Document:

WELLS FARGO & COMPANY 8-K

 

Exhibit 4.1

 

 

[Face of Note]

 

Unless this certificate
is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede
& Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

	CUSIP NO. 94988U482	PRINCIPAL AMOUNT:  $____________
	REGISTERED NO. ___	 

 

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES S

 

Due Nine Months or More From Date of Issue

 

Capped Leveraged Index Return Notes®
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 August 28, 2020 (the “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.

“Principal
Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this Security as its
“Principal Amount.”

    	 		 

    	 

    

Determination of
Redemption Amount

The “Redemption
Amount” of this Security will equal:

 

		•	if the Ending Value is greater than the Starting Value: the lesser of:

 

(i) Principal Amount +

 

 

(ii) the Capped Value;

 

		•	if the Ending Value is equal to or less than the Starting Value, but greater than or equal to the Threshold Value: the Principal
Amount; or

 

		•	if the Ending Value is less than the Threshold Value: the Principal Amount minus:

 

 

 

All calculations with respect to the Redemption
Amount will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward (e.g., 0.000005 would be
rounded to 0.00001); and the Redemption Amount will be rounded to the nearest cent, with one-half cent rounded upward.

 

“Index”
shall mean the S&P 500® Index.

 

The “Pricing Date”
shall mean August 30, 2018.

 

The “Starting
Value” is 2,901.13, the Closing Level of the Index on the Pricing Date.

 

The “Closing Level”
of the Index on any Market Measure Business Day means the official closing level of the Index reported by the Index Publisher on
such Market Measure Business Day, subject to the provisions set forth below under “Discontinuance of the Index,” “Adjustments
to the Index” and “Market Disruption Events.”

 

The “Ending Value”
will be the average of the Closing Levels of the Index on each Calculation Day (as defined below) occurring during the Maturity
Valuation Period (as defined below), subject to the provisions set forth below under “Market Description Events.”

 

The
“Threshold Value” is 2,611.02, which is equal to 90% of the Starting Value, rounded to two decimal places.

 

The
“Participation Rate” is 200.00%.

 

    	 	2	 

    	 

    

 

The
“Capped Value” is 15.00% of the Principal Amount.

 

A
“Market Measure Business Day” means a day on which (1) the New York Stock Exchange (the “NYSE”)
and The Nasdaq Stock Market, or their successors, are open for trading and (2) the Index or any Successor Index (as defined
below) is calculated and published.

 

“Index Publisher”
shall mean S&P Dow Jones Indices LLC.

 

“Maturity Valuation
Period” means each of August 19, 2020, August 20, 2020, August 21, 2020, August 24, 2020 and August 25, 2020, subject
to the provisions set forth below under “Market Disruption Events.”

 

“Calculation Day”
means any Market Measure Business Day during the Maturity Valuation Period on which a Market Disruption Event (as defined below)
has not occurred.

 

“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.

 

“Joint Calculation
Agency Agreement” shall mean the Joint Calculation Agency Agreement dated as of July 18, 2016, as amended by the
letter agreement dated as of February 26, 2018, each between the Company and the Calculation Agents, and each as may be further
amended from time to time.

 

“Calculation Agents”
shall mean the Persons that have entered into the Joint Calculation Agency Agreement with the Company providing for, among other
things, the determination of the Ending Value and the Redemption Amount, which term shall, unless the context otherwise requires,
include their successors under such Joint Calculation Agency Agreement. The initial Calculation Agents shall be Wells Fargo Securities,
LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated. Pursuant to the Joint Calculation Agency 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.

 

Adjustments to the Index

If,
after the Pricing Date, the Index Publisher makes a material change in the method of calculating the Index or in another way that
changes the Index such that it does not, in the opinion of the Calculation Agents, fairly represent the level of the Index had
those changes or modifications not been made, the Calculation Agents will, at the close of business in New York, New York, on each
date that the Closing Level is to be calculated, make adjustments to the Index. Those adjustments will be made in good faith as
necessary to arrive at a calculation of a level of the Index as if those changes or modifications had not been made, and the Calculation
Agents shall calculate the Closing Level of the Index, as so adjusted.

    	 	3	 

    	 

    

 

Discontinuance of the Index

If,
after the Pricing Date, the Index Publisher discontinues publication of the Index, and the Index Publisher or another entity then
publishes a substitute index that the Calculation Agents determine, in their sole discretion, to be comparable to the original
Index (a “Successor Index”), the Calculation Agents will substitute the Successor Index as calculated by the
relevant Index Publisher or any other entity and calculate the Ending Value as described in the definition of “Ending Value”
above. If the Calculation Agents select a Successor Index, the Calculation Agents will give written notice of the selection to
the Trustee, to the Company, and to the Holder hereof.

If
the Index Publisher discontinues publication of the Index before the end of the Maturity Valuation Period and the Calculation Agents
do not select a Successor Index, then on each day that would have been a Calculation Day, until the earlier to occur of:

		•	the determination of the Ending Value; and

		•	a determination by the Calculation Agents that
a Successor Index is available,

the Calculation Agents will compute
a substitute level for the Index in accordance with the procedures last used to calculate the Index before any discontinuance as
if that day were a Calculation Day. The Calculation Agents will make available to the Holder hereof information regarding those
levels by means of Bloomberg L.P., Thomson Reuters, a website, or any other means selected by the Calculation Agents in their reasonable
discretion.

If
a Successor Index is selected or the Calculation Agents calculate a level as a substitute for the Index, the Successor Index or
level will be used as a substitute for all purposes, including for the purpose of determining whether a Market Disruption Event
exists.

Market
Disruption Events 

“Market
Disruption Event” means one or more of the following events, as determined by the Calculation Agents in their sole discretion:

		(A)	the suspension of or material limitation on
trading, in each case, for more than two consecutive hours of trading, or during the one-half hour period preceding the close of
trading, on the primary exchange where the securities included in the Index trade (without taking into account any extended or
after-hours trading session), in 20% or more of the securities which then compose the Index or any Successor Index; and

		(B)	the suspension of or material limitation on
trading, in each case, for more than two consecutive hours of trading, or during the one-half hour period preceding the close of
trading, on the primary exchange that trades options contracts or futures contracts related to the Index (without taking into account
any extended or after-hours trading session), whether by reason of movements in price otherwise exceeding levels permitted by the
relevant exchange or otherwise, in options contracts or futures contracts related to the Index, or any Successor Index.

    	 	4	 

    	 

    

 

For
the purpose of determining whether a Market Disruption Event has occurred:

		1)	a limitation on the hours in a trading day and/or
number of days of trading will not constitute a Market Disruption Event if it results from an announced change in the regular business
hours of the relevant exchange;

		2)	a decision to permanently discontinue trading
in the relevant futures or options contracts related to the Index, or any Successor Index, will not constitute a Market Disruption
Event;

		3)	a suspension in trading in a futures or options
contract on the Index, or any Successor Index, by a major securities market by reason of (a) a price change violating limits
set by that securities market, (b) an imbalance of orders relating to those contracts, or (c) a disparity in bid and
ask quotes relating to those contracts will constitute a suspension of or material limitation on trading in futures or options
contracts related to the Index;

		4)	a suspension of or material limitation on trading
on the relevant exchange will not include any time when that exchange is closed for trading under ordinary circumstances; and

		5)	if the Index has component securities listed
on the NYSE, for the purpose of clause (A) above, any limitations on trading during significant market fluctuations under
NYSE Rule 80B, or any applicable rule or regulation enacted or promulgated by the NYSE or any other self-regulatory organization
or the Securities and Exchange Commission of similar scope as determined by the Calculation Agents, will be considered “material.”

If
(i) a Market Disruption Event occurs on a scheduled Calculation Day during the Maturity Valuation Period or (ii) any scheduled
Calculation Day is determined by the Calculation Agents not to be a Market Measure Business Day by reason of an extraordinary event,
occurrence, declaration, or otherwise (any such day in either (i) or (ii) being a “Non-Calculation Day”), the
Closing Level of the Index for the applicable Non-Calculation Day will be the Closing Level of the Index on the next Calculation
Day that occurs during the Maturity Valuation Period. For example, if the first and second scheduled Calculation Days during the
Maturity Valuation Period are Non-Calculation Days, then the Closing Level of the Index on the next Calculation Day will also be
the Closing Level for the Index on the first and second scheduled Calculation Days during the Maturity Valuation Period. If no
further Calculation Days occur after a Non-Calculation Day, or if every scheduled Calculation Day during the Maturity Valuation
Period is a Non-Calculation Day, then the Closing Level of the Index for that Non-Calculation Day and each following Non-Calculation
Day (or for all the scheduled Calculation Days during the Maturity Valuation Period, if applicable) will be determined (or, if
not determinable, estimated) by the Calculation Agents in a commercially reasonable manner on the last scheduled Calculation Day
during the Maturity Valuation Period, regardless of the occurrence of a Market Disruption Event on that last scheduled Calculation
Day.

    	 	5	 

    	 

    

Calculation
Agent

The
Calculation Agents have the sole discretion to make all determinations regarding this Security as described in this Security, including
determinations regarding the Starting Value, the Threshold Value, the Ending Value, the Index, the Redemption Amount, any Market
Disruption Events, a Successor Index, Market Measure Business Days, Business Days, Calculation Days, Non-Calculation Days, and
determinations related to the discontinuance of the Index. Absent manifest error, all determinations of the Calculation Agents
will be conclusive for all purposes and final and binding on the Holder hereof and the Company, without any liability on the part
of the Calculation Agents.

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.

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 prepaid derivative contract that is an “open transaction.”

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 August 28, 2020.
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 described under “Determination of Redemption Amount,” determined as if the date of acceleration were
the sole Calculation Day.

__________________

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.

    	 	6	 

    	 

    

 

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

 

DATED:

 

	 	WELLS FARGO & COMPANY
	 	 	 
	 	By:	 
	 	 	 
	 	 	Its:
	 	 	 
	 	Attest:	 
	 	 	 
	 	 	Its:

 

 

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

This is one of the Securities of the

series designated therein described

in the within-mentioned Indenture.

 

	CITIBANK, N.A.,	 
	 	as Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 
	 	 	 
	OR	 
	 	 	 
	WELLS FARGO BANK, N.A.,	 
	 	as Authenticating Agent for the Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 

 

    	 	7	 

    	 

    

[Reverse of Note]

 

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES S

 

Due Nine Months or More From Date of Issue

 

Capped Leveraged Index Return Notes®
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 February 21, 2017, as amended or supplemented from time to time
(herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the “Trustee,”
which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series S, of the Company. The
amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity-
or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic or financial
performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed
rate or a floating rate. The Securities of this series may mature at different times, be redeemable at different times or not at
all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies.

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

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

Modification and Waivers 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all
series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority
in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting
together as a class, on

    	 	8	 

    	 

    

 

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 “Principal Amount” hereof. Any such consent or waiver by the Holder of this Security shall be conclusive
and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

Defeasance

Section 403
and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating
to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants, upon
compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions
of Section 401 of the Indenture shall apply to this Security.

Authorized Denominations

This Security is
issuable only in registered form without coupons in denominations of $10 or any amount in excess thereof which is an integral multiple
of $10.

Registration of Transfer

Upon due presentment
for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new
Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate
Principal Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations
provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed
in connection therewith.

This Security is
exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling
or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered
under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days after the
Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that
this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z) an Event
of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant
to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date of issuance,
Stated Maturity Date and other terms and of authorized denominations aggregating a like amount.

    	 	9	 

    	 

    

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.

    	 	10	 

    	 

    

 

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)

 

    	 	11	 

    	 

    

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.

 

 

    	 	12WELLS FARGO & COMPANY 8-K

 

Exhibit 4.2

 

 

[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. 94988U490	PRINCIPAL AMOUNT:  $_____________
	REGISTERED NO. ___	 

 

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES S

 

Due Nine Months or More From Date of Issue

 

Market-Linked Step Up Notes 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 August 28, 2020 (the “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.

“Principal
Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this Security as its
“Principal Amount.”

    	 		 

    	 

    

Determination of Redemption Amount

The “Redemption
Amount” of this Security will equal:

 

		•	if the Ending Value is greater than the Step Up Value: the Principal Amount plus:

 

 

 

		•	if the Ending Value is greater than or equal to the Starting Value but is equal to or less than the Step Up Value: the Principal
Amount plus the Step Up Payment; or

 

		•	if the Ending Value is less than the Starting Value: the Principal Amount minus:

 

 

 

All calculations with respect to the Redemption
Amount will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward (e.g., 0.000005 would be
rounded to 0.00001); and the Redemption Amount will be rounded to the nearest cent, with one-half cent rounded upward.

 

“Index”
shall mean the S&P 500® Index.

 

The “Pricing Date”
shall mean August 30, 2018.

 

The “Step Up Payment”
is 11.90% of the Principal Amount.

 

The “Starting
Value” is 2,901.13, the Closing Level of the Index on the Pricing Date.

 

The “Closing Level”
of the Index on any Market Measure Business Day means the official closing level of the Index reported by the Index Publisher on
such Market Measure Business Day, subject to the provisions set forth below under “Discontinuance of the Index,” “Adjustments
to the Index” and “Market Disruption Events.”

 

The “Step Up Value”
is 3,246.36, which is equal to 111.90% of the Starting Value, rounded to two decimal places.

 

The “Ending Value”
will be the Closing Level of the Index on the Calculation Day (as defined below), subject to the provisions set forth below under
“Market Description Events.”

 

The
“Threshold Value” is 2,901.13, which is equal to 100% of the Starting Value.

 

A
“Market Measure Business Day” means a day on which (1) the New York Stock Exchange (the “NYSE”)
and The Nasdaq Stock Market, or their successors, are open for trading and (2) the Index or any Successor Index (as defined
below) is calculated and published.

 

    	 	2	 

    	 

    

“Index
Publisher” shall mean S&P Dow Jones Indices LLC.

 

The “Calculation
Day” is August 21, 2020, subject to the provisions set forth below under “Market Disruption Events.”

 

“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.

 

“Joint Calculation
Agency Agreement” shall mean the Joint Calculation Agency Agreement dated as of July 18, 2016, as amended by the
letter agreement dated as of February 26, 2018, each between the Company and the Calculation Agents, and each as may be further
amended from time to time.

 

“Calculation Agents”
shall mean the Persons that have entered into the Joint Calculation Agency Agreement with the Company providing for, among other
things, the determination of the Ending Value, the Step-Up Payment and the Redemption Amount, which term shall, unless the context
otherwise requires, include their successors under such Joint Calculation Agency Agreement. The initial Calculation Agents shall
be Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated. Pursuant to the Joint Calculation
Agency 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.

 

Adjustments to the Index

If,
after the Pricing Date, the Index Publisher makes a material change in the method of calculating the Index or in another way that
changes the Index such that it does not, in the opinion of the Calculation Agents, fairly represent the level of the Index had
those changes or modifications not been made, the Calculation Agents will, at the close of business in New York, New York, on each
date that the Closing Level is to be calculated, make adjustments to the Index. Those adjustments will be made in good faith as
necessary to arrive at a calculation of a level of the Index as if those changes or modifications had not been made, and the Calculation
Agents shall calculate the Closing Level of the Index, as so adjusted.

Discontinuance of the Index

If,
after the Pricing Date, the Index Publisher discontinues publication of the Index, and the Index Publisher or another entity then
publishes a substitute index that the Calculation Agents determine, in their sole discretion, to be comparable to the original
Index (a “Successor Index”), the Calculation Agents will substitute the Successor Index as calculated by the
relevant Index Publisher or any other entity and calculate the Ending Value as described in the definition of “Ending Value”
above. If the Calculation Agents select a Successor Index, the Calculation Agents will give written notice of the selection to
the Trustee, to the Company, and to the Holder hereof.

    	 	3	 

    	 

    

If
the Index Publisher discontinues publication of the Index before the Calculation Day and the Calculation Agents do not select a
Successor Index, then on the day that would otherwise be the Calculation Day, until the earlier to occur of:

		•	the determination of the Ending Value; and

		•	a determination by the Calculation Agents that
a Successor Index is available,

the Calculation Agents will compute
a substitute level for the Index in accordance with the procedures last used to calculate the Index before any discontinuance.
The Calculation Agents will make available to the Holder hereof information regarding those levels by means of Bloomberg L.P.,
Thomson Reuters, a website, or any other means selected by the Calculation Agents in their reasonable discretion.

If
a Successor Index is selected or the Calculation Agents calculate a level as a substitute for the Index, the Successor Index or
level will be used as a substitute for all purposes, including for the purpose of determining whether a Market Disruption Event
exists.

Market
Disruption Events 

“Market
Disruption Event” means one or more of the following events, as determined by the Calculation Agents in their sole discretion:

		(A)	the suspension of or material limitation on
trading, in each case, for more than two consecutive hours of trading, or during the one-half hour period preceding the close of
trading, on the primary exchange where the securities included in the Index trade (without taking into account any extended or
after-hours trading session), in 20% or more of the securities which then compose the Index or any Successor Index; and

		(B)	the suspension of or material limitation on
trading, in each case, for more than two consecutive hours of trading, or during the one-half hour period preceding the close of
trading, on the primary exchange that trades options contracts or futures contracts related to the Index (without taking into account
any extended or after-hours trading session), whether by reason of movements in price otherwise exceeding levels permitted by the
relevant exchange or otherwise, in options contracts or futures contracts related to the Index, or any Successor Index.

For
the purpose of determining whether a Market Disruption Event has occurred:

		1)	a limitation on the hours in a trading day and/or
number of days of trading will not constitute a Market Disruption Event if it results from an announced change in the regular business
hours of the relevant exchange;

		2)	a decision to permanently discontinue trading
in the relevant futures or options contracts related to the Index, or any Successor Index, will not constitute a Market Disruption
Event;

    	 	4	 

    	 

    

		3)	a suspension in trading in a futures or options
contract on the Index, or any Successor Index, by a major securities market by reason of (a) a price change violating limits
set by that securities market, (b) an imbalance of orders relating to those contracts, or (c) a disparity in bid and
ask quotes relating to those contracts will constitute a suspension of or material limitation on trading in futures or options
contracts related to the Index;

		4)	a suspension of or material limitation on trading
on the relevant exchange will not include any time when that exchange is closed for trading under ordinary circumstances; and

		5)	if the Index has component securities listed
on the NYSE, for the purpose of clause (A) above, any limitations on trading during significant market fluctuations under
NYSE Rule 80B, or any applicable rule or regulation enacted or promulgated by the NYSE or any other self-regulatory organization
or the Securities and Exchange Commission of similar scope as determined by the Calculation Agents, will be considered “material.”

If
the scheduled Calculation Day is determined by the Calculation Agents not to be a Market Measure Business Day by reason of an extraordinary
event, occurrence, declaration, or otherwise, or if there is a Market Disruption Event on that day, the Calculation Day will be
the immediately succeeding Market Measure Business Day during which no Market Disruption Event occurs or is continuing; provided
that the Ending Value will be determined (or, if not determinable, estimated) by the Calculation Agents in a commercially reasonable
manner on a date no later than the second scheduled Market Measure Business Day prior to the Stated Maturity Date, regardless of
the occurrence of a Market Disruption Event on that day.

Calculation
Agent

The
Calculation Agents have the sole discretion to make all determinations regarding this Security as described in this Security, including
determinations regarding the Starting Value, the Step Up Value, the Threshold Value, the Ending Value, the Index, the Redemption
Amount, the Step Up Payment, any Market Disruption Events, a Successor Index, Market Measure Business Days, Business Days, the
Calculation Day, non-Calculation Days, and determinations related to any adjustments to, or discontinuance of, the Index. Absent
manifest error, all determinations of the Calculation Agents will be conclusive for all purposes and final and binding on the Holder
hereof and the Company, without any liability on the part of the Calculation Agents.

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.

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 

    	 	5	 

    	 

    

purposes
to characterize and treat this Security as a prepaid derivative contract that is an “open transaction.”

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 August 28, 2020.
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 described under “Determination of Redemption Amount,” determined as if the date of acceleration were
the Calculation Day.

__________________

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.

    	 	6	 

    	 

    

 

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

 

DATED:

 

	 	WELLS FARGO & COMPANY
	 	 	 
	 	By:	 
	 	 	 
	 	 	Its:
	 	 	 
	 	Attest:	 
	 	 	 
	 	 	Its:

 

 

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

This is one of the Securities of the

series designated therein described

in the within-mentioned Indenture.

 

	CITIBANK, N.A.,	 
	 	as Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 
	 	 	 
	OR	 
	 	 	 
	WELLS FARGO BANK, N.A.,	 
	 	as Authenticating Agent for the Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 

 

    	 	7	 

    	 

    

[Reverse of Note]

 

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES S

 

Due Nine Months or More From Date of Issue

 

Market-Linked Step Up Notes 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 February 21, 2017, as amended or supplemented from time to time
(herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the “Trustee,”
which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series S, of the Company. The
amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity-
or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic or financial
performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed
rate or a floating rate. The Securities of this series may mature at different times, be redeemable at different times or not at
all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies.

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

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

Modification and Waivers 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all
series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority
in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting
together as a class, on

    	 	8	 

    	 

    

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 “Principal Amount” hereof. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security.

Defeasance

Section 403
and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating
to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants, upon
compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions
of Section 401 of the Indenture shall apply to this Security.

Authorized Denominations

This Security is
issuable only in registered form without coupons in denominations of $10 or any amount in excess thereof which is an integral multiple
of $10.

Registration of Transfer

Upon due presentment
for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new
Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate
Principal Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations
provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed
in connection therewith.

This Security is
exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling
or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered
under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days after the
Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that
this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z) an Event
of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant
to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date of issuance,
Stated Maturity Date and other terms and of authorized denominations aggregating a like amount.

    	 	9	 

    	 

    

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.

    	 	10	 

    	 

    

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)

 

    	 	11	 

    	 

    

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.

 

 

    	 	12

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