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. 95001BBP8 
	FACE AMOUNT: $_____________

REGISTERED
NO. ___

 

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES S

 

Due
Nine Months or More From Date of Issue

 

Principal
at Risk Securities Linked to a Global ETF Basket 

due
February 26, 2020

 

 

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 Maturity Payment
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 February 26, 2020. If the Calculation Day (as defined below) is not postponed for any Basket Component (as defined below),
the Initial Stated Maturity Date will be the “Stated Maturity Date.” If the Calculation Day is postponed for
any Basket Component, the “Stated Maturity Date” shall be the later of (i) the Initial Stated Maturity
Date and (ii) three Business Days (as defined below) after the last Calculation Day as postponed. 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 Maturity Payment Amount

The
“Maturity Payment Amount” of this Security will equal:

 

		•	if
                                         the Ending Price is greater than the Starting Price: the Face Amount plus the
                                         lesser of:

 

	 	(i)  		Face Amount x		Ending
    Price – Starting Price

    Starting Price		x Participation Rate  		; and

 

(ii) 
the Maximum Return;

 

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

 

		•	if
                                         the Ending Price is less than the Threshold Price: the Face Amount minus:

 

	 		Face Amount x	Threshold Price - Ending Price

 Starting Price	

 

All
calculations with respect to the Maturity Payment 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 Maturity Payment Amount will be rounded to the nearest cent,
with one-half cent rounded upward.

 

“Basket”
shall mean a basket comprised of the following Basket Components, with the return of each Basket Component having the weighting
noted parenthetically: SPDR® S&P 500® ETF Trust (50%); iShares® MSCI EAFE ETF
(30%); and iShares® MSCI Emerging Markets ETF (20%).

 

“Basket
Component” shall mean each of the SPDR S&P 500 ETF Trust, iShares MSCI EAFE ETF and iShares MSCI Emerging Markets
ETF.

 

“Underlying
Index” shall mean each of the S&P 500 Index, MSCI EAFE Index and MSCI Emerging Markets Index.

 

The
“Pricing Date” shall mean December 19, 2018. The Initial Component Price of each Basket Component was set on
December 18, 2018 as set forth below.

 

The
“Starting Price” is 100.

 

The
“Ending Price” will be calculated based on the weighted returns of the Basket Components and will be equal
to the product of (i) 100 and (ii) an amount equal to 1 plus the sum of: (A) 50% of the Component Return of the SPDR S&P
500 ETF Trust; (B) 30% of the

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Component
Return of the iShares MSCI EAFE ETF; and (C) 20% of the Component Return of the iShares MSCI Emerging Markets ETF.

 

The
“Component Return” of a Basket Component will be equal to:

 

Final
Component Price – Initial Component Price

Initial
Component Price

 

where,

 

	 	•	the “Initial
    Component Price” is the Fund Closing Price of such Basket Component on December 18, 2018 as set forth below; and
	 	 	 
	 	•	the “Final
    Component Price” will be the Fund Closing Price of such Basket Component on the Calculation Day.
	 	 	 
	 	 	The
        Initial Component Prices of the Basket Components are as follows: SPDR S&P 500 ETF Trust ($255.08); iShares MSCI EAFE
        ETF ($59.39); and iShares MSCI Emerging Markets ETF ($39.14).

         

The
“Fund Closing Price” with respect to a Basket Component on any Trading Day means the product of (i) the Closing
Price of one share of such Basket Component (or one unit of any other security for which a Fund Closing Price must be determined)
on such Trading Day and (ii) the Adjustment Factor applicable to such Basket Component on such Trading Day.

 

The
“Closing Price” with respect to one share of a Basket Component (or one unit of any other security for which
a Closing Price must be determined) on any Trading Day means the official closing price on such day published by the principal
United States securities exchange registered under the Securities Exchange Act of 1934, as amended, on which such Basket Component
(or any such other security) is listed or admitted to trading.

 

The
“Adjustment Factor” means, with respect to a share of a Basket Component (or one unit of any other security
for which a Fund Closing Price must be determined), 1.0, subject to adjustment in the event of certain events affecting the shares
of such Basket Component. See “Anti-dilution Adjustments Relating To A Basket Component; Alternate Calculation—Anti-dilution
Adjustments” below.

 

The
“Threshold Price” is 85, which is equal to 85% of the Starting Price.

 

The
“Maximum Return” is 11% of the Face Amount.

 

The
“Participation Rate” is 200%.

 

“Business
Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law or regulation to close in New York, New York.

 

    3

     

    

A
“Trading Day” with respect to a Basket Component means a day, as determined by the Calculation Agent, on which
the Relevant Stock Exchange (as defined below) and each Related Futures or Options Exchange (as defined below) with respect to
such Basket Component, or any successor thereto, if applicable, are scheduled to be open for trading for their respective regular
trading sessions.

 

The
“Related Futures or Options Exchange” for a Basket Component 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 such Basket Component.

The
“Relevant Stock Exchange” for a Basket Component means the primary exchange or quotation system on which shares
(or other applicable securities) of such Basket Component are traded, as determined by the Calculation Agent.

The
“Calculation Day” shall be February 21, 2020. If such day is not a Trading Day with respect to any Basket Component,
the Calculation Day for each Basket Component will be postponed to the next succeeding day that is a Trading Day with respect
to each Basket Component. The Calculation Day for a Basket Component is also subject to postponement due to the occurrence of
a Market Disruption Event (as defined below) with respect to such Basket Component. If a Market Disruption Event occurs or is
continuing with respect to a Basket Component on the Calculation Day, then the Calculation Day for such Basket Component will
be postponed to the first succeeding Trading Day for such Basket Component on which a Market Disruption Event for such Basket
Component has not occurred and is not continuing; however, if such first succeeding Trading Day has not occurred as of the eighth
Trading Day for such Basket Component after the originally scheduled Calculation Day, that eighth Trading Day shall be deemed
to be the Calculation Day for such Basket Component. If the Calculation Day has been postponed eight Trading Days for a Basket
Component after the originally scheduled Calculation Day and a Market Disruption Event occurs or is continuing with respect to
such Basket Component on such eighth Trading Day, the Calculation Agent will determine the Closing Price of such Basket Component
on such eighth Trading Day based on its good faith estimate of the value of the shares (or other applicable securities) of such
Basket Component as of the Close of Trading (as defined below) on such eighth Trading Day. Notwithstanding the postponement of
the Calculation Day for a particular Basket Component due to a Market Disruption Event with respect to such Basket Component,
the originally scheduled Calculation Day will remain the Calculation Day for any Basket Component not affected by a Market Disruption
Event. See “—Market Disruption Events.”

 

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of January 24, 2018 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 Price and the Maturity Payment 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

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Company
may appoint a different Calculation Agent from time to time after the initial issuance of this Security without the consent of
the Holder of this Security and without notifying the Holder of this Security.

 

Market
Disruption Events 

A
“Market Disruption Event” means, with respect to a Basket Component, 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 Stock Exchange or otherwise relating to the shares (or other applicable
                                         securities) of such Basket Component or any Successor Basket Component (as defined below)
                                         on the Relevant Stock Exchange at any time during the one-hour period that ends at the
                                         Close of Trading on such day, whether by reason of movements in price exceeding limits
                                         permitted by such Relevant Stock Exchange or otherwise.

		(B)	The
                                         occurrence or existence of a material suspension of or limitation imposed on trading
                                         by any Related Futures or Options Exchange or otherwise in futures or options contracts
                                         relating to the shares (or other applicable securities) of such Basket Component or any
                                         Successor Basket Component on any Related Futures or Options Exchange 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 the Related Futures or Options 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, shares (or other applicable securities) of such Basket Component
                                         or any Successor Basket Component on the Relevant Stock Exchange 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 shares (or other applicable
                                         securities) of such Basket Component or any Successor Basket Component on any Related
                                         Futures or Options Exchange at any time during the one-hour period that ends at the Close
                                         of Trading on that day.

		(E)	The
                                         closure of the Relevant Stock Exchange or any Related Futures or Options Exchange with
                                         respect to such Basket Component or any Successor Basket Component prior to its Scheduled
                                         Closing Time unless the earlier closing time is announced by the Relevant Stock Exchange
                                         or Related Futures or Options 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
                                         Stock Exchange or Related Futures or Options Exchange, as applicable, and (2) the
                                         submission deadline for orders to be entered into the Relevant Stock Exchange or Related

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Futures
or Options Exchange, as applicable, system for execution at the Close of Trading on that day.

		(F)	The
                                         Relevant Stock Exchange or any Related Futures or Options Exchange with respect to such
                                         Basket Component or any Successor Basket Component fails to open for trading during its
                                         regular trading session.

For
purposes of determining whether a Market Disruption Event has occurred with respect to a Basket Component:

		(1)	“Close
                                         of Trading” means the Scheduled Closing Time of the Relevant Stock Exchange
                                         with respect to such Basket Component or any Successor Basket Component; and

		(2)	the
                                         “Scheduled Closing Time” of the Relevant Stock Exchange or any Related
                                         Futures or Options Exchange on any Trading Day for such Basket Component or any Successor
                                         Basket Component means the scheduled weekday closing time of such Relevant Stock Exchange
                                         or Related Futures or Options Exchange on such Trading Day, without regard to after hours
                                         or any other trading outside the regular trading session hours.

Anti-dilution
Adjustments Relating To A Basket Component; Alternate Calculation

 

Anti-dilution
Adjustments 

 

The
Calculation Agent will adjust the Adjustment Factor with respect to a Basket Component as specified below if any of the events
specified below occurs with respect to such Basket Component and the effective date or ex-dividend date, as applicable, for such
event is after the Pricing Date and on or prior to the Calculation Day for such Basket Component.

 

The
adjustments specified below do not cover all events that could affect a Basket Component. The Calculation Agent may, in its sole
discretion, make additional adjustments to any terms of this Security upon the occurrence of other events that affect or could
potentially affect the market price of, or shareholder rights in, such Basket Component, with a view to offsetting, to the extent
practical, any such change, and preserving the relative investment risks of this Security. In addition, the Calculation Agent
may, in its sole discretion, make adjustments or a series of adjustments that differ from those described herein if the Calculation
Agent determines that such adjustments do not properly reflect the economic consequences of the events specified herein or would
not preserve the relative investment risks of this Security. All determinations made by the Calculation Agent in making any adjustments
to the terms of this Security, including adjustments that are in addition to, or that differ from, those described herein, will
be made in good faith and a commercially reasonable manner, with the aim of ensuring an equitable result. In determining whether
to make any adjustment to the terms of this Security, the Calculation Agent may consider any adjustment made by the Options Clearing
Corporation or any other equity derivatives clearing organization on options contracts on the affected Basket Component.

 

    6

     

    

For
any event described below, the Calculation Agent will not be required to adjust the Adjustment Factor for a Basket Component unless
the adjustment would result in a change to such Adjustment Factor then in effect of at least 0.10%. The Adjustment Factor resulting
from any adjustment will be rounded up or down, as appropriate, to the nearest one-hundred thousandth.

		(A)	Stock
                                         Splits and Reverse Stock Splits

If
a stock split or reverse stock split has occurred with respect to a Basket Component, then once such split has become effective,
the Adjustment Factor for such Basket Component will be adjusted to equal the product of the prior Adjustment Factor and the number
of securities which a holder of one share (or other applicable security) of such Basket Component before the effective date of
such stock split or reverse stock split would have owned or been entitled to receive immediately following the applicable effective
date.

		(B)	Stock
                                         Dividends

If
a dividend or distribution of shares (or other applicable securities) of a Basket Component has been made by such Basket Component
ratably to all holders of record of such shares (or other applicable security), then the Adjustment Factor for such Basket Component
will be adjusted on the ex-dividend date to equal the prior Adjustment Factor for such Basket Component plus the product of the
prior Adjustment Factor and the number of shares (or other applicable security) of such Basket Component which a holder of one
share (or other applicable security) of such Basket Component before the ex-dividend date would have owned or been entitled to
receive immediately following that date; provided, however, that no adjustment will be made for a distribution for which the number
of securities of such Basket Component paid or distributed is based on a fixed cash equivalent value.

		(C)	Extraordinary
                                         Dividends

If
an Extraordinary Dividend (as defined below) has occurred with respect to a Basket Component, then the Adjustment Factor for such
Basket Component will be adjusted on the ex-dividend date to equal the product of the prior Adjustment Factor for such Basket
Component and a fraction, the numerator of which is the Closing Price per share (or other applicable security) of such Basket
Component on the Trading Day preceding the ex-dividend date, and the denominator of which is the amount by which the Closing Price
per share (or other applicable security) of such Basket Component on the Trading Day preceding the ex-dividend date exceeds the
Extraordinary Dividend Amount (as defined below).

    7

     

    

For
purposes of determining whether an Extraordinary Dividend has occurred:

		(1)	“Extraordinary
                                         Dividend” means any cash dividend or distribution (or portion thereof) that
                                         the Calculation Agent determines, in its sole discretion, is extraordinary or special;
                                         and

		(2)	“Extraordinary
                                         Dividend Amount” with respect to an Extraordinary Dividend for the securities
                                         of a Basket Component will equal the amount per share (or other applicable security)
                                         of such Basket Component of the applicable cash dividend or distribution that is attributable
                                         to the Extraordinary Dividend, as determined by the Calculation Agent in its sole discretion.

A
distribution on the securities of a Basket Component described below under the section entitled “—Reorganization Events”
below that also constitutes an Extraordinary Dividend will only cause an adjustment pursuant to that “—Reorganization
Events” section.

		(D)	Other
                                         Distributions

If
a Basket Component declares or makes a distribution to all holders of the shares (or other applicable security) of such Basket
Component of any non-cash assets, excluding dividends or distributions described under the section entitled “—Stock
Dividends” above, then the Calculation Agent may, in its sole discretion, make such adjustment (if any) to the Adjustment
Factor as it deems appropriate in the circumstances. If the Calculation Agent determines to make an adjustment pursuant to this
paragraph, it will do so with a view to offsetting, to the extent practical, any change in the economic position of a holder of
this Security that results solely from the applicable event.

		(E)	Reorganization
                                         Events

If
a Basket Component, or any Successor Basket Component, is subject to a merger, combination, consolidation or statutory exchange
of securities with another exchange traded fund, and such Basket Component is not the surviving entity (a “Reorganization
Event”), then, on or after the date of such event, the Calculation Agent shall, in its sole discretion, make an adjustment
to the Adjustment Factor for such Basket Component or the method of determining the Maturity Payment Amount or any other terms
of this Security as the Calculation Agent determines appropriate to account for the economic effect on this Security of such event,
and determine the effective date of that adjustment. If the Calculation Agent determines that no adjustment that it could make
will produce a commercially reasonable result, then the Calculation Agent may deem such event a Liquidation Event (as defined
below).

    8

     

    

Liquidation
Events

If
a Basket Component is de-listed, liquidated or otherwise terminated (a “Liquidation Event”), and a successor
or substitute exchange traded fund exists that the Calculation Agent determines, in its sole discretion, to be comparable to such
Basket Component, then, upon the Calculation Agent’s notification of that determination to the Trustee and the Company,
any subsequent Fund Closing Price for such Basket Component will be determined by reference to the Fund Closing Price of such
successor or substitute exchange traded fund (such exchange traded fund being referred to herein as a “Successor Basket
Component”), with such adjustments as the Calculation Agent determines are appropriate to account for the economic effect
of such substitution on the holder of this Security.

If
a Basket Component undergoes a Liquidation Event prior to, and such Liquidation Event is continuing on, the date that any Fund
Closing Price of such Basket Component is to be determined and the Calculation Agent determines that no Successor Basket Component
is available at such time, then the Calculation Agent will, in its discretion, calculate the Fund Closing Price for such Basket
Component on such date by a computation methodology that the Calculation Agent determines will as closely as reasonably possible
replicate such Basket Component, provided that if the Calculation Agent determines in its discretion that it is not practicable
to replicate such Basket Component (including but not limited to the instance in which the sponsor of the index underlying such
Basket Component discontinues publication of that index), then the Calculation Agent will calculate the Fund Closing Price for
such Basket Component in accordance with the formula last used to calculate such Fund Closing Price before such Liquidation Event,
but using only those securities that were held by such Basket Component immediately prior to such Liquidation Event without any
rebalancing or substitution of such securities following such Liquidation Event.

If
a Successor Basket Component is selected or the Calculation Agent calculates the Fund Closing Price as a substitute for such Basket
Component, such Successor Basket Component or Fund Closing Price will be used as a substitute for such Basket Component for all
purposes, including for purposes of determining whether a Market Disruption Event exists.

If
any event is both a Reorganization Event and a Liquidation Event, such event will be treated as a Reorganization Event for purposes
of this Security unless the Calculation Agent makes the determination referenced in the last sentence of the section entitled
“—Anti-dilution Adjustments—Reorganization Events” above.

Alternate
Calculation

If
at any time the method of calculating a Basket Component or a Successor Basket Component, or the related Underlying Index, is
changed in a material respect, or if a Basket Component or a Successor Basket Component is in any other way modified so that such
Basket Component does not, in the opinion of the Calculation Agent, fairly represent the price of the securities of such Basket
Component or such Successor Basket Component had such changes or modifications not been made, then the Calculation Agent may,
at the close of business in New York City on the date that any Fund Closing Price is to be determined, make such calculations
and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in

    9

     

    

order
to arrive at a Closing Price of an exchange traded fund comparable to such Basket Component or such Successor Basket Component,
as the case may be, as if such changes or modifications had not been made, and calculate the Fund Closing Price of such Basket
Component and the Maturity Payment Amount with reference to such adjusted Closing Price of such Basket Component or such Successor
Basket Component, as applicable.

Calculation
Agent

The
Calculation Agent will determine the Maturity Payment Amount and the Ending Price. In addition, the Calculation Agent will (i)
determine if adjustments are required to the Fund Closing Price and/or the Adjustment Factor of a Basket Component under the circumstances
described in this Security, (ii) if a Basket Component undergoes a Liquidation Event, select a Successor Basket Component or,
if no Successor Basket Component is available, determine the Fund Closing Price of such Basket Component, and (iii) determine
whether a Market Disruption Event or non-Trading Day 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.

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 February
26, 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 Maturity Payment
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 Maturity Payment Amount hereof calculated as provided herein as though the date of acceleration was the Calculation
Day.

__________________

    10

     

    

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]

    11

     

    

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	 

 

 

    12

     

    

[Reverse
of Note]

 

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES S

 

Due
Nine Months or More From Date of Issue

 

Principal
at Risk Securities Linked to a Global ETF Basket 

due
February 26, 2020

 

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

    13

     

    

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, upon
compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions
of Section 401 of the Indenture shall apply to this Security.

Authorized
Denominations

This
Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which
is an integral multiple of $1,000.

Registration
of Transfer

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

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

    14

     

    

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 Maturity Payment 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 Maturity Payment 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.

    15

     

    

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)

 

    16

     

    

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.

 

 

 

 

    17Exhibit 10.1

      

      

      

      
        AMENDED EMPLOYMENT CONTRACT

        

        

        In the City of San Juan, Puerto Rico, December 19, 2018.

        

        

        APPEAR

         

          

        AS THE FIRST PARTY: Triple-S
              Management Corporation, a corporation organized and doing business under the laws of the Commonwealth of Puerto Rico, represented herein
            by Luis A. Clavell Rodríguez, of legal age, married, resident of Guaynabo, Puerto Rico, and Chairman of the Board of Directors, with authority from the Board to execute this Contract.

         

          

        AS THE SECOND PARTY:   Roberto García Rodríguez,
            of legal age, married, executive and resident of Guaynabo, Puerto Rico.

         

          

        The appearing parties have the legal capacity to execute this Contract and to such effect, they freely and voluntarily

         

          

        STATE

         

          

        FIRST: That to abbreviate and facilitate
            the understanding and analysis of this Contract, the terms below will have the meaning set forth in the following definitions:

         

          

        
          
            	

                  	a.	
                    “STDB” — shall mean the Short-Term Discretionary Bonus, as specified in Article 9(b) of this Contract.

                  

             

            

          

        

        
          
            	

                  	b.	
                    “Base Salary” — shall mean that provided in Article 9(a) of this Contract.

                  

             

            

          

        

        
          
            	

                  	c.	
                    “Board” — shall mean the Board of Directors of Triple-S Management Corporation.

                  

             

            

          

        

        
          
            	

                  	d.	
                    “Business” — shall include, but is not limited to: (i) the offering and sale of managed care services and related products in the Commercial, Medicaid and Medicare
                        markets; (ii) the offering and sale of health, life, accident, disability, property and casualty insurance; (iii) providing administration services only or self-insured (“ASO”) managed care services; (iv) providing hospitals, care
                        centers, physicians, clinics, home health care and affiliated services, among other services provided by the Company.

                  

             

            

          

        

        
          
            	

                  	e.	
                    “Cause” — shall mean that the CEO shall have incurred in any of the acts or conduct described in Article 16 of this Contract.

                  

             

            

          

        

        
          
            	

                  	f.	
                    “CEO” — shall mean the Chief Executive Officer and President of Triple-S Management Corporation, Roberto García Rodríguez.

                  

             

            

          

        

        
          
            	

                  	g.	
                    “Change of Control” — shall have the meaning ascribed to such term in Article 23(c) of this Contract.

                  

          

        

        

        

        
          
            

        

        
        
          
            	

                  	h.	
                    “Compensation Policy” — shall mean the Executive Compensation Philosophy approved by the Board of Directors of TSM on February 20, 2007, as may be amended from time to
                        time.

                  

             

            

          

        

        
          
            	

                  	i.	
                    “Confidential Information” — shall have the meaning ascribed to such term in Article 17 of this Contract.

                  

             

            

          

        

        
          
            	

                  	j.	
                    “Contract” — shall mean this Employment Contract.

                  

             

            

          

        

        
          
            	

                  	k.	
                    “Corporate Board Services” – shall mean being a member of a Board of Directors of any company outside or not related to TSM.

                  

          

        

        

        

        
          
            	

                  	l.	
                    “Fringe Benefits” — shall mean those fringe benefits provided pursuant to the standards and policies of TSM generally applicable to its executives, as may be modified
                        from time to time by the Board of Directors, which are referred to in Article 12 of this Contract and identified in Exhibit A to this Contract as “Fringe Benefits.”

                  

             

            

          

        

        
          	 	
                  m.

                	
                  “Good Reason” — shall have the meaning ascribed to such term in Article 23(d) of this Contract.

                

           

          

        

        
          
            	

                  	n.	
                    “LTIC” — shall have the meaning ascribed to such term in Article 9(c) of this Contract.

                  

             

            

          

        

        
          
            	

                  	o.	
                    “LTIP” — shall mean the Triple-S Management Corporation 2017 Incentive Plan or any successor plan that the Board may adopt for the granting of long-term incentives to
                        TSM executives.

                  

             

            

          

        

        
          
            	

                  	p.	
                    “Other Benefits” — shall mean those benefits, other than the Fringe Benefits, provided by the standards and policies of TSM generally applicable to its executives, as
                        may be modified from time to time.

                  

             

            

          

        

        
          
            	

                  	q.	
                    “Other Incentive Compensation” — shall have the meaning ascribed to such term in Article 9(d) of this Contract.

                  

             

            

          

        

        
          	 	
                  r.

                	
                  “Subsidiary Corporations” — shall mean the subsidiary corporations of TSM.

                

           

          

        

        
          
            	

                  	s.	
                    “Triple-S Management Corporation” or “TSM” — shall mean Triple-S Management Corporation, including all direct and indirect subsidiaries and affiliated entities.

                  

             

            

          

        

        
          
            	

                  	t.	
                    “Total Compensation” — shall have the meaning ascribed to such term in Article 23(b) of this Contract.

                  

             

            

          

        

        
          
            	

                  	u.	
                    “Without Cause” — shall mean a termination of employment of the CEO for a cause other that regarded as “Cause” under Article 16 of this Contract.

                  

          

        

        

        

        
          2

          
            

        

        SECOND: That TSM is a holding company of
            entities engaged in the Business, with its principal office located in the Commonwealth of Puerto Rico.

        

        

        THIRD: That the CEO is a professional with
            vast experience in business management who has a master’s degree in business administration and a Juris Doctor degree. The CEO has knowledge of the insurance business and since 2008, has served in several capacities at TSM, including as Legal
            Counsel, COO, and as CEO since 2016.

        

        

        FOURTH: That the parties hereto, intending
            to be legally bound hereby, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt of which is hereby acknowledged, agree to enter into this Contract subject to the
            following Terms and Conditions:

        

        

        GENERAL PROVISIONS

        

        

        1.          Excellence in Performance.  By this Contract, the CEO agrees to devote full time attention and energies to the Business of TSM and the protection of the best
            interests of TSM.

        

        

        2.           Official Title. The CEO will hold the title of President and Chief Executive Officer of Triple-S Management Corporation.

         

          

        3.          Hierarchy. The CEO, in carrying out his duties under this Contract, shall report directly to the Board. The CEO will
            have the normal duties, responsibilities and authority implied by such position, subject to the power of the Board to expand or limit such duties, responsibilities and authority and as provided by the By-Laws of TSM.

         

          

        4.          Standards and Fiduciary Duty. The CEO will be obligated to (i) faithfully and fully comply with each of the guidelines, rules, regulations and administrative
            policies established by TSM and (ii) develop and implement the strategies, plans and business methods and the operational controls that are necessary for the successful administration, direction and protection of the best interests of TSM. The
            CEO will be loyal to TSM at all times and will recognize the fiduciary duty entailed by the acceptance of the employment.

         

          

        5.          Consideration: (i) CEO’s continued employment with TSM; (ii) continued
            and new access to and receipt of TSM’s confidential information and trade secrets related to TSM’s business and its clients; and (iii) the compensation and benefits described below in the Specific Provisions section.

         

          

        SPECIFIC PROVISIONS

         

          

        6.         Principal Functions. The functions that the CEO will perform under this Contract are those necessary and proper of the chief executive officer of a corporation of
            the size, complexity and nature of TSM and will be invariably for the protection of TSM and its best interests.

         

          

        7.          Incidental Functions. The CEO must also perform all those duties, functions, tasks and incidental assignments which the Board assigns to him from time to time.

        

        

        
          3

          
            

        

        8.          Exclusive Service. The CEO will devote his reasonable efforts and full business time and attention to the Business and affairs of TSM. The CEO may serve on the
            boards of directors of purely philanthropic or civic organizations, or on the board of directors of one other company that is not competitive with the business of TSM, in each case only to the extent such service or participation does not
            interfere with his functions, duties, tasks and incidental assignments under this Agreement. The CEO may serve on the board of directors of additional companies that are not competitive with the business of TSM to the extent such service or
            participation does not interfere with his functions, duties, tasks and incidental assignments under this Agreement, and the Board has consented to such additional Corporate Board Service. In all cases, the CEO shall inform the Board of his
            Corporate Board Services.

         

          

        9.           Base Salary; Incentive Compensation. The CEO will be compensated for his services under this Contract as follows:

         

          

        
          
            	

                  	a.	
                    Base Salary. An annual salary as set forth in Exhibit A of this Contract, as it may be
                        modified from time to time pursuant to Article 11 of this Contract. The Base Salary will be payable in accordance with TSM’s normal payroll practices, with such deductions and withholdings as are required by law.

                  

          

        

        

        

        
          
            	

                  	b.	
                    Short-Term Discretionary Bonus (STDB). An annual short-term bonus to be computed each year
                        pursuant to the Compensation Policy. The determination of the STDB will remain at the sound discretion of the Board upon interpreting and applying said policy. If applicable, TSM will pay the CEO’s short-term discretionary bonus no
                        later than the second trimester of the payout year in accordance with the Corporation’s policies.

                  

          

        

        

        

        
          
            	

                  	c.	
                    Long-Term Incentive Compensation (LTIC). A long-term incentive to be determined each year
                        upon terms and conditions approved by the Board pursuant to the Compensation Policy and LTIP. The determination of the LTIC will remain at the sound discretion of the Board or Compensation Committee. If applicable, TSM will grant
                        the CEO’s long-term incentive compensation at the Compensation Committee’s first regularly scheduled meeting which shall take place in the month of March or as determined by the Compensation Committee in accordance with the
                        Corporation’s policies.

                  

          

        

        

        

        
          
            	

                  	d.	
                     Other Incentive Compensation. The Board may, but is not obligated to, provide other types
                        of short or long-term incentive compensation to the CEO. If any other incentive compensation is approved by the Board, said compensation shall be provided in accordance with the terms and conditions established by the Board.

                  

             

            

          

        

        10.        Deferred Compensation. The CEO shall have the option, from time to time, to defer the payment of any of the compensation set forth in Article 9 above, as he
            wishes, provided such process complies with the applicable provisions of law and in accordance with a deferred compensation plan approved by the Board.

         

          

        11.         Annual Review of Compensation. The compensation of the CEO will be reviewed yearly pursuant to the Compensation Policy, provided that the Base Salary shall never
            be less than the amount agreed to in Exhibit A to this Contract.

        

        

        
          4

          
            

        

        12.         Fringe Benefits; Other Benefits; Reimbursement of Expenses. The CEO will have the right to the Fringe Benefits and the Other Benefits. Additionally, TSM will
            reimburse and/or pay to the CEO the following items upon submission of documentation reasonably satisfactory to TSM of such expenses:

         

          

        
          
            	

                  	a.	
                    business, travel and miscellaneous expenses that are reasonably incurred in the performance of his official functions;

                  

             

            

          

        

        
          
            	

                  	b.	
                    the membership fees of a private club; and

                  

             

            

          

        

        
          
            	

                  	c.	
                    any other related expenses which the Board deems necessary for the exercise of his functions.

                  

             

            

          

        

        13.         Withholdings. TSM will withhold all amounts from the compensation of the CEO pursuant to law, such as social security and income tax.

        

        

        14.         Effectiveness and Expiration of the Contract. This Contract shall be effective as of January 1, 2019 and shall end on December 31, 2021, subject to earlier
            termination as provided in this Contract.

        

        

        The parties may renew the Contract by written agreement which will be executed on or before its expiration date. The parties are not
            obligated to renew the Contract. If either party wishes to renew the Contract, it will notify the other party in writing at least ninety (90) days prior to the expiration of the Contract. If either party gives notice of its intention to renew
            but the other does not wish to renew the Contract, or if both parties notify their intention to renew but do not reach an agreement as to the terms of the renewed contract, the employment of the CEO will terminate and the Contract will expire
            on December 31, 2021, except for Articles 17, 19 and 20, which shall survive such expiration. Upon the occurrence of any of the events described above in this paragraph, TSM will pay the CEO the equivalent of one year’s Base Salary in monthly
            installments and will extend the Fringe Benefits for one year, but only if the CEO was not the party notifying his interest not to renew the Contract.

        

        

        If the negotiations for a new contract extend beyond the expiration date and the CEO continues performing his services to TSM, TSM
            will continue to pay the CEO in accordance with Articles 9 and 12 of this Contract until such date as a new contract is signed or either party notifies, in writing, its decision to discontinue the negotiations, at which time all further CEO
            compensation will cease, except that TSM will pay the CEO the equivalent of one year’s Base Salary in monthly installments and will extend the Fringe Benefits for one year if the CEO is not the party that notifies its decision to discontinue
            the negotiations. The CEO and TSM hereby accept and acknowledge that the Contract will not be automatically renewed nor deemed to have been renewed because of the continuation of the negotiations beyond the expiration date.

         

          

        Upon the expiration of this Contract or discontinuation of the negotiations described above, the CEO will also have the right to
            payment of the deferred compensation under Article 10, all vested amounts under the LTIP and 401-K benefit plan, and the compensation described in the second paragraph of Article 15 related to vesting of equity and other awards under the LTIP.
            All amounts payable and benefits provided pursuant to this Article other than vested amounts under the LTIP and deferred compensation shall only be payable after the CEO has executed, delivered to TSM and not revoked within any applicable
            revocation period, a waiver and general release of claims against TSM in a form satisfactory to TSM (a “Release”).

        

        

        
          5

          
            

        

        15.         Termination Without Cause. The parties agree that TSM has full rights to unilaterally terminate this Contract and the CEO’s employment hereunder Without Cause at
            any time prior to its expiration date, provided that the terms of Articles 17, 19 and 20 shall continue in effect. In such event of termination, the only obligations of TSM under this Contract will be to:

         

          

        
          
            	

                  	a.	
                    pay to the CEO the Base Salary up to the normal expiration date of this Contract, or the Base Salary of one year, whichever is greater, withholding from said payments
                        those amounts pursuant to law. TSM shall have the option to make that payment in a lump sum or in monthly payments, which will not extend beyond the period remaining of the Contract or one year, whichever is greater;

                  

             

            

          

        

        
          
            	

                  	b.	
                    extend to the CEO the Fringe Benefits for the remainder of the term of this Contract or one year, whichever is longer;

                  

             

            

          

        

        
          
            	

                  	c.	
                    pay any deferred compensation under Article 10; and

                  

          

        

        

        

        
          
            	

                  	d.	
                    pay all amounts related to the CEO’s rights under the LTIP (including the compensation described in the second paragraph of this Article 15 related to vesting of equity
                        and other awards under the LTIP) and 401-K benefit plan.

                  

          

        

        

        

        In addition, as of the date of the CEO’s termination Without Cause
              (i) all Options and SARs of the CEO shall become fully and immediately exercisable and (ii) all Restricted Stock and Restricted Stock Units shall become fully vested and non-forfeitable and forthwith be delivered to the CEO if not previously delivered, and (iii) the percentage of any Performance Awards that would have been earned at the end of any given Performance Period based on actual results in accordance
              with the corresponding Award Agreement had the CEO’s employment not terminated shall vest pro-rata (i.e., based on a fraction, the numerator of which is the number of whole months elapsed from the beginning of the Performance Period to the
              date of the CEO’s termination of employment, and the denominator of which is the number of months in the Performance Period). Delivery of any such Restricted Stock Units within fifteen (15) days following the date of the expiration of any
              revocation period contained in the Release (or such other period provided by law) and payment of the value of any Performance Award shall be made within two and one-half months after the end of calendar year during which such award becomes
              vested. For purposes of this Contract, the terms “Options,” “SARs,” “Restricted Stock,” “Restricted Stock Units,” “Performance Award,” “Performance Period” and “Award Agreements” shall have the meanings given to them in the LTIP.

         

            

        All amounts payable and benefits provided pursuant to this Article other than vested amounts under the LTIP and deferred
            compensation shall only be payable after the CEO has executed, delivered to TSM and not revoked within any applicable revocation period, the Release.

        

        

        
          6

          
            

        

        16.         Termination with Cause. It will be understood that TSM shall have “Cause” for the termination of this Contract and the employment of the CEO hereunder, when the
            CEO incurs in any of the following:

         

          

        
          
            	

                  	a.	
                    material breach of his obligations and duties as specified in this Contract;

                  

             

            

          

        

        
          
            	

                  	b.	
                    conviction or allegation of nolo contendere of any felony or the conviction
                        or allegation of nolo contendere of a misdemeanor involving fraud, dishonest or disreputable conduct or moral turpitude;

                  

             

            

          

        

        
          
            	

                  	c.	
                    insubordination;

                  

             

            

          

        

        
          
            	

                  	d.	
                    material non-compliance of this Contract or the rules, regulations, guidelines, policies, or code of ethics of TSM;

                  

             

            

          

        

        
          
            	

                  	e.	
                    improper or disorderly conduct; or

                  

             

            

          

        

        
          
            	

                  	f.	
                    the existence of a conflict of interest not previously disclosed to the Board.

                  

          

        

        

        

        Should the termination of this Contract by TSM be for Cause, or should this Contract be terminated due to CEO’s resignation or
            death, the CEO will not have a right to further compensation, payment or any benefit under this Contract as of the date of the termination. Notwithstanding the above, the CEO will have the right to receive payment of the Base Salary earned up
            to the termination date; the liquidation of Other Benefits accumulated up to such date; the payment of the amount accumulated as deferred compensation pursuant to Article 10 of this Contract; and the payments regarding the vested rights under
            the LTIP (including, as applicable, the compensation described in the second paragraph of Article 15 related to vesting of equity and other awards under the LTIP) and 401-K benefit plan.

         

          

        17.         Confidentiality. The CEO recognizes that the knowledge of information concerning, or the relations with the employees, clients and agents of TSM and its Business
            that the CEO has acquired and acquires during his employment with TSM are valuable and exclusive assets of TSM. The CEO accepts that he will not use for his benefit or for the benefit of third parties, nor disclose, without the written consent
            of TSM, any information, data, documentation or material or substantial knowledge about TSM and its Business, its personnel or its plans, to any person, company, corporation, or other entity for any reason. The CEO accepts that all memoranda,
            notes, records and other documents, as well as information maintained electronically, generated or compiled by the CEO or which has been made available to the CEO about TSM’s Business, its employees and its clients are the exclusive property of
            TSM and will be returned by the CEO to TSM at the conclusion of his employment or at any other time at the request of TSM.

         

          

        The CEO accepts that the services he renders and will render to TSM are of a special and unique nature and that consequently, he
            will have and has had access to confidential information about TSM’s Business and its clients. Hence, the CEO is aware that if he materially breaches any of the provisions of this Contract with regard to these confidentiality agreements and
            non-use of the confidential information, TSM may suffer irreparable damage, and, therefore, in addition to any other remedy which TSM may have under this Contract or the law, TSM will have the right to request an injunction restraining the CEO
            from breaching or continuing to breach the provisions of this Contract. The term “Confidential Information” includes, but is not limited to:

        

        

        
          7

          
            

        

        
          
            	

                  	a.	
                    The information described above;

                  

             

            

          

        

        
          
            	

                  	b.	
                    Proprietary information of TSM or its clients;

                  

             

            

          

        

        
          
            	

                  	c.	
                    Information marked or designated by TSM as confidential;

                  

             

            

          

        

        
          
            	

                  	d.	
                    Information, written or unwritten, and in any manner and regardless of not having been designated as confidential, which the CEO knows is treated as confidential by
                        TSM; and

                  

             

            

          

        

        
          
            	

                  	e.	
                    Information provided to TSM by third parties that TSM is in the obligation of maintaining confidential, specifically including client lists and client information.

                  

          

        

        

        

        “Confidential Information” does not include any information which TSM discloses publicly, becomes public without the CEO’s fault, is
            public in nature or is collected routinely by companies like TSM.

        

        

        The provisions of this Article 17 will survive and continue in effect after the expiration or earlier termination of this Contract
            for any reason.

        

        

        18.        Documents. At the termination of this Contract, the CEO agrees to return all the documents, objects, materials and other information obtained by him about
            the Business of TSM, recognizing, in turn, that said documents, objects, materials and related information constitute the exclusive property of TSM.

         

          

        19.        TSM Personnel; Non-disparagement. The CEO agrees not to solicit nor promote that the personnel of TSM and/or its Subsidiary Corporations end, voluntarily or involuntarily, their employment to join
            him or third parties in other efforts that are not for the benefit of TSM during the duration of this Contract and during twelve (12) months after the expiration or earlier termination of this Contract.

         

          

        Following the employment period, the CEO shall not at any time make any public derogatory comment concerning
            TSM or anyone whom the CEO knows to be a current or former director, officer, stockholder or employee of TSM. Following the employment period, TSM shall not at any time make any public derogatory comment concerning the CEO. Notwithstanding the
            foregoing, nothing in this Article 19 shall prohibit any person from (i) responding publicly to incorrect, disparaging or derogatory public statements about TSM or the CEO relating to his employment with TSM, (y) providing truthful testimony in
            any judicial or administrative matter, or (z) making truthful statements required by law, by any regulatory authority or organization, or in connection with any public filing required by the U.S. Securities and Exchange Commission or any other
            regulatory authority.

        

        

        
          8

          
            

        

        20.         Recoupment Policy. The CEO agrees that all payments or benefits under different provisions of this Contract are subject to TSM’s Incentive Compensation Recoupment Policy, as such policy
            may be amended from time to time.

        

        

        21.        Dispute Resolution. Both parties agree to try to resolve in good faith any dispute arising under this Contract or related to its termination using the most
            cost-effective resources and will try to avoid any unnecessary costs. In addition, both parties shall make all good faith efforts to maintain all information regarding any dispute confidential.

        

        

        22.        Arbitration. If the parties are not able to resolve any dispute under this Agreement or related to its termination, for any reason, including alleged violations
            of the laws of Puerto Rico or of the United States of America which prohibit the discrimination in employment, these will be resolved by arbitration under the provisions of the Regulations of the American Arbitration Association, by an
            arbitrator selected according to said provisions. The process will be commenced by the filing of a petition for arbitration to said agency. The costs of the arbitrator’s fees, and other expenses inherent to the proceeding, will be paid by TSM.
            Each party will cover its own legal costs and attorney’s fees. The CEO and TSM specifically waive to process their claims in the courts of Puerto Rico or in the federal courts of the United States and will submit them to the arbitration
            proceeding agreed to herein. The parties agree that the decision of the arbitrator will be firm, final and unappealable.

        

        

        23.          Change of Control.

        

        

        
          
            	

                  	a.	
                    If during the term of this Contract there occurs a “Change of Control” of TSM, as this term is defined in sub-paragraph “c” of this Article 23, and as a result thereof
                        the CEO resigns for “Good Reason” (as such term is defined below) or is terminated from his employment Without Cause, the CEO will have the right to receive from TSM a compensation for termination in consideration for having
                        remained as an employee of TSM and having failed to pursue other  present or potential professional or business opportunities.  Such compensation for termination will be a sum equivalent to twice the “Total Compensation” (as such
                        term is defined below) of the CEO, payable on or before the thirtieth (30th) day following the date on which the CEO concludes his employment because of a Change of Control. TSM will also provide for the continuation of the Fringe
                        Benefits then in effect during twenty-four (24) months. The Fringe Benefits shall not be payable in a lump sum and TSM’s obligation to pay such Fringe Benefits will cease as soon as the CEO obtains employment with a comparable
                        benefit. Such compensation for termination shall be in substitution of, and not in addition to, any compensation to which the CEO is entitled under Articles 14, 15 or 16, but will not substitute his rights to payment of the deferred
                        compensation under Article 10 and all vested amounts under the LTIP (including the compensation described in the second paragraph of Article 15 related to vesting of equity and other awards under the LTIP) and the 401-K benefit
                        plan.

                  

          

        

        

        

        
          9

          
            

        

        
          
            	

                  	b.	
                    For purposes of this Article 23, the term “Total Compensation” means: (i) the highest Base Salary of the CEO paid to him in any of the three (3) years prior to the date
                        of the Change of Control, in addition to the average of the STDB of the three (3) years prior to said date.

                  

             

            

          

        

        
          
            	

                  	c.	
                    A “Change of Control” will be understood to have occurred if:

                  

             

            

          

        

        
          
            	

                  	(i)	
                    any party acquires ownership of TWENTY-FIVE PERCENT (25%) or more of the total votes required for the election of the directors of TSM’s Board of Directors, or of such
                        amount which, based on the cumulative vote, if this were allowed by the Articles of Incorporation and By-Laws of TSM, would permit such party to elect TWENTY-FIVE PERCENT (25%) or more of the directors of TSM;

                  

             

            

          

        

        
          
            	

                  	(ii)	
                    as a result of, or in connection with, a tender offer or exchange offer of TSM stock, a consolidation, merger or other business combination, sale of assets or any
                        combination of the aforementioned transactions, the persons who were directors of the Board prior to such transaction fail to constitute a majority of the board of directors of TSM or its successor;

                  

             

            

          

        

        
          
            	

                  	(iii)	
                    there is a change of at least 30% of the directors of TSM’s Board of Directors as a result of a “proxy fight”, as such term is defined in Regulation 14A of the
                        Securities Exchange Act of 1934, as amended; or

                  

             

            

          

        

        
          
            	

                  	(iv)	
                    a sale or transfer of substantially all the assets of TSM to another corporation not affiliated to TSM occurs.

                  

             

            

          

        

        Notwithstanding the provisions of this Article 23, a Change of Control of TSM will not be deemed to have occurred in the event that
            TSM suffers a corporate reorganization which does not materially alter the composition of directors or the percentage of votes owned by the existing stockholders.

         

          

        
          	 	
                  d.

                	
                  “Good Reason” for purposes of this Article 23 shall mean:

                

           

          

        

        
          
            	

                  	(i)	
                    a change in the nature or scope of the CEO’s duties or functions from those performed on the date immediately preceding the date of the Change of Control;

                  

             

            

          

        

        
          
            	

                  	(ii)	
                    a reduction in the CEO’s Base Salary from that received on the date immediately preceding the date of the Change of Control;

                  

             

            

          

        

        
          
            	

                  	(iii)	
                    a reduction in the CEO’s ability to participate in the compensation plans, such as bonus, stock options, incentives or other compensation plans, in which he
                        participated on the date immediately preceding the Change of Control, which reduction will be determined in comparison to the opportunities that TSM provides to executives with comparable duties or the opportunities of participation
                        that the CEO had under said plans on the date immediately preceding the date of the Change of Control;

                  

          

        

        

        

        
          10

          
            

        

        
          
            	

                  	(iv)	
                    a change in the location of the CEO’s principal place of employment of more than twenty-five miles from the place where the CEO maintained his work office on the date
                        immediately preceding the date of the Change of Control; or

                  

             

            

          

        

        
          
            	

                  	(v)	
                    the reasonable determination by the Board to the effect that, because of the Change of Control and a change in the circumstances thereafter affecting the employment
                        position of the CEO, the CEO is unable to exercise the authority, powers, functions or duties assigned to his position in TSM on the date immediately preceding the date of the Change of Control.

                  

             

            

          

        

        MISCELLANEOUS PROVISIONS

         

          

        24.         Interpretation of the Contract. This Contract is the result of the negotiations of the parties, so that no presumption or inference may be made in favor of either
            of them.

         

          

        25.         No waiver. The failure by either party at any time to require performance or compliance by the
            other of any of its obligations or agreement shall in no way affect the right to require such performance or compliance at any time thereafter. The waiver by either party of a breach of any provision hereof shall not be taken or held to be a
            waiver of any preceding or succeeding breach of such provision or as a waiver of the provision itself. No waiver of any kind shall be effective or binding, unless it is in writing and is signed by the party against whom such waiver is sought to
            be enforced.

        

        

        26.         Assignment. The CEO may not assign, in whole or in part, to a third party
            his obligations or commitments under this Contract.

         

          

        27.        Entire Agreement. This Contract is the full and complete agreement between the appearing parties. Any other prior agreement, contract or covenant shall not be
            construed as valid or in effect.

         

          

        28.         Amendments. Any amendments to this Contract must be made by agreement of the parties, in a written instrument executed by the parties or their legal representatives. Notwithstanding the
            foregoing, TSM has sole discretion to repeal, modify or create any standard, policy, rule or operational or employment condition of all employees, including compensation policies, benefits and insurance.

         

          

        29.        Section Headings. The headings included in this Contract have been added to facilitate its reading and analysis. At no time shall said headings be construed to constitute the agreement
            between the parties or amend the content of the terms that each one of them precedes.

         

          

        30.        Notices. All notices, if any, and all other communications, if any, required or permitted under this Agreement shall be in writing and hand delivered, sent via facsimile, sent by
            registered first class mail, postage pre-paid, or sent by nationally recognized express courier service. Such notices and other communications shall be effective upon receipt if hand delivered or sent via facsimile, three (3) days after mailing
            if sent by mail, to the following addresses, or such other addresses as any party shall notify the other parties:

        

        

        
          11

          
            

        

        If to the Company: Luis A. Clavell Rodríguez, Chairman of the Board
              of Directors, Triple-S Management Corporation, 1441 F.D. Roosevelt Avenue, San Juan, Puerto Rico 00920.

         

            

        If to the CEO: Roberto García-Rodríguez, Triple-S Management
              Corporation, 1441 F.D. Roosevelt Avenue, San Juan, Puerto Rico 00920.

         

            

        31.          Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which, taken together,
            constitute one and the same agreement.

         

          

        32.          Separability. If any term of this Contract is declared void or illegal, the rest of its terms will continue in full force and effect.

         

          

        33.          Interpretation. This Contract shall be construed and enforced in accordance with the laws of the Commonwealth of Puerto Rico.

         

          

        SUCH IS THE AGREEMENT which the parties accept, acknowledge and sign in San Juan, Puerto Rico, on the date indicated above.

        

        

        	
                TRIPLE-S MANAGEMENT CORPORATION

              	 
	 	 	 
	 	
                s/Luis A. Clavell Rodríguez

              	
                s/Roberto García Rodríguez

              
	
                By:

              	
                Luis A. Clavell Rodríguez

              	
                Roberto García Rodríguez

              
	 	
                Chairman of the Board of Directors

              	 
	 	
                Triple-S Management Corporation

              	 

        

        

        
          12

          
            

        

        EXHIBIT A

        

        

        TO EMPLOYMENT CONTRACT dated December 19, 2018 between Triple-S
            Management Corporation and Roberto García Rodríguez:

         

          

        
          	
                  1)

                	
                  Base Salary: $825,000

                

        

         

          

        
          	
                  2)

                	
                  Fringe Benefits:

                

        

         

          

        
          
            
              	 	
                      ·

                    	
                      Family health insurance

                    

            

          

        

        
          	 	
                  ·

                	
                  Long term disability insurance

                

        

        
          	 	
                  ·

                	
                  Life insurance

                

        

        
          	 	
                  ·

                	
                  401-K retirement savings plan

                

        

        

        

        

        

        13

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