Document:

EX-10.7

 EXHIBIT 10.7 
 

 
 [DATE] 

Vince Volpe 
 USA 

E-Mail: vvolpe@dresser-rand.com 
 Dear
Vince, 
 Congratulations on your upcoming multi-location assignment with Dresser-Rand Group Inc. We realize that multi-location assignments
require significant commitments of time, personal adjustments and inconveniences you will encounter while in France. However, we are committed to working with you to make your multi-location assignment as successful as possible for you through our
support as well as the support from our network of service providers. 
 This letter agreement (this “Agreement”) confirms
(1) our mutual agreement to terminate your current International Expatriate Assignment and the related international assignment letter effective July 1, 2010 and all associated benefits, (2) your continued eligibility to receive
repatriation benefits notwithstanding the termination of such assignment and (3) our mutual agreement to the terms and conditions for your multi-location assignment, which will require you to work in Dresser-Rand’s office in Paris, France
in the position of President and CEO of Dresser Rand Group Inc. While working in Paris, France on this assignment and only for such period you will be seconded directly or indirectly to Dresser-Rand International, Paris Branch. 

In this position you will continue to report directly to the Board of Directors of Dresser-Rand Group Inc., on which you will continue to serve as a
director. Your assignment is subject to host government entry documents or visas and your acceptance of the terms and conditions outlined in this Agreement. The effective date of the commencement of your assignment is June 1,
2013. At the discretion of Dresser-Rand Group Inc., your multi-location assignment will continue until further notice. You shall, however, also travel to other locations at such times as may be reasonable for the performance of your duties.
Your point of origin is Houston, Texas, USA. Dresser-Rand Company or one of its affiliates will continue to provide payroll services and benefit programs during your assignment. To the extent required for corporate tax and other legal reasons, your
employment, payroll or benefit programs may be subsequently transferred to another related entity during your assignment (any such entity, the “Company”). 
 Base Salary 
 Your annual base salary will continue to be $940,000. You will also continue
to participate in the Dresser-Rand U.S. annual salary review. 
 Annual Incentive Compensation 

Eligibility under the Dresser-Rand Annual Incentive Program will continue during your assignment consistent with corporate guidelines and the
program’s terms and conditions.
 Long-Term Incentive (LTI) Compensation 
 Your eligibility for LTI grants will continue during your assignment consistent with corporate guidelines and the Plan’s terms and conditions. There can be special tax and other regulatory
considerations associated with equity grants outside of the United States. For this reason, the incentive and equity grants you receive may have different terms and conditions than those awards granted to U.S. based employees.

 Benefit Plans 
 You will continue to be eligible to participate in the U.S. healthcare, retirement savings, Non-Qualified Retirement Plan, life and income protection programs consistent with their terms and
conditions. In addition, you will maintain your enrollment in the CIGNA international healthcare program, though this benefit is not offered to your dependents. The CIGNA international healthcare program will provide medical and dental coverage
for you during the term of this assignment. We have separately provided to you a summary of benefits. 
 Foreign Service Allowance

 A Foreign Service Allowance of $8,000, paid monthly, will be provided to compensate you for the hardship created by the extensive travel
requirements while on assignment as well as provide assistance for your spouse and/or dependents to accompany you. 
 There are many factors
that are considered when establishing the Foreign Service Allowance such as, but, not limited to: family size, distance between home and host location, level of hardship, and/or compensation. In the event any determining factors change during your
assignment, your Foreign Service Allowance could potentially see an equitable adjustment. You will receive prior notice of any adjustments. 

Host Country Housing 
 Dresser-Rand will
provide corporate housing up to a maximum of EUR 8,000/month while you are in Paris, France. Any additional rent expense over EUR 8,000/month will be your responsibility. In addition, the Company will provide for the cost of utilities, maintenance,
parking, management fees, and wireless Internet access. 
 Meals and Transportation 

While you are in Paris, France, your meals and transportation will be reimbursable according to the Company’s Travel and Entertainment policy (copy
attached). You may have access to a Company pool car, if available. 
 Shipment of Household Goods 

At the commencement of your assignment to Paris, France, the Company provided to you a lump sum payment for the return shipment of your household goods.
Accordingly, you will be solely responsible for the costs associated with the return shipment of household goods to your home country residence. 
 Vacation, Holiday Leave 
 While on assignment you will continue to be covered by your home
country vacation and holiday policy.
 Termination 
 If you voluntarily terminate your employment, or are terminated for “Cause” (as defined in your Employment Agreement dated June 11,2008 (as amended , the “Employment Agreement”)),
while in a host location, the Company is not obligated to pay any relocation costs associated with your move from the host country to your home country or any other location. 
 In the event of the involuntary termination of this assignment and/or your employment, which is not for Cause, the Company will pay or reimburse reasonable costs incurred in your relocation, as well as
the return of your household goods, to your home location (if you did not elect for the lump sum alternative payment). 
 Following your
termination of employment for any reason you will be responsible for your housing, utility and parking expenses for as long as you reside in the company provided housing, which the Company may demand you to surrender at any time. 

Compliance Documents 
 The Dresser-Rand
Code of Conduct and the Agreement Regarding Intellectual Property and Proprietary Information continue to apply during your assignment. In this regard, you are expected to comply with the United States Foreign Corrupt Practices Act, and with local
law applicable to government payments. Further, by executing this Agreement, you hereby agree that you are expressly granting any consents, permissions or other waivers that may be necessary or prudent under U.S., EU or any other privacy or similar
laws or regulations to enable us to share your employment and other personal information between and among Dresser-Rand entities and its service providers in the U.S., France or elsewhere to the fullest extent permitted by law. 

 Contacts 
 Dresser-Rand has retained the services of American International Relocation Solutions (AIReS) to administer the benefits and services outlined in this Agreement. AIReS will assist with your
assignment needs. Your initial point of contact at AIReS is Stephanie Nagy. Stephanie can be reached by telephone at 203-730-1125, ext. 256 and by email at snagy@aires.com. 

Taxes 
 Dresser-Rand has engaged the
services of Ernst & Young to provide tax preparation and consultation services throughout your assignment. As agreed during your most recent international assignment, you may continue to engage a personal tax advisor for the preparation of
your U.S. tax returns, and you continue to assume the costs associated with the preparation of those returns. The attached Multi-location Assignment Tax Guidelines outlines your required benefits and obligations as a result of your assignment.

 Governing Law 
 This
Agreement shall be construed in accordance with and governed by the laws of the State of Texas, without regard to the choice, and your employment while on this assignment, of law principles thereof. Any suit, action or other legal proceeding arising
out of or relating to this Agreement, or your employment while on this multi-location assignment, shall be brought exclusively in the Federal or state courts located in the State of Texas. You agree to submit to personal jurisdiction in the
foregoing courts and to venue in those courts. You further agree to waive all legal challenges and defenses to the propriety of a forum in Houston, Texas and to the application of Federal or Texas law therein. 

Third Party Beneficiary 
 Each affiliate
of Dresser-Rand Company is a third party beneficiary of this Agreement and each of them has the full right and power to enforce rights, interests and obligations under this Agreement without limitation or other restriction. 

No Waiver 
 No failure or delay by any
party in exercising any right, power or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or particular exercise of the same preclude any further exercise thereof or the exercise of any other right, power or
remedy. Without limiting the foregoing, no waiver by any party of any breach of any provision of this Agreement shall be deemed to be a waiver of any subsequent breach of that or any other provision of this Agreement. 

Withholding and Deductions 
 All amounts
paid pursuant to this Agreement shall be subject to deductions and withholding for taxes (national, local, foreign or otherwise) to the extent required by applicable law. 
 Section 409A 
 Notwithstanding any provision in this Agreement, if this Agreement or
any benefit payable to you hereunder is subject to US Internal Code Section 409A and you are a “specified employee” (within the meaning of Section 409A) as of the date you separate from service from Dresser-Rand, then any
payments scheduled to be made to you pursuant to this Agreement during the first six months following your separation from service shall be delayed. The delayed payments shall be paid immediately following the end of the six month delay. Any amounts
paid to you in connection with tax equalization, that meet the requirements of Section 1.409A-1(b)(8)(iii) of the Treasury Regulations under Section 409A, shall be paid no later than the end of the second calendar year next following the
calendar year to which the compensation subject to the tax equalizations relate. All reimbursements under this Agreement, including amounts paid for tax equalization that do not meet the requirements of Section 1.409A-1(b)(8)(iii) of the
Treasury Regulations shall be made no later than the end of the calendar year next following the calendar year in which the applicable expenses are incurred. 

 Negotiating and Concluding Contracts 
 Notwithstanding anything to the contrary in this Agreement, during your assignment, and when you are located in France, you shall not have any authority to negotiate any contract on behalf of Dresser-Rand
Company, Dresser-Rand Group Inc. and/or any other U.S. entity (each, a “D-R U.S. Entity”) that relates to the provision of services or the supply of goods by a D-R U.S. Entity to a French customer. Further, during your assignment, and when
you are located in France, you shall not have any authority to modify or accept contracts on behalf of a D-R U.S. Entity, or otherwise bind a D-R U.S. Entity to any contract, that relate to the provision of services or the supply of goods by a D-R
U.S. Entity to a French customer. Further, any such contract presented to you that is intended to bind a D-R U.S. Entity must be executed by a duly authorized officer of that entity located in the business offices of that entity. 

General 
 This Agreement sets forth the
entire agreement between you and the affiliates of Dresser-Rand Group Inc. regarding your multi-location assignment. 
 For the avoidance of
doubt, nothing in this Agreement is intended to diminish your rights under your Employment Agreement and you will continue to be entitled to your rights and benefits under your Employment Agreement in accordance with its terms during your
multi-location assignment; provided, however, by signing below, you agree and acknowledge that your multi-location assignment, your employer and this Agreement do not trigger any rights, payments or compensation under such Employment Agreement
or other agreement, plan or equity award of which you are the beneficiary. 
  

					
	Gustavo Nechar	 		  	Date
	 Vice President – Human Resources
	 		  	

 I agree and consent to the terms of this assignment, including that my employment will be with Dresser-Rand Group Inc.
and Dresser-Rand International, Paris Branch, as described in this Agreement. 
 I also acknowledge that I have read and understand the terms of
the Multi-location Assignment Tax Guidelines and agree to respectively follow them to minimize tax obligations while on assignment. I also specifically acknowledge and agree: 

 

	 	1.	That any tax benefits derived from host country tax payments, made by Company, will be returned to Company after individual tax returns are filed against which such
payments are credited; 

  

	 	2.	To authorize the Company to deduct (reduce from my earnings) any amounts owed under these guidelines from my paycheck where permitted by law; and

  

	 	3.	That benefit’s under these guidelines shall be construed and interpreted in accordance with the laws of the State of Texas without regard to its conflict of laws
principles. 

  

					
	Vince R. Volpe, Jr.	 		  	Date
	 President & CEO Dresser-Rand Group Inc.
	 		  	

 Cost Center: 96200 
 Attachments: 
  

	1.	Multi-location Assignment Tax Guidelines 

  

	2.	CIGNA international healthcare program summary<![CDATA[Form of Medium-Term Notes, Series K, Securities Linked to the S&P 500 Index]]>

 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. 94986RPL9
 REGISTERED
NO.         
	  		  	FACE AMOUNT: $            

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 
 Due Nine Months or More From Date of Issue 

Securities Linked to the S&P 500® Index 
 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 July 6, 2015. 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 three Business Days (as defined below) after the postponed Calculation Day. 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 or equal to the Threshold Level: the Contingent Fixed Redemption Amount; or 

 

	 	•	 	 if the Ending Level is less than the Threshold Level: 

 
 

 
 “Index” shall mean the S&P 500® Index. 
 The “Pricing Date” shall mean April 18, 2013. 
 The
“Starting Level” is 1541.61, 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 “Contingent Fixed Redemption Amount” is 109.75% of the Face Amount of this Security. 
 The “Threshold Level” is 1310.3685, which is equal to 85% of the Starting Level. 
 The “Multiplier” is equal to the Starting Level divided by the Threshold Level. 
 “Index Sponsor” shall mean S&P Dow Jones Indices LLC. 

“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. 
 A “Trading
Day” with respect to the Index means a day, as determined by the Calculation Agent, on which (i) the Relevant Exchanges with respect to each security underlying the Index are scheduled to be open for trading for their respective
regular trading sessions and (ii) each Related Exchange is scheduled to be open for trading for its regular trading session. 
 The “Related Exchange” for the Index means each exchange or quotation system where trading has a material effect (as determined by the Calculation Agent) on the overall market for futures
or options contracts relating to the Index. 

  
 2 

 The “Relevant Exchange” for any security then underlying the Index means
the primary exchange or quotation system on which such security is traded, as determined by the Calculation Agent. 
 The
“Calculation Day” shall be June 30, 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 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 Trading Day after the originally scheduled Calculation Day, that eighth Trading Day shall be deemed the Calculation Day. If the Calculation Day has been postponed eight Trading Days
after the originally scheduled Calculation Day and a Market Disruption Event occurs or is continuing with respect to the Index on such eighth Trading Day, the Calculation Agent will determine the Closing Level of the Index on such eighth 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 a Market
Disruption Event has occurred, its good faith estimate of the value of such securities at the Scheduled Closing Time (as defined below) on the Relevant Exchanges) on such date of each security included in the Index. See “—Market Disruption
Events.” As used herein, “closing price” means, with respect to any security on any date, the relevant exchange traded or quoted price of such security as of the Close of Trading (as defined below) on such date. 

“Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of May 29, 2012 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 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. 

  
 3 

 In the event that the Index Sponsor discontinues publication of the Index prior to, and the
discontinuance is continuing on, the Calculation Day and the Calculation Agent determines that no Successor Equity Index is available at such time, the Calculation Agent will calculate a substitute Closing Level for the Index in accordance with the
formula for and method of calculating the Index last in effect prior to the discontinuance, but using only those securities that comprised the Index immediately prior to that 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 on the Calculation Day the Index Sponsor of the Index fails to calculate and announce the level of the Index, the Calculation Agent
will calculate a substitute Closing Level of the Index in accordance with the formula for and method of calculating the Index last in effect prior to the failure, but using only those securities that comprised the Index immediately prior to that
failure; provided that, if a Market Disruption Event occurs or is continuing on such day, then the provisions set forth above under the definition of “Calculation Day” shall apply in lieu of the foregoing. 

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 (other than a modification prescribed in that formula or method to maintain the Index in the event of changes in constituent stock and capitalization and other routine events), then, from and after that time, the
Calculation Agent will, at the close of business in New York, New York, on each date that the Closing Level of the Index is to be calculated, calculate a substitute Closing Level of the Index in accordance with the formula for and method of
calculating the Index last in effect prior to the change, but using only those securities that comprised the Index immediately prior to that change. 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)	The occurrence or existence of a material suspension of or limitation imposed on trading by the Relevant Exchanges or otherwise relating to securities which 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, whether by reason of movements in price exceeding limits permitted by those Relevant
Exchanges or otherwise. 

  

	 	(B)	 The occurrence or existence of a material suspension of or limitation imposed on trading by any Related Exchange or otherwise in futures or options
contracts relating to the Index or any Successor Equity Index on any Related Exchange at any time during the one-hour period that ends at the Close of Trading on that day, 

  
 4 

	 	
whether by reason of movements in price exceeding limits permitted by the Related Exchange or otherwise. 

 

	 	(C)	The occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect
transactions in, or obtain market values for, securities that then comprise 20% or more of the level of the Index or any Successor Equity Index on their Relevant Exchanges at any time during the one-hour period that ends at the Close of Trading on
that day. 

  

	 	(D)	The occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect
transactions in, or obtain market values for, futures or options contracts relating to the Index or any Successor Equity Index on any Related Exchange at any time during the one-hour period that ends at the Close of Trading on that day.

  

	 	(E)	The closure on any Exchange Business Day of the Relevant Exchanges on which securities that then comprise 20% or more of the level of the Index or any Successor Equity
Index are traded or any Related Exchange prior to its Scheduled Closing Time unless the earlier closing time is announced by the Relevant Exchange or Related Exchange, as applicable, at least one hour prior to the earlier of (1) the actual
closing time for the regular trading session on such Relevant Exchange or Related Exchange, as applicable, and (2) the submission deadline for orders to be entered into the Relevant Exchange or Related Exchange, as applicable, system for
execution at the Close of Trading on that day. 

  

	 	(F)	The Relevant Exchange for any security underlying the Index or Successor Equity Index or any Related Exchange fails to open for trading during its regular trading
session. 

 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)	the “Close of Trading” means the Scheduled Closing Time of the Relevant Exchanges with respect to the securities underlying the Index or any Successor
Equity Index; 

  

	 	(3)	the “Scheduled Closing Time” of any Relevant Exchange or Related Exchange on any Trading Day for the Index or any Successor Equity Index means
the scheduled weekday closing time of such Relevant Exchange or Related Exchange on such Trading Day, without regard to after hours or any other trading outside the regular trading session hours; and 

  
 5 

	 	(4)	an “Exchange Business Day” means any Trading Day for the Index or any Successor Equity Index on which each Relevant Exchange for the securities
underlying the Index or any Successor Equity Index and each Related Exchange are open for trading during their respective regular trading sessions, notwithstanding any such Relevant Exchange or Related Exchange closing prior to its Scheduled Closing
Time. 

 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 July 6, 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. 

  
 6 

   
 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 

Securities Linked to the S&P 500® Index 
 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 time Outstanding of all series to be affected, acting together as a class. The Indenture also contains 

  
 9 

 
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 

  
 10 

 
form, 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 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. 

  
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