Document:

First Admendment to Third Amended and Restated Receivables Purchase Agreement

 Exhibit 10.2 
 EXECUTION COPY 
 FIRST AMENDMENT TO 

THE THIRD AMENDED AND RESTATED RECEIVABLES PURCHASE 
 AGREEMENT 
 This FIRST AMENDMENT TO THE THIRD AMENDED AND RESTATED
RECEIVABLES PURCHASE AGREEMENT, dated as of March 16, 2011 (this “Amendment”), is among: 
  

	 	(i)	RADNOR FUNDING CORP., as Seller (the “Seller”); 

  

	 	(ii)	AIRGAS, INC. (in its individual capacity, “Airgas”), as Servicer (in such capacity, the “Servicer”); 

 

	 	(iii)	VICTORY RECEIVABLES CORPORATION (“Victory”), as a Conduit Purchaser; 

 

	 	(iv)	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as Administrator (in such capacity, the “Administrator”), and as Purchaser Agent (in such
capacity, the “Victory Purchaser Agent”) and Related Committed Purchaser for the Purchaser Group that includes Victory (the “Victory Purchaser Group”); 

 

	 	(v)	WORKING CAPITAL MANAGEMENT CO., LP (“Working Capital”), as a Conduit Purchaser and as Related Committed Purchaser for the Purchaser Group that includes
Working Capital (the “Working Capital Purchaser Group”); 

  

	 	(vi)	MIZUHO CORPORATE BANK, LTD., as Purchaser Agent (in such capacity, the “Working Capital Purchaser Agent”) for the Working Capital Purchaser Group;

  

	 	(vii)	ATLANTIC ASSET SECURITIZATION LLC (“Atlantic”), as a Conduit Purchaser; and 

 

	 	(viii)	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK NEW YORK BRANCH, as Purchaser Agent (in such capacity, the “Atlantic Purchaser Agent”) and as Related
Committed Purchaser for the Purchaser Group that includes Atlantic (the “Atlantic Purchaser Group”). 

 The foregoing entities are herein collectively referred to as the “Parties”, and capitalized terms used but not otherwise defined herein (including such terms used above) have the
respective meanings set forth in the Receivables Purchase Agreement (as defined below). 
 BACKGROUND 

WHEREAS, the Parties have entered into that certain Third Amended and Restated Receivables Purchase Agreement, dated as of March 17,
2010 (as amended, supplemented or otherwise modified through the date hereof, the “Receivables Purchase Agreement”); and 

  

 WHEREAS, the Parties desire to amend the Receivables Purchase Agreement as set forth herein;
and 
 WHEREAS, in connection with this Amendment and concurrently herewith, the Seller, the Servicer and the members of the
Victory Purchaser Group are entering into a Third Amended and Restated Fee Letter, dated the date hereof (the “Victory Fee Letter”); and 
 WHEREAS, in connection with this Amendment and concurrently herewith, the Seller, the Servicer and the members of the Working Capital Purchaser Group are entering into an Amended and Restated Fee Letter,
dated the date hereof (the “Working Capital Fee Letter”); and 
 WHEREAS, in connection with this Amendment and
concurrently herewith, the Seller, the Servicer and the members of the Atlantic Purchaser Group are entering into an Amended and Restated Fee Letter, dated the date hereof (the “Atlantic Fee Letter”, together with the Victory Fee
Letter and the Working Capital Fee Letter, collectively, the “Fee Letters”); and 
 NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

SECTION 1. Amendment to the Receivables Purchase Agreement. The Receivables Purchase Agreement is amended as follows: 

(a) The definition of “Facility Termination Date” set forth in Exhibit I to the Receivables
Purchase Agreement is amended by deleting the date “March 16, 2012” where it appears in clause (a) thereof and substituting the date “March 15, 2013” therefor. 

SECTION 2. Certain Representations, Warranties and Covenants. Each of the Seller, Airgas and the Servicer hereby represents,
warrants and covenants to each of the other Parties that: 
 (a) the representations and warranties of such
Person contained in Exhibit III to the Receivables Purchase Agreement are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties were true and correct as of such
earlier date); 
 (b) the execution and delivery by such Person of this Amendment, and the performance of its
obligations under this Amendment and the Receivables Purchase Agreement (as amended hereby) are within its corporate powers and have been duly authorized by all necessary corporate action on its part, and this Amendment and the Receivables Purchase
Agreement (as amended hereby) are its valid and legally binding obligations, enforceable in accordance with its terms, subject to the effect of bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’
rights generally; and 
 (c) no Termination Event or Unmatured Termination Event has occurred, is continuing, or
would occur as a result of this Amendment. 

  
 2 

 SECTION 3. Effectiveness. This Amendment shall become effective as of the date hereof
upon receipt by (i) the Victory Purchaser Agent of counterparts of the Victory Fee Letter, duly executed by each of the Parties party thereto, (ii) the Working Capital Purchaser Agent of counterparts of the Working Capital Fee Letter, duly
executed by each of the Parties party thereto, (iii) the Atlantic Purchaser Agent of counterparts of the Atlantic Fee Letter, duly executed by each of the Parties party thereto, and (iv) the Administrator of the following, in each case, in
form and substance satisfactory to the Administrator: 
 (a) counterparts of this Amendment, duly executed by
each of the Parties; 
 (b) confirmation from each Purchaser Agent that the “Amendment Fee” (as defined
in each applicable Fee Letter) payable to such Purchaser Agent has been paid in full in accordance with the terms of the related Fee Letter; and 
 (c) such other documents and instruments as the Administrator may reasonably request. 
 SECTION 4. Effect of Amendment. Except as expressly amended and modified by this Amendment, all provisions of the Receivables Purchase Agreement remain in full force and effect. After this
Amendment becomes effective, all references in the Receivables Purchase Agreement (or in any other Transaction Document) to “the Receivables Purchase Agreement,” “this Agreement,” “hereof,” “herein” or words
of similar effect, in each case referring to the Receivables Purchase Agreement, shall be deemed to be references to the Receivables Purchase Agreement as amended by this Amendment. This Amendment shall not be deemed to expressly or impliedly waive,
amend or supplement any provision of the Receivables Purchase Agreement other than as set forth herein. 
 SECTION 5.
Counterparts. This Amendment may be executed in any number of counterparts and by different Parties on separate counterparts, and each counterpart shall be deemed to be an original, and all such counterparts shall together constitute but one
and the same instrument. Delivery of an executed counterpart of this Amendment by facsimile or other electronic transmission shall be as effective as delivery of a manually executed counterpart. 

SECTION 6. Governing Law. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of
New York without regard to any otherwise applicable conflict of law principles which would require the application of the laws of any jurisdiction other than those of the state of New York. 

SECTION 7. Section Headings. The various headings of this Amendment are inserted for convenience only and shall not affect the
meaning or interpretation of this Amendment or the Receivables Purchase Agreement or any provision hereof or thereof. 

[Signatures begin on the following page] 

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

			
	RADNOR FUNDING CORP., as Seller
		
	By:	 	 /s/ Melanie S. Andrews

	Name:	 	 Melanie S. Andrews

	Title:	 	 President & Treasurer

  

					
		 	S-1	  	 First Amendment to Third Amended and

Restated Receivables Purchase Agreement

			
		 	AIRGAS, INC., as Servicer
		
	By:	 	 /s/ Joseph C. Sullivan

	Name:	 	 Joseph C. Sullivan

	Title:	 	 Vice President & Treasurer

  

					
		 	S-2	  	 First Amendment to Third Amended and

Restated Receivables Purchase Agreement

 
			
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as Administrator
		
	By:	 	 /s/ Aditya Reddy

	Name:	 	 Aditya Reddy

	Title:	 	 Managing Director

	
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as Purchaser Agent for Victory’s Purchaser Group
		
	By:	 	 /s/ Aditya Reddy

	Name:	 	 Aditya Reddy

	Title:	 	 Managing Director

	
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as Related Committed Purchaser for Victory’s Purchaser Group
		
	By:	 	 /s/ Maria Ferradas

	Name:	 	 Maria Ferradas

	Title:	 	 Authorized Signatory

  

					
		 	S-3	  	 First Amendment to Third Amended and

Restated Receivables Purchase Agreement

 
			
	VICTORY RECEIVABLES CORPORATION,
as a Conduit Purchaser
		
	By:	 	 /s/ Frank B. Bilotta

	Name:	 	 Frank B. Bilotta

	Title:	 	President

  

					
		 	S-4	  	 First Amendment to Third Amended and

Restated Receivables Purchase Agreement

 
			
	WORKING CAPITAL MANAGEMENT CO., LP, as a Conduit Purchaser and as Related Committed Purchaser for Working Capital’s Purchaser Group
		
	By:	 	 /s/ Shinichi Nochiide

	Name:	 	 Shinichi Nochiide

	Title:	 	 Attorney-in-Fact

  

					
		 	S-5	  	 First Amendment to Third Amended and

Restated Receivables Purchase Agreement

 
			
	MIZUHO CORPORATE BANK, LTD., as Purchaser Agent for Working Capital’s Purchaser Group
		
	By:	 	 /s/ Leon Mo

	Name:	 	 Leon Mo

	Title:	 	 Authorized Signatory

  

					
		 	S-6	  	 First Amendment to Third Amended and

Restated Receivables Purchase Agreement

 
			
	ATLANTIC ASSET SECURITIZATION LLC,
as a Conduit Purchaser
		
	By:	 	 /s/ Kostantina Kourmpetis

	Name:	 	 Kostantina Kourmpetis

	Title:	 	 Managing Director

		
	By:	 	 /s/ Richard Mcbride

	Name:	 	 Richard Mcbride

	Title:	 	 Director

  

					
		 	S-7	  	 First Amendment to Third Amended and

Restated Receivables Purchase Agreement

 
			
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK NEW YORK BRANCH, as Purchaser Agent and Related Committed Purchaser for Atlantic’s Purchaser Group
		
	By:	 	 /s/ Kostantina Kourmpetis

	Name:	 	 Kostantina Kourmpetis

	Title:	 	 Managing Director

		
	By:	 	 /s/ Richard Mcbride

	Name:	 	 Richard Mcbride

	Title:	 	 Director

  

					
		 	S-8	  	 First Amendment to Third Amended and

Restated Receivables Purchase AgreementForm 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. 94986RDE8	  	FACE AMOUNT: $                    
	REGISTERED NO.         	  	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 
 Due Nine Months or More From Date of Issue 
 Notes Linked to a Commodity
Basket 
 due March 23, 2015 
 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 March 23, 2015. If no Market Disruption Event (as
defined below) occurs or is continuing with respect to a Basket Component (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 a Basket Component 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 with respect to such Basket Component (or, if the Calculation Day is postponed with respect to more than one Basket Component, three Business Days after the latest 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	 	

	  	x Participation Rate	 	

	 	;  and	 	
	 	  	  	 	Starting Level	 	  	 	 	 	

 (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	 	 

 “Basket” shall mean a basket comprised of the
following Basket Components, with the return of each Basket Component having the weighting noted parenthetically: soybeans (16.67%); corn (16.67%); crude oil (16.67%); nickel (16.67%); copper (16.66%); and silver (16.66%). 

“Basket Component” shall mean each of soybeans, corn, crude oil, nickel, copper and silver. 

The “Pricing Date” shall mean March 15, 2011. 

The “Starting Level” is 100. 
 The “Ending Level” will be calculated based on the weighted returns of the Basket Components and will be equal to the product of (i) 100 and (ii) an amount equal to 1 plus the
sum of: (A) 16.67% of the Component Return of soybeans; (B) 16.67% of the Component Return of corn; (C) 16.67% of the Component Return of crude oil; (D) 16.67% of the Component Return of nickel; (E) 16.66% of the Component
Return of copper; and (F) 16.66% of the Component Return of silver. 
 The “Component Return” of a Basket
Component will be equal to: 
 Final Component Price – Initial Component Price 

Initial Component Price 

  
 2 

 where, 
  

	 	•	 	 the “Initial Component Price” is the Settlement Price of such Basket Component on the Pricing Date; and 

 

	 	•	 	 the “Final Component Price” will be the Settlement Price of such Basket Component on the Calculation Day.

 The Initial Component Prices of the Basket Components are as follows: soybeans (1,270.00¢); corn
(636.00¢); crude oil ($97.18); nickel ($25,080.00); copper ($8,980.00); and silver (3,388.00¢). 
 The
“Settlement Price” of a Basket Component on any day will be: 
  

	 	(i)	in the case of soybeans, the official settlement price per bushel of deliverable-grade soybeans of the first nearby month futures contract (or, in the case of any
Trading Day after the date of the last trade of the options contract (if there is more than one options contract, then the options contract with the latest date) pertaining to the first nearby month futures contract, the second nearby month futures
contract), expressed in U.S. cents per bushel, traded on the Chicago Board of Trade (the “CBOT”) on that day (the “CBOT soybean price”) as made public by the CBOT; 

 

	 	(ii)	in the case of corn, the official settlement price per bushel of deliverable-grade corn of the first nearby month futures contract (or, in the case of any Trading Day
after the date of the last trade of the options contract (if there is more than one options contract, then the options contract with the latest date) pertaining to the first nearby month futures contract, the second nearby month futures contract),
expressed in U.S. cents per bushel, traded on the CBOT on that day (the “CBOT corn price”) as made public by the CBOT; 

  

	 	(iii)	in the case of crude oil, the official settlement price per barrel of the first nearby month futures contract for West Texas Intermediate light sweet crude oil,
expressed in U.S. dollars per barrel, traded on the New York Mercantile Exchange (“NYMEX”) on that day (the “NYMEX crude oil price”) as made public by the NYMEX; 

 

	 	(iv)	in the case of nickel, the LME official cash seller and settlement price of Primary Nickel, expressed in U.S. dollars per tonne, traded on the London Metal Exchange
(the “LME”) on that day (the “LME Primary Nickel price”) as made public by the LME; 

  

	 	(v)	in the case of copper, the official cash offer price per tonne of copper Grade A on the LME for the spot market, expressed in U.S. dollars per tonne, traded on the
LME on that day (the “LME copper Grade A price”) as made public by the LME; and 

  

	 	(vi)	in the case of silver, the official fixing price per troy ounce of silver for delivery in London through a member of the London Bullion Market Association (the
“LBMA”) authorized to effect such delivery, expressed in U.S. cents, as determined by the London Silver Market on that day (the “London silver fixing price”). 

  
 3 

 The term “first nearby month futures contract” for a commodity on any day
refers to the futures contract for that commodity with the last Trading Day closest to such day and the term “second nearby month futures contract” for a commodity refers to the futures contract for that commodity with the last
Trading Day immediately after the last Trading Day of the first nearby month futures contract for that commodity. 
 The
“Capped Value” is 190% of the Face Amount of this Security. 
 The “Threshold Level” is equal
to 80% of the Starting Level. 
 The “Participation Rate” is 200%. 

“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. 

A “Trading Day” means (i) with respect to soybeans and corn, any day the CBOT is open for trading, (ii) with
respect to crude oil, any day the NYMEX is open for trading, (iii) with respect to nickel and copper, any day the LME is open for trading, and (iv) with respect to silver, any day the LBMA is open for trading. 

The “Calculation Day” shall be March 15, 2015 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 a Basket Component on the Calculation Day, such Calculation Day for such
Basket Component will be postponed to the first succeeding Trading Day on which a Market Disruption Event for such Basket Component has not occurred and is not continuing. If such first succeeding Trading Day has not occurred as of the fifth
scheduled Trading Day after the scheduled Calculation Day for such Basket Component, that fifth scheduled Trading Day shall be deemed the Calculation Day. If the Calculation Day has been postponed five scheduled Trading Days after the scheduled
Calculation Day for such Basket Component and such fifth scheduled Trading Day is not a Trading Day, or if a Market Disruption Event occurs or is continuing with respect to the Basket Component on such fifth scheduled Trading Day, the Calculation
Agent will determine its good faith estimate of the Settlement Price of such Basket Component on such fifth scheduled Trading Day. Notwithstanding a postponement of a Calculation Day for a particular Basket Component due to a Market Disruption Event
with respect to such Basket Component, the originally scheduled Calculation Day will remain the Calculation Day for any Basket Component not affected by a Market Disruption Event. See “—Market Disruption Events.” 

“Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of March 22, 2011 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

  
 4 

 
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. 

Market Disruption Events 
 A “Market Disruption Event” means any of the following events as determined by the Calculation Agent in its sole discretion: 

 

	 	(i)	with respect to soybeans: (A) a material limitation or suspension of trading in the applicable futures contract for deliverable-grade soybeans; or (B) the
failure of CBOT to announce the CBOT soybean price; 

  

	 	(ii)	with respect to corn: (A) a material limitation or suspension of trading in the applicable futures contract for deliverable-grade corn; or (B) the failure of
CBOT to announce the CBOT corn price; 

  

	 	(iii)	with respect to crude oil: (A) a material limitation or suspension of trading in the first nearby month futures contract for WTI light sweet crude oil on NYMEX; or
(B) the failure of NYMEX to announce the NYMEX crude oil price; 

  

	 	(iv)	with respect to nickel: (A) a material limitation or suspension of trading in Primary Nickel on the LME; or (B) the failure of the LME to announce the LME
Primary Nickel price; 

  

	 	(v)	with respect to copper: (A) a material limitation or suspension of trading in copper Grade A on the LME; or (B) the failure of the LME to announce the
LME copper Grade A price; and 

  

	 	(vi)	with respect to silver: (A) a material limitation or suspension of trading in the London silver fixing market; or (B) the failure of the London Silver Market
to announce or publish the London silver fixing price. 

 For purposes of determining whether a Market Disruption
Event has occurred or is continuing with respect to a Basket Component, a limitation on the hours or number of days of trading will not constitute a Market Disruption Event if it results from any announced change in the regular business hours of the
relevant exchange. 
 Discontinuance of Quotation; Alteration of Manner of Quotation 

If the quotation source for a commodity discontinues quoting the Settlement Price for such commodity as provided herein and another entity
publishes a quotation that the Calculation Agent determines, in its sole discretion, to be comparable to the discontinued quotation, then any subsequent Settlement Price will be determined by reference to the quotation of such Settlement Price
provided by such successor entity (in any such case, referred to herein as a “Successor Quotation Source”) on the date that the Settlement Price is to be determined. 

Upon any selection by the Calculation Agent of a Successor Quotation Source, the Company will cause notice to be given to the Holder of
this Security. 

  
 5 

 If the quotation source for a commodity discontinues quoting the Settlement Price for such
commodity as provided herein and the Calculation Agent determines that no Successor Quotation Source for such Settlement Price is available at such time, then any subsequent Settlement Price will be determined by reference to the Calculation
Agent’s good faith estimate of the Settlement Price for such commodity. 
 If a Successor Quotation Source is selected or
the Calculation Agent calculates a Settlement Price in the absence of a Successor Quotation Source, such Successor Quotation Source or Settlement Price will be used for all purposes with respect to calculation of the Redemption Amount, including for
purposes of determining whether a Market Disruption Event exists. 
 If the method of quoting a Settlement Price as provided
herein is changed in a material respect by a quotation source or a Successor Quotation Source, then the Calculation Agent will, on the date that the Settlement Price is to be determined, make such calculations and adjustments as, in the good faith
judgment of the Calculation Agent, may be necessary in order to arrive at a Settlement Price for such commodity as if such changes had not been made. The Calculation Agent will calculate the Redemption Amount with reference to the Settlement Price,
as adjusted. 
 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 Settlement Price of a Basket
Component under the circumstances described in this Security, (ii) if a quotation source for a commodity discontinues quoting the Settlement Price for such commodity, select a Successor Quotation Source or, if no Successor Quotation Source is
available, determine the Settlement Price of such Basket Component, 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
Basket. 

  
 6 

 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
March 23, 2015. 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. 

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 a Commodity Basket 
 due March 23, 2015

 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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