Document:

Form of Del Monte Foods Company Performance Shares Agreement

 Exhibit 10.3 
 FORM OF DEL MONTE FOODS COMPANY 
 PERFORMANCE SHARES 

AGREEMENT 

This Performance Shares Agreement (the “Agreement”) contains the terms and conditions under which the Compensation Committee of
the Board (the “Committee”), on behalf of Del Monte Foods Company (the “Company”), has granted to you, [Participant Name] (the “Participant”), as of [Grant Date] (the “Grant Date”), and pursuant
to the Del Monte Foods Company 2002 Stock Incentive Plan, as amended and restated effective July 28, 2009 (the “Plan”), units representing the Common Stock of the Company known as “Performance Shares,” in order to encourage
you to continue to contribute to the Company’s growth and success. 
 1. Grant of Performance Shares. The
Performance Shares award (the “Award”) consists of a target amount of [# Shares] Performance Shares, with a maximum award equal to 150% of your target amount, which the Company has granted to the Participant as of the date hereof as
a separate incentive in connection with his or her service to the Company and not in lieu of any salary or other compensation for his or her services. The Performance Shares also shall include any new, additional, or different securities or units
representing such securities the Participant may become entitled to receive with respect to such Performance Shares by virtue of any increase or decrease in the number of issued shares of Common Stock resulting from a subdivision or consolidation of
shares of Common Stock, or the payment of a stock dividend (but only on shares of Common Stock), or any other increase or decrease in the number of such shares effected without receipt or payment of consideration by the Company, or any change in the
capitalization of the Company pursuant to Section 10(b) of the Plan, or by virtue of any Change of Control or other transaction pursuant to Section 10(c) of the Plan. The Performance Shares shall be subject to the Restrictions pursuant to
Section 3 of this Agreement. 
 2. Participant’s Account; Certain Rights in Respect of Performance Shares.

 (a) The Performance Shares granted to the Participant shall be entered into an account in the Participant’s name. This
account shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the number of shares of Common Stock (“Shares”) to be paid to or in respect of the Participant pursuant to this
Agreement. 
 (b) During the period before the release of the Restrictions on the Performance Shares as provided in
Section 4, the Participant shall have no voting rights in respect of the Performance Shares. 
 (c) As set forth in
Section 5 below, stock equivalent units held in the Participant’s account pursuant to Section 5 shall accrue dividend equivalents that will be credited in the form of additional stock equivalent units, based on the Fair Market Value
of Common Stock on the date the dividend is issued. 
 3. Restrictions. Prior to their release from the Restrictions as
set forth in Section 4 below, all Performance Shares held for or in respect of the Participant, and the shares of Common Stock that such Performance Shares represent, may not be assigned, transferred, or otherwise encumbered or disposed of by
the Participant. 

 4. Release of Performance Shares from Restrictions. 

(a) Subject to the provisions of this Section 4, the Restrictions shall cease to apply to the Performance Shares granted under this
Agreement or the Performance Shares shall be forfeited upon the first day after the Company files its annual report on Form 10-K for the last fiscal year in the performance period defined below in Section 4(b) (the “Final Vesting
Date”). 
 (b) The Committee, in its sole discretion, has established target performance goals based on
the Company’s Relative Total Shareholder Return (“RTSR Targets”), which will be measured over a three (3)-fiscal year performance period commencing on [insert first day of first fiscal year commencing after grant date
(e.g., for grant 09/23/10, insert 05/02/2011)] through [insert last day of third fiscal year commencing after grant date (e.g., for grant
09/23/10, insert 04/27/2014)] (such period, the “Performance Period”). The Committee, in its sole discretion, shall define a peer group of companies (the “Comparator
Group”), either within or without the Company’s industry, against which the Company’s Total Shareholder Return will be compared to determine Relative Total Shareholder Return (“RTSR”). The Comparator Group shall be
identified as soon as practicable on or after the date of this Agreement (but in no event later than 90 days after the beginning of the performance period). 1 The Comparator Group, the RTSR Targets or the Performance Shares award may be adjusted by the Committee from time to
time, in its sole discretion, to the extent necessary in order to reflect a change in corporate capitalization, such as a stock split or dividend, or a corporate transaction, such as any merger, consolidation, separation (including a spinoff or
other distribution of stock or property by the Company), reorganization, or any partial or complete liquidation by the Company, as provided by Sections 10(b) or 10(c) of the Plan, to take account of events such as mergers, consolidations,
dispositions, separations (including any spinoffs or other distributions of stock or property), reorganizations, bankruptcies, any partial or complete liquidations, changes in corporate capitalization (such as stock splits or dividends) and other
significant business changes affecting any member of the Comparator Group, or to take account of any other items described in Section 9(b) of the Plan; provided, however, that to the extent that any such adjustments affect awards to
“covered employees” (as such term is defined in Section 162(m) of the Code), they shall be prescribed in a manner that strives to meet the requirements of Section 162(m) of the Code. Any adjustment to the RTSR calculation to account for
changes in the Comparator Group, including changes in the capitalization of Comparator Group companies (due to stock splits, mergers, spin-offs, etc. of the Comparator Group companies), will be made at the sole discretion of the Committee.

  
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 Based on the Company’s level of achievement of the designated RTSR Targets, the Restrictions shall
cease to apply to the Performance Shares or the Performance Shares shall be forfeited, according to the following schedule: 
 Vesting of
Performance Shares based on Achievement of RTSR Targets 
  

			
	 Relative Total Shareholder Return:

Company Performance

Percentile
	  	 Percentage of

Target Award Vested

		
	 375th Percentile
	  	150%
	 368.75, but <
75
	  	125
	 362.5, but
<68.75
	  	100
	 356.5, but <
62.5
	  	75
	 350, but <
56.5
	  	50
	 <50
	  	0  

 The Committee shall
have sole discretion to determine which RTSR Target has been achieved (if any) and whether the Restrictions shall be released from any or all of the Performance Shares. The Committee’s determinations pursuant to the exercise of discretion with
respect to all matters described in this paragraph shall be final and binding on the Participant. 
 (c) Upon the termination of
the Participant’s employment by reason of Disability or death, the Performance Shares held by such Participant or his or her designated beneficiary (as applicable) shall continue to vest at the time and in the amounts (if any) set forth
pursuant to paragraph (a) of this Section 4, and Common Stock that is distributed on account of Performance Shares that become vested (if any) shall be distributed to the Participant or his or her designated beneficiary (as applicable)
subject to Section 6, below. 
 (d) Upon the termination of the Participant’s employment by reason of Retirement, the
Performance Shares shall vest upon the Final Vesting Date on a pro-rata basis pursuant to the Company’s pro-rata vesting policy in effect at the time of Retirement; provided that the maximum number of Performance Shares that may vest
shall be that number, if any, that would have vested as set forth in Section 4(b) above following the Participant’s Retirement on the basis of the degree to which the RTSR Target has been achieved during the Performance Period. 

(e) Anything herein notwithstanding, in the event of the termination of the Participant’s employment by the Company for Cause, or
upon the termination of the Participant’s employment for any reason other than Disability, death or Retirement, the Performance Shares shall be forfeited by the Participant to the Company; provided that, for

  
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Participants who are, as of the date hereof, (i) covered under the Executive Severance Policy or (ii) who are parties to an employment agreement with the Company or a Subsidiary of the
Company, in the case of termination of employment without Cause or resignation for Good Reason (as defined in the applicable employment agreement), these Performance Shares will be treated under such policy or employment agreement; provided
further, that in the case of either (i) or (ii) above, the maximum number of Performance Shares that may vest shall be that pro-rated number, if any, that would have vested as set forth in Section 4(b) above following such
termination on the basis of the degree to which the RTSR Target has been achieved during the Performance Period.(f) For purposes of this Agreement, “termination of service” and Retirement means a “separation from service,” as
defined in the regulations under Section 409A of the Code to the extent the RSUs constitute an item of deferred compensation that is subject to Section 409A of the Code. The Company shall delay the issuance of any Shares under this
Section 5 as contemplated under Section 22 of the Plan to the extent necessary to comply with Section 409A(a)(2)(B)(i) of the Code (relating to payments made to certain “specified employees” of certain publicly-traded
companies); in such event, any Shares to which the Participant would otherwise be entitled during the six (6) month period following the date of the Participant’s separation from service will be issuable during the seventh calendar month
following the date of termination of service (or, if earlier, upon the Participant’s death) 
 (g) In the event of a Change
of Control, the vesting of any outstanding Performance Shares subject to this Award shall be accelerated in full and shall be deemed vested effective as of immediately prior to, and contingent upon, the Change of Control. 

(h) Upon the release of the Performance Shares from the Restrictions (except if receipt of the Performance Shares is deferred as provided
in Section 5), the Participant shall be paid the value of his or her account in the form of Common Stock. No fractional shares of Common Stock will be issued. If the calculation of the number of shares of Common Stock to be issued results in
fractional shares, then the number of shares of Common Stock will be rounded up to the nearest whole share of Common Stock. 

5. Deferral. The Committee has the right to determine, in its sole discretion, whether and in what manner Participants shall be
permitted to elect to defer the receipt of a distribution of Common Stock in respect of the Performance Shares under a deferral plan of the Company, in which case, after the Restrictions are released, the Performance Shares would be credited as
deferred stock units in the Participant’s account. Stock equivalent units held in the Participant’s account pursuant to this Section 5 shall accrue dividend equivalents that will be credited in the form of additional stock equivalent
units to the Participant’s account, based on the Fair Market Value of Common Stock on the date the dividend is issued. At the end of the deferral period, all stock equivalent units will be converted and distributed to the Participant in the
form of Common Stock. No fractional shares of Common Stock will be issued. If the calculation of the number of shares of Common Stock to be issued results in fractional shares, then the number of shares of Common Stock will be rounded up to the
nearest whole share of Common Stock. 
 6. Designation of Beneficiary. The Participant may designate a beneficiary or
beneficiaries to whom, along with all other grants or awards made to the Participant under the Plan, unvested Performance Shares or Common Stock that is distributed on account of 

  
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Performance Shares that become vested following the Participant’s death shall be transferred. A Participant shall designate his or her beneficiary by executing the “2002 Stock Incentive
Plan Beneficiary Designation and Spousal Consent Form” and returning it to the Corporate Secretary. Any form so submitted shall replace, in respect of all grants or awards made to the Participant under the Plan, any previous version of the same
form the Participant may have submitted to the Corporate Secretary. A Participant shall have the right to change his or her beneficiary from time to time by executing a subsequent “2002 Stock Incentive Plan Beneficiary Designation and Spousal
Consent Form” and otherwise complying with the terms of such form and the Committee’s rules and procedures, as in effect from time to time. The Committee shall be entitled to rely on the last “2002 Stock Incentive Plan Beneficiary
Designation and Spousal Consent Form” submitted by the Participant, and accepted by the Corporate Secretary, prior to such Participant’s death. In the absence of such designation of beneficiary, unvested Performance Shares or Common Stock
that is distributed on account of Performance Shares that become vested following the Participant’s death will be transferred to the Participant’s surviving spouse, or if none, to the Participant’s estate. If the Committee has any
doubt as to the proper beneficiary, the Committee shall have the right, exercisable in its sole discretion, to withhold such payments until this matter is resolved to the Committee’s satisfaction. 

7. Taxes. The Company may, in its discretion, make such provisions and take such steps as it may deem necessary or appropriate for
the withholding of all federal, state, local and other taxes required by law to be withheld with respect to the vesting of any Performance Shares or the distribution of Common Stock on account of the vesting of any Performance Shares, including, but
not limited to, withholding in Shares to be issued upon vesting and settlement of the Performance Shares equal in value to such withholding taxes, deducting the amount of such withholding taxes from any other amount then or thereafter payable to the
Participant, or requiring the Participant or the beneficiary or legal representative of the Participant to pay in cash to the Company the amount required to be withheld or to execute such documents as the Company deems necessary or desirable to
enable it to satisfy its withholding obligations. 
 8. Beneficial Ownership of Shares. The Participant hereby authorizes
the Company, in its sole discretion, to deposit for the benefit of the Participant with a Company-designated brokerage firm or, at the Company’s discretion, any other broker with which the Participant has an account relationship of which the
Company has notice any or all Shares acquired by the Participant pursuant to the settlement of the Performance Shares. 
 9.
Repayment/Forfeiture for Misconduct. Any benefits received hereunder shall be subject to repayment or forfeiture (i) as provided by Section 15 of the Plan, as may be amended from time to time or (ii) as may be required to
comply with the requirements of the SEC or any securities exchange on which shares of Common Stock are traded, as may be in effect from time to time. 
 10. No Special Rights; No Right to Future Awards. Nothing contained in this Agreement shall confer upon any Participant any right with respect to the continuation of his or her service with the
Company, or any right to receive any other grant, bonus, or other award. 
 11. Address for Notices. Any notice to be
given to the Company under the terms of this Agreement shall be addressed to the Company, in care of its Corporate Secretary, at One Market @ the Landmark, San Francisco, CA 94105, or at such other address as the Company may hereafter designate in
writing. 

  
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 12. Other Benefits. The benefits provided to the Participant pursuant to this
Agreement are in addition to any other benefits available to such Participant under any other plan or program of the Company. The Agreement shall supplement and shall not supersede, modify, or amend any other such plan or program except as may
otherwise be expressly provided. 
 13. Plan Governs. This Agreement is subject to all of the terms and provisions of the
Plan. In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan shall govern. Capitalized terms and phrases used and not defined in this Agreement shall have the
meaning set forth in the Plan. 
 14. Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of California, without reference to its principles of conflicts of laws. 
 15. Committee
Authority. The Committee shall have all discretion, power, and authority to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith. All
actions taken and all interpretations and determinations made by the Committee in good faith shall be final and binding upon the Participant, the Company, and all other interested persons, and shall be given the maximum deference permitted by law.
No member of the Committee shall be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan or this Agreement. 
 16. Captions. The captions provided herein are for convenience only and are not to serve as a basis for the interpretation or construction of this Agreement. 

17. Agreement Severable. In the event that any provision in this Agreement shall be held invalid or unenforceable, such provision
shall be severable from, and such invalidity or unenforceability shall not be construed to have any effect on, the remaining provisions of this Agreement. 
 18. Definitions. For purposes of this Agreement, words and phrases bearing initial capital letters shall have the meanings assigned in the Plan, and the following words and phrases shall have the
following meanings unless a different meaning is plainly required by the context: 
 (a) “Restrictions” means
those restrictions on the Performance Shares set forth in Section 3. 
 (b) “Relative Total Shareholder
Return” means the percentile ranking for the Company’s Total Shareholder Return (TSR) as compared to the TSR of the companies in the Comparator Group. 
 (c) “Total Shareholder Return” means, for the stock of the Company or any stock of a Comparator Group company, the number determined by (1) subtracting the average of the closing
prices or, for days on which no trading occurred, the last bid prices for each business 

  
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day during May [insert calendar year of first anniversary of grant date (e.g., for grant 09/2/10, insert 2011)] on the stock’s principal exchange or national
over-the-counter market quotation system (the “Average Closing Price”) from the sum of (x) the Average Closing Price of that stock for April [insert calendar year of fourth anniversary of grant date (e.g., for
grant 09/23/10, insert 2014)] (adjusted for stock splits, recapitalizations, or similar events) and (y) all dividends paid between the first day of the first specified month and the last day of the second specified calendar month and
(2) dividing the result obtained in step (1) by the Average Closing Price for the first specified calendar month. 

By his or her signature below or by electronic acceptance or authentication in a form authorized by the Company, the Participant agrees
to be bound by the terms and conditions of the Plan and the Award Agreement. The Participant has reviewed the Agreement and the Plan, has had an opportunity to obtain the advice of counsel prior to executing this Agreement, and fully understands all
provisions of this Agreement and the Plan. The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan or relating to the Performance Shares.

  

							
	DEL MONTE FOODS COMPANY	 		 	PARTICIPANT
				
	By:	 	  
	 		 	 Participant ES
  

	Title:	 	 Executive Vice President and
 Chief Human Resources Officer
	 		 	EMPLOYEE NAME

  

	1	 [Insert Comparator Group (e.g., for fiscal 2010: Campbell Soup Company, ConAgra Foods, Inc., Dean Foods Company, Flowers Foods, Inc., General
Mills, Inc., H.J. Heinz Company, Hershey Company, Hormel Foods Corporation, J.M. Smucker Company, Kellogg Company, Kraft Foods Inc., Lancaster Colony Corporation, Lance, Inc., McCormick & Company, Incorporated, Ralcorp Holdings, Inc., Sanderson
Farms, Inc., Sara Lee Corporation, Smithfield Foods, Inc., TreeHouse Foods, Inc., and Tyson Foods, Inc.)] 

  
 7Form of Medium-Term Notes

 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. 94986RBL4	  		  	FACE AMOUNT: $            
	REGISTERED NO.    	  		  	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 
 Due Nine Months or More From Date of Issue 
 Notes
Linked to the Russell 2000® Index 
 due June 7, 2013 
 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 Redemption Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts,
on the Stated Maturity Date. The “Initial Stated Maturity Date” shall be June 7, 2013. If no Market Disruption Event (as defined below) occurs or is continuing with respect to the Index (as defined below) on the scheduled
Calculation Day (as defined below), the Initial Stated Maturity Date will be the “Stated Maturity Date.” If a Market Disruption Event occurs or is continuing with respect to the Index on the scheduled Calculation Day, the
“Stated Maturity Date” shall be the later of (i) three Business Days (as defined below) after the postponed Calculation Day and (ii) the Initial Stated Maturity Date. This Security shall not bear any interest. 

Any payments on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company
maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. 
 “Face Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this Security as its “Face Amount.” 

 Determination of Redemption Amount 

The “Redemption Amount” of this Security will equal: 

 

	 	•	 	 If the Ending Level is greater than the Starting Level, the lesser of: 

 

	 	(i)	the Face Amount plus: 

  

															
	 	  	 Face Amount x    
  
	 	 	 	 Ending Level – Starting Level
             Starting Level
	 	 	  	 x Participation Rate
  
	 	 	  	 ; and
  

 

	 	(ii)	the Capped Value; 

  

	 	•	 	 If the Ending Level is less than or equal to the Starting Level, but greater than or equal to the Threshold Level: the Face Amount; or

  

	 	•	 	 If the Ending Level is less than the Threshold Level: the Face Amount minus: 

 

											
		 	 	  	 Face Amount x  
  
	  	 Threshold Level – Ending Level  

            Starting Level
	 	 	  	

 “Index” shall mean the Russell 2000® Index. 
 The “Pricing Date” shall mean November 30, 2010. 
 The
“Starting Level” is 727.01, the Closing Level of the Index on the Pricing Date. 
 The “Closing
Level” of the Index on any Trading Day means the official closing level of the Index as reported by the Index Sponsor on such Trading Day. 
 The “Ending Level” will be the Closing Level of the Index on the Calculation Day. 
 The “Capped Value” is 135% of the Face Amount of this Security. 

The “Threshold Level” is 654.31, which is equal to 90% of the Starting Level. 

The “Participation Rate” is 150%. 
 “Index Sponsor” shall mean Frank Russell Company, doing business as Russell Investment Group. 
 “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 or Minneapolis, Minnesota. 

  
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 A “Trading Day” with respect to the Index means a day, as determined by the
Calculation Agent, on which (i) the Relevant Exchanges (as defined below) with respect to the securities underlying the Index are open for trading for their regular trading sessions and (ii) the exchanges on which futures or options
contracts related to the Index or successor thereto, if applicable, are traded, are open for trading for their respective regular trading sessions. 
 The “Calculation Day” shall be May 31, 2013 or, if such day is not a Trading Day, the next succeeding Trading Day. The Calculation Day is subject to postponement due to the
occurrence of a Market Disruption Event. If a Market Disruption Event occurs or is continuing with respect to the Index on the Calculation Day, such Calculation Day will be postponed to the first succeeding Trading Day on which a Market Disruption
Event has not occurred and is not continuing. If such first succeeding Trading Day has not occurred as of the eighth scheduled Trading Day after the scheduled Calculation Day, that eighth scheduled Trading Day shall be deemed the Calculation Day. If
the Calculation Day has been postponed eight scheduled Trading Days after the scheduled Calculation Day and such eighth scheduled Trading Day is not a Trading Day, or if a Market Disruption Event occurs or is continuing with respect to the Index on
such eighth scheduled Trading Day, the Calculation Agent will determine the Closing Level of the Index on such eighth scheduled Trading Day in accordance with the formula for and method of calculating the Closing Level of the Index last in effect
prior to commencement of the Market Disruption Event, using the closing price (or, with respect to any of the relevant securities, if such date is not a Trading Day or a Market Disruption Event has occurred, its good faith estimate of the closing
price that would have prevailed for such securities) on such date of each security most recently included in the Index. See “—Market Disruption Events.” As used herein, “closing price” means, with respect to any
security on any date, the last reported sales price regular way on such date or, in case no such reported sale takes place on such date, the average of the reported closing bid and asked prices regular way on such date, in either case on the primary
organized exchange or trading system on which such security is then listed or admitted to trading. 
 “Calculation Agent
Agreement” shall mean the Calculation Agent Agreement dated as of December 7, 2010 between the Company and the Calculation Agent, as amended from time to time. 
 “Calculation Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among other things, the determination of the Ending Level
and the Redemption Amount, which term shall, unless the context otherwise requires, include its successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent
Agreement, the Company may appoint a different Calculation Agent from time to time after the initial issuance of this Security without the consent of the Holder of this Security and without notifying the Holder of this Security. 

Discontinuance Of The Index; Alteration Of Method Of Calculation 
 If the Index Sponsor discontinues publication of the Index, and the Index Sponsor or another entity publishes a successor or substitute equity index that the Calculation Agent

  
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determines, in its sole discretion, to be comparable to the 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 and calculate the Ending Level as described above. 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 the
Index Sponsor discontinues publication of the Index and the Calculation Agent does not select a Successor Equity Index, the Calculation Agent will compute a substitute level for the Index in accordance with the procedures last used to calculate the
Index before any discontinuance. If a Successor Equity Index is selected or the Calculation Agent calculates a level as a substitute for the Index, the Successor Equity Index or level will be used as a substitute for the Index for all purposes,
including the purpose of determining whether a Market Disruption Event exists. 
 If at any time the Index Sponsor makes a
material change in the formula for or the method of calculating the Index, or in any other way materially modifies the Index so that the Index does not, in the opinion of the Calculation Agent, fairly represent the level of the Index had those
changes or modifications not been made, then, from and after that time, the Calculation Agent will, at the close of business in New York, New York, on the date that the Closing Level of the Index is to be calculated, make any adjustments as, in the
good faith judgment of the Calculation Agent, may be necessary in order to arrive at a value of an equity index comparable to the Index as if those changes or modifications had not been made, and calculate the level of the Index with reference to
such equity index, as so adjusted. Accordingly, if the method of calculating the Index is modified so that the level of the Index is a fraction or a multiple of what it would have been if it had not been modified, then the Calculation Agent will
adjust the Index in order to arrive at a level of the Index as if it had not been modified. 
 Market Disruption Events

 A “Market Disruption Event” means, with respect to the Index, any of the following events as
determined by the Calculation Agent in its sole discretion: 
  

	 	(A)	A material suspension or material limitation of trading in the securities which then comprise 20% or more of the level of the Index or any Successor Equity Index has
been imposed by the Relevant Exchanges on which those securities are traded, at any time during the one-hour period preceding the Close of Trading on such day, whether by reason of movements in price exceeding limits permitted by those Relevant
Exchanges or otherwise. 

  

	 	(B)	A material suspension or material limitation of trading has occurred on that day, in each case during the one-hour period preceding the Close of Trading in options or
futures contracts related to the Index or any Successor Equity Index, on the primary exchange or quotation system on which those options or futures contracts are traded, whether by reason of movements in price exceeding levels permitted by the
exchange, the quotation system or otherwise. 

  
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	 	(C)	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, the securities that then comprise 20% or more of the level of the Index or any Successor Equity Index, at any time during the one-hour period that ends at the Close of Trading on that day. 

 

	 	(D)	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, the futures or options contracts relating to the Index or any Successor Equity Index on the primary exchange or quotation system on which those futures or options contracts are traded, at any time during the one-hour period that ends at
the Close of Trading on that day. 

  

	 	(E)	The closure of the Relevant Exchanges on which the securities that then comprise 20% or more of the level of the Index or any Successor Equity Index are traded or the
primary exchange or quotation system on which futures or options contracts relating to the Index or any Successor Equity Index are traded prior to its scheduled Close of Trading unless the earlier closing time is announced by the Relevant Exchanges,
the primary exchange or the quotation system, as applicable, at least one hour prior to the earlier of (1) the actual closing time for the regular trading session on the Relevant Exchanges, the primary exchange or the quotation system, as
applicable, and (2) the submission deadline for orders to be entered into the relevant exchanges, the primary exchange or the quotation system, as applicable, for execution at the Close of Trading on that day. 

For purposes of determining whether a Market Disruption Event has occurred: 

 

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

 

	 	(2)	“Close of Trading” means in respect of any Relevant Exchange, primary exchange or quotation system, the scheduled weekday closing time on a day on
which such Relevant Exchange, primary exchange or quotation system is scheduled to be open for trading for its respective regular trading session, without regard to after hours or any other trading outside the regular trading session hours; and

  

	 	(3)	“Relevant Exchange” for any security (or any combination thereof then underlying the Index or any Successor Equity Index) means the primary exchange or
quotation system on which such security is traded, as determined by the Calculation Agent. 

  
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 Calculation Agent 
 The Calculation Agent will determine the Redemption Amount and the Ending Level. In addition, the Calculation Agent will (i) determine if adjustments are required to the Closing Level of the Index
under the circumstances described in this Security, (ii) if publication of the Index is discontinued, select a Successor Equity Index or, if no Successor Equity Index is available, determine the Closing Level of the 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. All percentages and other amounts resulting from any calculation with respect to this Security will be rounded at
the Calculation Agent’s discretion. 
 Tax Considerations 

The Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be deemed to
have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States federal income tax purposes to characterize and treat this Security as a pre-paid derivative contract in respect of the
Index. 
 Redemption and Repayment 
 This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to June 7, 2013. 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 Redemption Amount (calculated as set forth in the next sentence) of this Security may
be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Redemption Amount hereof calculated as provided
herein as though the date of acceleration was the Calculation Day; provided, however, if such date is not a Trading Day or if a Market Disruption Event has occurred or is continuing on that day, the Calculation Day will be postponed as provided
herein. 
  
  

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. 

  
 6 

 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] 

  
 7 

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

					
	WELLS FARGO & COMPANY
		
	By:	 	  

		 	  

		 	Its:	 	  

[SEAL] 
  

					
	Attest:	 	  

		 	  

		 	Its:	 	  

 

			
	 TRUSTEE’S CERTIFICATE OF
 AUTHENTICATION
 This is one of the Securities of the

series designated therein described
 in the
within-mentioned Indenture.

	
	 CITIBANK, N.A.,

    as Trustee

		
	By:	 	  

		 	Authorized Signature
		
		 	 OR

	
	 WELLS FARGO BANK, N.A.,
     as Authenticating Agent for the Trustee

		
	By:	 	  

		 	Authorized Signature

  
 8 

 [Reverse of Note] 
 WELLS FARGO & COMPANY 
 MEDIUM-TERM NOTE, SERIES K

 Due Nine Months or More From Date of Issue 

Notes Linked to the Russell 2000® Index 
 due June 7, 2013

 This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and
Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more
foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities,
currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series may
mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies. 

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

The Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented by one
or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities issued to and registered in the names of, the beneficial owners or their nominees. 

The Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of
interest against a Holder of this Security. 
 Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the 

  
 9 

 
time Outstanding of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all
series at the time Outstanding affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain
past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such
series. Solely for the purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in
the requisite aggregate principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Security. 
 Defeasance 
 Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating to defeasance at any time of (a) the entire
indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions of
Section 401 of the Indenture shall apply to this Security. 
 Authorized Denominations 

This Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which is an
integral multiple of $1,000. 
 Registration of Transfer 
 Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new Security or Securities of this series, with the same
terms as this Security, in authorized denominations for an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the limitations
described below, without charge except for any tax or other governmental charge imposed in connection therewith. 
 This
Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a
clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in
its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and
is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date of issuance, Stated Maturity Date and other terms and of authorized
denominations aggregating a like amount. 

  
 10 

 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 Redemption
Amount at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 
 No
Personal Recourse 
 No recourse shall be had for the payment of the Redemption Amount, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation,
whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly
waived and released. 
 Defined Terms 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined in this Security. 

Governing Law 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to principles of
conflicts of laws. 

  
 11 

 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)

  
 12 

 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.

  
 13

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