms as the relevant series of Notes. Any such additional notes of a series, together with the Notes of the relevant series herein provided for, shall
constitute a single series of Securities under the Indenture. 
 Section 2.4.    Payment. Principal of (and the
applicable redemption price, if any) and interest on the Notes shall be payable in U.S. dollars in immediately available funds at the office or agency of the Company maintained for such purpose in New York, New York, which shall initially be at an
office of the Trustee located at 100 Wall Street, New York, New York 10005, Attention: Corporate Trust Administration – Microsoft Corporation; provided, however, that, at the option of the Company, the Company may pay interest by
check mailed to the Holder entitled thereto at such Holder’s address as it appears on the Security Register at the close of business on the Regular Record Date for such Holder or by wire transfer to an account appropriately designated by the
Holder to the Company and the Trustee; and provided, further, that the Company will pay principal of and interest on, the Notes in global form registered in the name of or held by The Depository Trust Company (“DTC”)
or such other Depositary as any Officer of the Company may from time to time designate, or its respective nominee, by wire in immediately available funds to such Depositary or its nominee, as the case may be, as the registered holder of such Notes
in global form. 
 Section 2.5.    Global Securities. Upon the original issuance, the Notes will be represented by
Global Securities registered in the name of Cede & Co., the nominee of DTC. The Company will deposit the Global Securities with DTC or its custodian and register the Global Securities in the name of Cede & Co. 

Section 2.6.    Interest. 

(a)    The 2050 Notes will bear interest (computed on the basis of a 360-day year consisting
of twelve 30-day months) from [●], 2020 at the rate of [●]% per annum, payable semi-annually in
arrears. Interest payable on each Interest Payment Date will include interest accrued from [●], 2020, or from the most recent Interest Payment Date to which interest has been paid or duly
provided for. The Interest Payment Dates on which such interest shall be payable are June 1 and December 1, commencing on December 1, 2020; and the Regular Record Date for the interest payable on any Interest Payment Date is the close
of business on the May 15 or the November 15, as the case may be, next preceding the relevant Interest Payment Date. 

(b)    The 2060 Notes will bear interest (computed on the basis of a 360-day year consisting
of twelve 30-day months) from [●], 2020 at the rate of [●]% per annum, payable semi-annually in
arrears. Interest payable on each Interest Payment Date will include interest accrued from [●], 2020, or from the most recent Interest Payment Date to which interest has been paid or duly
provided for. The Interest Payment Dates on which such interest shall be payable are June 1 and December 1, commencing on December 1, 2020; and the Regular Record Date for the interest payable on any Interest Payment Date is the close
of business on the May 15 or the November 15, as the case may be, next preceding the relevant Interest Payment Date. 

  
 3 

 Section 2.7.    Authorized Denominations. The Notes shall be issuable
in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 Section 2.8.    Redemption and
Sinking Fund. The Notes shall not be redeemable at the option of the Company or at the option of the Holders except as set forth in the Notes. The Notes shall not be entitled to the benefit of any sinking fund. 

Section 2.9.    Ranking. The Notes shall be senior unsecured debt securities of the Company, ranking equally with the
Company’s other unsecured and unsubordinated debt. 
 Section 2.10.    Appointments. The Trustee will be
the Trustee, the initial Security Registrar and the initial Paying Agent for the Notes under the Indenture, as supplemented by this Supplemental Indenture. 

Section 2.11.    Defeasance. The Company may elect, at its option at any time, pursuant to Section 1301 of the
Indenture, to have Section 1302 or Section 1303 of the Indenture, or both, apply to the 2050 Notes or the 2060 Notes, or all, or any principal amount thereof. 

ARTICLE 3. 
 FORM OF NOTES 

Section 3.1.    Form of Notes. The Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are
to be substantially in the forms set forth in Exhibits A and B hereto. 
 ARTICLE 4. 

ORIGINAL ISSUE OF NOTES 

Section 4.1.    Original Issue of Notes. The Notes may, upon execution of this Supplemental Indenture, be executed by
the Company and delivered to the Trustee for authentication, and the Trustee shall, upon Company Order, authenticate and deliver such Notes as in such Company Order provided. 

ARTICLE 5. 
 MISCELLANEOUS 

Section 5.1.    Ratification of Indenture. The Indenture, as supplemented by this Supplemental Indenture, is in all
respects ratified, confirmed and binding upon the parties hereto, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided; provided, however, that the provisions
of this Supplemental Indenture shall apply solely with respect to the Notes. 
 Section 5.2.    Trustee Not Responsible
for Recitals. The recitals herein contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this
Supplemental Indenture. 

  
 4 

 Section 5.3.    Governing Law. This Supplemental Indenture and each
Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

Section 5.4.    Separability. In case any one or more of the provisions contained in the Indenture, this Supplemental
Indenture or the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of the Indenture, this Supplemental Indenture or the
Notes, but the Indenture, this Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

Section 5.5.    Counterparts. This Supplemental Indenture may be executed in any number of counterparts each of which
shall be an original; but such counterparts shall together constitute but one and the same instrument. 
 [Signature page follows]

  
 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed,
all as of the day and year first above written. 
  

			
	MICROSOFT CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
	
	 U.S. BANK NATIONAL ASSOCIATION,

    as Trustee

		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Thirteenth Supplemental Indenture] 

 EXHIBIT A 

FORM OF [●]% NOTE DUE 2050 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, 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 IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO 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. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO
HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

  
 A-1 

 MICROSOFT CORPORATION 

[●]% Notes due 2050 

CUSIP No.: 594918 [●] 
 ISIN:
US594918[●] 
  

	 No. A-[●] 
	$[●] 

 MICROSOFT CORPORATION, a corporation duly incorporated
under the laws of the State of Washington (herein called the “Company,” which term includes any successor Person 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 June 1, 2050, and to pay interest thereon from [●], 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on June 1 and December 1 of each year, commencing on
December 1, 2020, at the rate of [●]% per annum, until the principal hereof is paid or made available for payment; provided that any principal and premium, and any such installment
of interest, which is overdue shall bear interest at the rate of [●]% per annum (to the extent permitted by applicable law), from the dates such amounts are due until they are paid or made
available for payment, and such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the May 15 or the November 15 (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date. Any such interest not so 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 Note (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 Notes 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 Notes 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. 
 Reference is hereby made to the further provisions of this Note 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, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2 

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

Dated: [●], 2020 
  

			
	MICROSOFT CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-3 

 This Note is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
 Dated: [●], 2020 

 

			
	 U.S. BANK NATIONAL ASSOCIATION,

    as Trustee

		
	By:	 	  

		 	Authorized Signatory

  
 A-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued under an Indenture, dated
as of May 18, 2009, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, and a thirteenth supplemental indenture relating to such series dated as of [●],
2020 (herein, collectively called the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture 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 Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, such series initially limited in aggregate
principal amount to $[●]; provided that the Company may at any time and from time to time, without the consent of any Holder, issue additional Notes of this series. 

The Notes of this series are not redeemable at the option of the Holders. 

At any time prior to December 1, 2049, the Notes shall be redeemable in whole or in part, at any time or from time to time, at the Company’s
option, on at least 10 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Make-Whole Redemption Price”), calculated by the
Company, equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of each remaining scheduled payment of principal and interest on the Notes to be redeemed (assuming for
such purposes that the Notes mature on December 1, 2049) (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus [●] basis points. 

At any time on or after December 1, 2049, the Notes shall be redeemable in whole or in part, at any time, at the Company’s option, on at least
10 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Final Redemption Price” and, together with the Make-Whole Redemption
Price, the “Redemption Price”) equal to 100% of the principal amount of the Notes to be redeemed. 
 The Redemption Price for any
Notes redeemed pursuant to the two preceding paragraphs shall include accrued and unpaid interest on the principal amount of such Notes to the Redemption Date. 

For purposes of calculating the Make-Whole Redemption Price, the following terms shall have the following specified meanings: 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as
having an actual or interpolated maturity comparable to the remaining term of the Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a
comparable maturity to the remaining term of the Notes (assuming for such purposes that the Notes mature on December 1, 2049). 

  
 A-5 

 “Comparable Treasury Price” means, with respect to any Redemption Date (A) the
arithmetic average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations or (B) if the Company obtains fewer than four such Reference Treasury
Dealer Quotations, the arithmetic average of all such quotations for such Redemption Date. 
 “Independent Investment Banker” means
one of the Reference Treasury Dealers appointed by the Company. 
 “Reference Treasury Dealer” means BofA Securities, Inc. and
Deutsche Bank Securities Inc. or their respective affiliates, which are primary U.S. government securities dealers in the United States of America and their respective successors plus two other primary U.S. government securities dealers in the
United States of America designated by the Company; provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in the United States of America (a “Primary Treasury
Dealer”), the Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotation”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the arithmetic average, as determined by the Company, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or
interpolated maturity (on a day count basis) of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for
such Redemption Date. 
 The provisions of Article XI of the Indenture shall apply to any redemption of the Notes. 

The Notes of this series are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Notes of this series or certain restrictive covenants and
Events of Default with respect to such Notes, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of
Default with respect to Notes of this series shall occur and be continuing, the principal of such Notes may be declared, or shall immediately become, due and payable in the manner and with the effect provided in the Indenture. 

  
 A-6 

 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 Notes 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
aggregate principal amount of the Notes at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes of each series at the
time Outstanding, on behalf of the Holders of all Notes of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by
the Holders of Notes of this series shall be conclusive and binding upon such Holders and upon all future Holders of this Note and of any Note 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 Note. 
 As provided in and subject to the provisions of the Indenture, the Holders of the Notes
of this series shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written
notice of a continuing Event of Default with respect to the Notes of this series, the Holders of not less than 25% in aggregate principal amount of the Notes of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of such Notes at the time
Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the
Holder of this Note for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and any premium and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security Register,
upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Notes of this series are issuable only
in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like
principal amount of Notes of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith. 

  
 A-7 

 Prior to due presentment of this Note 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 Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary. 
 This Note is a Global Security and is subject to the provisions of the Indenture relating to Global Securities, including
the limitations in Section 305 thereof on transfers and exchanges of Global Securities. 
 This Note and the Indenture shall be governed by, and
construed in accordance with, the laws of the State of New York. 
 All terms used in this Note which are defined in the Indenture shall have the
meanings assigned to them in the Indenture. 

  
 A-8 

 EXHIBIT B 

FORM OF [●]% NOTE DUE 2060 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, 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 IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO 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. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO
HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

  
 B-1 

 MICROSOFT CORPORATION 

[●]% Notes due 2060 

CUSIP No.: 594918 [●] 
 ISIN:
US594918[●] 
  

	 No. A-[●] 
	$[●] 

 MICROSOFT CORPORATION, a corporation duly incorporated
under the laws of the State of Washington (herein called the “Company,” which term includes any successor Person 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 June 1, 2060, and to pay interest thereon from [•], 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for,
semi-annually on June 1 and December 1 of each year, commencing on [•], 2020, at the rate of [•]% per annum, until the principal hereof is paid or made available for payment; provided that any principal and premium, and
any such installment of interest, which is overdue shall bear interest at the rate of [•]% per annum (to the extent permitted by applicable law), from the dates such amounts are due until they are paid or made available for payment, and such
interest shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the May 15 or the November 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.
Any such interest not so 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 Note (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 Notes 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 Notes 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. 
 Reference is hereby made to the further provisions of this Note 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, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 B-2 

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

Dated: [●], 2020 
  

			
	MICROSOFT CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-3 

 This Note is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
 Dated: [●], 2020 

 

			
	 U.S. BANK NATIONAL ASSOCIATION,

    as Trustee

		
	By:	 	  

		 	Authorized Signatory

  
 B-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued under an Indenture, dated
as of May 18, 2009, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, and a thirteenth supplemental indenture relating to such series dated as of [●],
2020 (herein, collectively called the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture 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 Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, such series initially limited in aggregate
principal amount to $[●]; provided that the Company may at any time and from time to time, without the consent of any Holder, issue additional Notes of this series. 

The Notes of this series are not redeemable at the option of the Holders. 

At any time prior to December 1, 2059, the Notes shall be redeemable in whole or in part, at any time or from time to time, at the Company’s
option, on at least 10 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Make-Whole Redemption Price”), calculated by the
Company, equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of each remaining scheduled payment of principal and interest on the Notes to be redeemed (assuming for
such purposes that the Notes mature on December 1, 2059) (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus [●] basis points. 

At any time on or after December 1, 2059, the Notes shall be redeemable in whole or in part, at any time, at the Company’s option, on at least
10 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Final Redemption Price” and, together with the Make-Whole Redemption
Price, the “Redemption Price”) equal to 100% of the principal amount of the Notes to be redeemed. 
 The Redemption Price for any
Notes redeemed pursuant to the two preceding paragraphs shall include accrued and unpaid interest on the principal amount of such Notes to the Redemption Date. 

For purposes of calculating the Make-Whole Redemption Price, the following terms shall have the following specified meanings: 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as
having an actual or interpolated maturity comparable to the remaining term of the Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a
comparable maturity to the remaining term of the Notes (assuming for such purposes that the Notes mature on December 1, 2059). 

  
 B-5 

 “Comparable Treasury Price” means, with respect to any Redemption Date (A) the
arithmetic average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations or (B) if the Company obtains fewer than four such Reference Treasury
Dealer Quotations, the arithmetic average of all such quotations for such Redemption Date. 
 “Independent Investment Banker” means
one of the Reference Treasury Dealers appointed by the Company. 
 “Reference Treasury Dealer” means BofA Securities, Inc. and
Deutsche Bank Securities Inc. or their respective affiliates, which are primary U.S. government securities dealers in the United States of America and their respective successors plus two other primary U.S. government securities dealers in the
United States of America designated by the Company; provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in the United States of America (a “Primary Treasury
Dealer”), the Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotation”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the arithmetic average, as determined by the Company, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or
interpolated maturity (on a day count basis) of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for
such Redemption Date. 
 The provisions of Article XI of the Indenture shall apply to any redemption of the Notes. 

The Notes of this series are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Notes of this series or certain restrictive covenants and
Events of Default with respect to such Notes, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of
Default with respect to Notes of this series shall occur and be continuing, the principal of such Notes may be declared, or shall immediately become, due and payable in the manner and with the effect provided in the Indenture. 

  
 B-6 

 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 Notes 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
aggregate principal amount of the Notes at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes of each series at the
time Outstanding, on behalf of the Holders of all Notes of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by
the Holders of Notes of this series shall be conclusive and binding upon such Holders and upon all future Holders of this Note and of any Note 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 Note. 
 As provided in and subject to the provisions of the Indenture, the Holders of the Notes
of this series shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written
notice of a continuing Event of Default with respect to the Notes of this series, the Holders of not less than 25% in aggregate principal amount of the Notes of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of such Notes at the time
Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the
Holder of this Note for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and any premium and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security Register,
upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Notes of this series are issuable only
in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like
principal amount of Notes of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith. 

  
 B-7 

 Prior to due presentment of this Note 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 Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary. 
 This Note is a Global Security and is subject to the provisions of the Indenture relating to Global Securities, including
the limitations in Section 305 thereof on transfers and exchanges of Global Securities. 
 This Note and the Indenture shall be governed by, and
construed in accordance with, the laws of the State of New York. 
 All terms used in this Note which are defined in the Indenture shall have the
meanings assigned to them in the Indenture. 

  
 B-8WELLS 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.
    95001D6U9	PRINCIPAL
    AMOUNT: $___________
	REGISTERED NO. _	 

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES T

 

Due
Nine Months or More From Date of Issue

 

Notes
due April 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 April 30, 2023 (the “Stated Maturity Date”) and to pay interest thereon from April
30, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for semi-annually on each
April 30 and October 30, commencing October 30, 2020, and at Maturity (each, an “Interest Payment Date”), at
the rate of 2.15% per annum 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 April 30, 2020 and end on and include October 29, 2020. Interest on this Security will be computed on the basis
of a 360-day year of twelve 30-day months.

 

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 January, April,
July and October, commencing April 30, 2022 and ending January 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 April 30, 2023. This Security is not entitled
to any sinking fund.

 

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]

 

     2

     

    

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

	 

 

     3

     

    

 

[Reverse
of Note]

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES T

 

Due
Nine Months or More From Date of Issue

 

Notes
due April 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

 

     4

     

    

 

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

 

     5

     

    

 

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.

 

     6

     

    

 

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)

  

     7

     

    

 

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.

 

     8

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