Document:

Form of Note

 Exhibit 4.1 
 [Face of Note] 
  

			
	CUSIP NO. 94974BEX4	  	PRINCIPAL AMOUNT: $            
	REGISTERED NO.     	  	

 WELLS FARGO & COMPANY 

MEDIUM-TERM FLOATING RATE NOTE, SERIES I 
 Due Nine Months or More From Date of Issue 

x  Check this box if this Security is a Global Security. 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer 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. 
 This Security is not a deposit or other obligation of a depository
institution and is not insured by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund or any other governmental agency. 
  

					
	ORIGINAL ISSUE DATE:
May 25, 2011	 	ISSUE PRICE: 100%	 	STATED MATURITY DATE: May 25, 2016
	 	 	 
	BASE RATE: LIBOR	 	INITIAL INTEREST RATE: Three-month LIBOR plus 0.875%, determined two London Banking Days prior to
May 25, 2011	 	INITIAL INTEREST PAYMENT DATE: August 25, 2011
	 	 	 
	INTEREST PAYMENT DATES: Each February 25, May 25,
August 25, and November 25, commencing August 25, 2011, and at maturity	 	INTEREST DETERMINATION DATES: Second London Banking Day prior to each Interest Reset Date	 	CALCULATION DATES: See below
	 	 	 
	 MAXIMUM
INTEREST RATE: N/A
  
	 	MINIMUM INTEREST RATE: N/A	 	INTEREST RESET PERIOD: Quarterly
	 	 	 
	INTEREST RESET DATES: Each February 25, May 25,
August 25, and November 25, commencing August 25, 2011 and ending February 25, 2016	 	INITIAL INTEREST RESET DATE: August 25, 2011	 	SPREAD MULTIPLIER: N/A
	 	 	 
	SPREAD: +87.5 basis points	 	INDEX MATURITY: Three months	 	REGULAR RECORD DATES: The fifteenth calendar day, whether or not a Business Day, prior to
the Interest Payment Date.
	 	 	 
	 DESIGNATED CMT
MATURITY INDEX AND DESIGNATED REUTERS PAGE
 (Only applicable if the Base Rate is CMT): N/A
	 	 INDEX CURRENCY

(Only applicable if the Base Rate is LIBOR): U.S. Dollars
	 	CALCULATION AGENT: Wells Fargo Bank, N.A.

					
	 OPTIONAL REDEMPTION
 (at option of Company): N/A
	 	 REDEMPTION PRICE: N/A

     ̈    100%

     ̈    Other
	 	 REDEMPTION
DATE(S)
 (at option of Company): N/A

	 	 	 
	SINKING FUND: N/A	 	OPTION TO ELECT REPAYMENT: N/A	 	 REPAYMENT PRICE: N/A

     ̈    100%

     ̈    Other

	 	 	 
	OPTIONAL REPAYMENT DATE(S): N/A	 	 MINIMUM DENOMINATIONS:

    x    U.S. $1,000

     ̈    Other
	 	 DEPOSITARY

(Only applicable if this Security is a Global Security): The Depository Trust Company

	 	 	 
	SPECIFIED CURRENCY: U.S. Dollars	 	OTHER/ADDITIONAL TERMS: Article Sixteen of the Indenture shall not apply to this Security	 	ADDENDUM ATTACHED: No

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, the principal sum of
                                 DOLLARS
($            ) on the Stated Maturity Date shown above (except to the extent redeemed or repaid prior to such date) and to pay interest, if any, on the Interest Payment Dates
specified above, commencing with the Initial Interest Payment Date specified above following the Original Issue Date specified above, and at Maturity, on the principal amount hereof, at a rate per annum equal to the Initial Interest Rate specified
above until the Initial Interest Reset Date specified above following the Original Issue Date specified above and thereafter at the rate per annum specified above, as determined by the Calculation Agent in accordance with the provisions on the
reverse hereof under the heading “Determination of CD Rate”, “Determination of Commercial Paper Rate”, “Determination of EURIBOR”, “Determination of Federal Funds Rate”, “Determination of Federal Funds
(Open) Rate”, “Determination of LIBOR”, “Determination of Prime Rate”, “Determination of Treasury Rate” or “Determination of CMT Rate,” as applicable. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date next preceding
such Interest Payment Date. Interest payable upon Maturity will be paid to the Person to whom principal is payable. The Regular Record Date for an Interest Payment Date shall be the fifteenth calendar day, whether or not a Business Day, prior to
such Interest Payment Date. 
 If an Interest Payment Date falls on a day that is not a Business Day, other than an Interest
Payment Date that is also the date of Maturity, such Interest Payment Date will be postponed to the following day that is a Business Day, except that, if the Base Rate specified above is LIBOR or EURIBOR and such following Business Day is in the
next calendar month, such Interest Payment Date shall be the immediately preceding day that is a Business Day. If the date of Maturity would fall on a day that is not a Business Day, the payment of principal and any premium and interest shall be
made on the next Business Day, with the same force and effect as if made on the due date, and no additional interest shall accrue on the amount so payable for the period from and after such date of Maturity. For purposes of this Security,
“Business Day” means any 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 or London. 

  
 2 

 Interest payments on this Security shall be the amount of interest accrued from and
including the Original Issue Date specified above or from and including the last date to which interest has been paid, or provided for, as the case may be, to but excluding, the following Interest Payment Date or the date of Maturity. This period is
referred to as an “Interest Period.” If this Security has been issued upon transfer of, in exchange for, or in replacement of, a Predecessor Security, interest on this Security shall accrue from the last Interest Payment Date to which
interest was paid on such Predecessor Security or, if no interest was paid on such Predecessor Security, from the Original Issue Date specified above. The first payment of interest on a Security originally issued and dated between a Regular Record
Date specified above and an Interest Payment Date will be due and payable on the Interest Payment Date following the next succeeding Regular Record Date to the registered owner on such next succeeding Regular Record Date. 

Notwithstanding the foregoing, if an Addendum is attached hereto or “Other/Additional Terms” apply to this Security as
specified above, this Security shall be subject to the terms set forth in such Addendum or such “Other/Additional Terms.” 
 The principal (and premium, if any) and interest on this Security is payable by the Company in the Specified Currency specified above. 

Any interest not punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and
may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 
 Payment of interest on this Security, other than payments of interest at Maturity, will be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the
Security Register or by wire transfer to such account as may have been designated by such Person. Payment of principal of and interest 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. Notwithstanding the foregoing, for so long as this Security is a Global Security registered in the name of the Depositary, payments of principal and interest on this Security
will be made to the Depositary by wire transfer of immediately available funds. 
 The Company will pay any administrative costs
imposed by banks on payors in making payments on this Security in immediately available funds and the Holder of this Security shall pay any administrative costs imposed by banks on payees in connection with such payments. Any tax, assessment or
governmental charge imposed upon payments on this Security will be borne by the Holder of this Security. 

  
 3 

 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. 

  
 4 

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

									
	DATED:
                            	 		 		 	
		
		 	WELLS FARGO & COMPANY
			
		 	By:	 	  

		 	Its:	 	  

				
	[SEAL]	 		 		 	
			
		 	Attest:	 	  

		 	Its:	 	  

				
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION
 This is one of the Securities of the
 series designated therein referred to

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	 		 		 	

  
 5 

 [Reverse of Note] 
 WELLS FARGO & COMPANY 
 MEDIUM-TERM FLOATING RATE NOTE, SERIES I

 Due Nine Months or More From Date of Issue 
 General 
 This Security is one of a duly authorized issue of securities of
the Company (herein called the “Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between
the Company and Citibank, N.A., as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto, reference is hereby made for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series of the Securities designated as Medium-Term Notes, Series I, of the Company, which series is limited to an aggregate principal amount of $25,000,000,000 or the equivalent thereof in one or more foreign or composite
currencies minus the aggregate principal amount of the Company’s Subordinated Medium-Term Notes, Series J which may be issued from time to time. The Securities of this series may mature at different times, bear interest, if any, at different
rates, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all, be issued at an original issue discount 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. 

Interest Rate Reset 
 The
interest rate in effect from the Original Issue Date to the Initial Interest Reset Date specified on the face hereof shall be the Initial Interest Rate specified on the face hereof. Commencing with the Initial Interest Reset Date specified on the
face hereof following the Original Issue Date specified on the face hereof, the interest rate on this Security will be reset daily, weekly, monthly, quarterly, semiannually or annually as specified on the face hereof under “Interest Reset
Period.” Each such adjusted rate shall be applicable from and including the Interest Reset Date to which it relates to but not including the next succeeding Interest Reset Date or until Maturity, as the case may be. On each Interest Reset Date,
the rate of interest on this Security shall be the rate determined with respect to the Interest Determination Date next preceding such Interest Reset Date in accordance with the provisions of the applicable heading below and adjusted by the addition
or subtraction of the Spread, if any, specified on the face hereof, and/or by the multiplication by the Spread Multiplier, if any, specified on the face hereof. 

  
 6 

 If any Interest Reset Date would otherwise be a day that is not a Business Day, such
Interest Reset Date will be postponed to the following Business Day, except that if the Base Rate specified above is LIBOR or EURIBOR and if such following Business Day is in the next calendar month, such Interest Reset Date shall be the immediately
preceding Business Day. 
 The amount of interest to be paid on this Security for each Interest Period will be calculated by
multiplying the principal amount of this Security by an accrued interest factor. The “accrued interest factor” will be computed by adding the interest factors calculated for each day in the Interest Period. The “interest factor”
for each day is computed by dividing the interest rate applicable to that day: 
  

	 	•	 	 by 360, if the Base Rate is the CD Rate, the Commercial Paper Rate, EURIBOR, Federal Funds Rate, Federal Funds (Open) Rate, LIBOR, except for LIBOR
Securities for which the Index Currency is pounds sterling, or Prime Rate; 

  

	 	•	 	 by 365 (or 366 if the last day of the Interest Period falls in a leap year) if the Base Rate is LIBOR and the Index Currency is pounds sterling; or

  

	 	•	 	 by the actual number of days in the year, if the Base Rate is the Treasury Rate or the CMT Rate. 

Unless otherwise specified on the face hereof, all percentages resulting from any calculation referred to herein shall be rounded, if
necessary, to the nearest one hundred-thousandth of a percentage point, with .000005% rounded up to .00001% and all U.S. dollar amounts used in or resulting from any of the above calculations will be rounded, if necessary, to the nearest cent, with
one-half cent rounded upward. If the Japanese Yen is the Index Currency, all Japanese Yen amounts used in or resulting from these calculations will be rounded downward to the next lower Japanese Yen amount. All amounts denominated in any other
currency used in or resulting from these calculations will be rounded to the nearest two decimal places in that currency, with .005 round up to .01. 
 Notwithstanding the foregoing, the interest rate per annum hereon shall not be greater than the Maximum Interest Rate, if any, or less than the Minimum Interest Rate, if any, specified on the face hereof.
The Calculation Agent shall calculate the interest rate hereon in accordance with the foregoing on or before each Calculation Date. 
 The interest rate on this Security shall in no event be higher than the maximum rate permitted by New York law, as the same may be modified by United States law of general application. 

At the request of the Holder hereof, the Calculation Agent shall provide to the Holder hereof the interest rate hereon then in effect
and, if determined, the interest rate that will become effective on the next Interest Reset Date with respect to this Security. The Calculation Agent’s determination of any interest rate shall be final and binding in the absence of manifest
error. The Calculation Agent shall notify the Paying Agent of each determination of the interest applicable to this Security promptly after the determination is made. 

  
 7 

 A “Calculation Date”, where applicable, for any Interest Determination Date will
be the earlier of: 
  

	 	•	 	 the tenth calendar day after that Interest Determination Date or, if that day is not a Business Day, the next Business Day; or

  

	 	•	 	 the Business Day immediately preceding the applicable Interest Payment Date or date of Maturity. 

Determination of CD Rate 

If the Base Rate specified on the face hereof is the CD Rate, the interest rate per annum determined with respect to any Interest
Determination Date specified on the face hereof shall equal the rate on that date for negotiable U.S. dollar certificates of deposit having the Index Maturity specified on the face hereof as published by the Board of Governors of the Federal Reserve
System in “Statistical Release H.15(519), Selected Interest Rates,” or any successor publication of the Board of Governors of the Federal Reserve System (“H.15(519)”) under the heading “CDs (Secondary Market).”

 The following procedures will be followed if the CD Rate cannot be determined as described above: 

 

	 	•	 	 If the above rate is not published in H.15(519) by 3:00 p.m., New York City time, on the Calculation Date, the CD Rate will be the rate on that
Interest Determination Date set forth in the daily update of H.15(519), available through the website of the Board of Governors of the Federal Reserve System at http://www.federalreserve.gov/releases/h15/update, or any successor site or publication
(the “H.15 Daily Update”) for the Interest Determination Date for certificates of deposit having the Index Maturity specified on the face hereof, under the caption “CDs (Secondary Market).” 

 

	 	•	 	 If the above rate is not yet published in either H.15(519) or the H.15 Daily Update by 3:00 p.m., New York City time, on the Calculation Date, the
Calculation Agent will determine the CD Rate to be the arithmetic mean of the secondary market offered rates as of 10:00 a.m., New York City time, on that Interest Determination Date of three leading nonbank dealers in negotiable U.S. dollar
certificates of deposit in New York, New York which may include the agents for the Securities of this series or their affiliates, selected by the Calculation Agent, after consultation with the Company, for negotiable U.S. dollar certificates of
deposit of major U.S. money center banks of the highest credit standing in the market for negotiable certificates of deposit with a remaining maturity closest to the Index Maturity specified on the face hereof in an amount that is representative for
a single transaction in that market at that time. 

  

	 	•	 	 If the dealers selected by the Calculation Agent are not quoting as set forth above, the CD Rate for that Interest Determination Date will remain the
CD Rate for the immediately preceding Interest Reset Period, or, if none, the rate of interest payable will be the Initial Interest Rate. 

  
 8 

 Determination of Commercial Paper Rate 

If the Base Rate specified on the face hereof is the Commercial Paper Rate, the interest rate per annum determined with respect to any
Interest Determination Date specified on the face hereof shall equal the Money Market Yield (as defined below), calculated as described below, of the rate on that date for U.S. dollar commercial paper having the Index Maturity specified on the face
hereof, as that rate is published in H.15(519), under the heading “Commercial Paper—Nonfinancial.” 
 The
following procedures will be followed if the Commercial Paper Rate cannot be determined as described above: 
  

	 	•	 	 If the above rate is not published by 3:00 p.m., New York City time, on the Calculation Date, then the Commercial Paper Rate will be the Money Market
Yield of the rate on that Interest Determination Date for commercial paper of the Index Maturity specified on the face hereof as published in the H.15 Daily Update, or other recognized electronic source used for the purpose of displaying the
applicable rate, under the heading “Commercial Paper—Nonfinancial.” 

  

	 	•	 	 If by 3:00 p.m., New York City time, on that Calculation Date the rate is not yet published in either H.15(519) or the H.15 Daily Update, or other
recognized electronic source used for the purpose of displaying the applicable rate, then the Calculation Agent will determine the Commercial Paper Rate to be the Money Market Yield of the arithmetic mean of the offered rates as of 11:00 a.m.,
New York City time, on that Interest Determination Date of three leading dealers of U.S. dollar commercial paper in New York, New York, which may include the agents for the Securities of this series or their affiliates, selected by the Calculation
Agent, after consultation with the Company, for commercial paper of the Index Maturity specified on the face hereof, placed for an industrial issuer whose bond rating is “Aa,” or the equivalent, from a nationally recognized statistical
rating agency. 

  

	 	•	 	 If the dealers selected by the Calculation Agent are not quoting as set forth above, the Commercial Paper Rate for the Interest Determination Date will
remain the Commercial Paper Rate for the immediately preceding Interest Reset Period, or, if none, the rate of interest payable will be the Initial Interest Rate. 

“Money Market Yield” will be a yield calculated in accordance with the following formula: 

 

					
	Money Market Yield =    	 	 D x 360

360 – (D x M)
	 	    x 100

 where “D” refers
to the applicable per year rate for commercial paper quoted on a bank discount basis and expressed as a decimal and “M” refers to the actual number of days in the Interest Period for which interest is being calculated. 

  
 9 

 Determination of EURIBOR 
 If the Base Rate specified on the face hereof is EURIBOR, the interest rate per annum determined with respect to any Interest Determination Date specified on the face hereof shall equal the rate for
deposits in euros as sponsored, calculated and published jointly by the European Banking Federation and ACI — The Financial Market Association, or any company established by the joint sponsors for purposes of compiling and publishing those
rates, for the Index Maturity specified on the face hereof as that rate appears on the display on Reuters 3000 Xtra Service (“Reuters”), or any successor service, on page EURIBOR01 or any other page as may replace page EURIBOR01 on that
service, which is referred to as “Reuters Page EURIBOR01,” as of 11:00 a.m., Brussels time. 
 The following
procedures will be followed if EURIBOR cannot be determined as described above: 
  

	 	•	 	 If the above rate does not appear on Reuters Page EURIBOR01 on an Interest Determinate Date at approximately 11:00 a.m., Brussels time, the Calculation
Agent will request the principal Euro-Zone office of each of four major banks in the Euro-Zone interbank market, as selected by the Calculation Agent, after consultation with the Company, to provide the Calculation Agent with its offered rate for
deposits in euros, at approximately 11:00 a.m., Brussels time, on the Interest Determination Date, to prime banks in the Euro-Zone interbank market for the Index Maturity specified on the face hereof commencing on the applicable Interest Reset Date,
and in a principal amount not less than the equivalent of €1 million that is representative of a single transaction in euro, in that market at that time. If at least two quotations are provided, EURIBOR will be the arithmetic mean of those
quotations. 

  

	 	•	 	 If fewer than two quotations are provided, then the Calculation Agent, after consultation with the Company, will select four major banks in the
Euro-Zone interbank market to provide a quotation of the rate offered by them, at approximately 11:00 a.m., Brussels time, on the applicable Interest Determination Date for loans in euro to leading European banks for a period of time equivalent
to the Index Maturity specified on the face hereof commencing on that Interest Reset Date in a principal amount not less than the equivalent of €1 million. 

 

	 	•	 	 If three quotations are not provided, EURIBOR for that Interest Determination Date will remain EURIBOR for the immediately preceding Interest Reset
Period, or, if none, the rate of interest payable will be the Initial Interest Rate. 

 “Euro-Zone”
means the region comprising member states of the European Union that have adopted the single currency in accordance with the relevant treaty of the European Union, as amended. 
 Determination of Federal Funds Rate 
 If the Base Rate specified on the face
hereof is the Federal Funds Rate, the interest rate per annum determined with respect to any Interest Determination Date specified on the face 

  
 10 

 
hereof shall equal the rate on that date for U.S. dollar federal funds as published in H.15(519) under the heading “Federal Funds (Effective)” as displayed on Reuters, or any successor
service, on page FEDFUNDS1 or any other page as may replace the applicable page on that service (“Reuters Page FEDFUNDS1”). 
 The following procedures will be followed if the Federal Funds Rate cannot be determined as described above: 
  

	 	•	 	 If the above rate is not published in H.15(519) by 3:00 p.m., New York City time, on the Calculation Date, or does not appear on Reuters Page
FEDFUNDS1, the Federal Funds Rate will be the rate on that Interest Determination Date as published in the H.15 Daily Update, or other recognized electronic source used for the purpose of displaying the applicable rate, under the heading
“Federal Funds (Effective).” 

  

	 	•	 	 If the above rate is not yet published in either H.15(519) or H.15 Daily Update, or other recognized electronic source used for the purpose of
displaying the applicable rate, by 3:00 p.m., New York City time, on the Calculation Date, the Calculation Agent will determine the Federal Funds Rate to be the arithmetic mean of the rates for the last transaction in overnight U.S. dollar
federal funds prior to 9:00 a.m., New York City time, on the Business Day following that Interest Determination Date, by each of three leading brokers of U.S. dollar federal funds transactions in New York, New York, which may include the agents
for the Securities of this series or their affiliates, selected by the Calculation Agent, after consultation with the Company. 

  

	 	•	 	 If fewer than three brokers selected by the Calculation Agent are not quoting as set forth above, the Federal Funds Rate for that Interest
Determination Date will remain the Federal Funds Rate for the immediately preceding Interest Reset Period, or, if none, the rate of interest payable will be the Initial Interest Rate. 

Determination of Federal Funds (Open) Rate 
 If the Base Rate specified on the face hereof is the Federal Funds (Open) Rate, the interest rate per annum determined with respect to any Interest Determination Date specified on the face hereof shall
equal the federal funds rate on that date set forth opposite the caption “Open” as displayed on Reuters, or any successor service, on page 5 or any other page as may replace the applicable page on that service (“Reuters Page 5”).

 The following procedures will be followed if the Federal Funds (Open) Rate cannot be determined as described above:

  

	 	•	 	 If the above rate is not published by 3:00 p.m., New York City time, on the Calculation Date, the Federal Funds (Open) Rate will be the rate on that
Interest Determination Date displayed on FFPREBON Index Page on Bloomberg L.P. (“Bloomberg”), which is the Federal Funds Opening Rate reported by Prebon Yamane, or any successor service, on Bloomberg. 

  
 11 

	 	•	 	 If the above rate is not displayed on the FFPREBON Index Page on Bloomberg, or other recognized electronic source used for the purpose of displaying
the applicable rate, by 3:00 p.m., New York City time, on the Calculation Date, the Calculation Agent will determine the Federal Funds (Open) Rate to be the arithmetic mean of the rates for the last transaction in overnight U.S. dollar federal funds
prior to 9:00 a.m., New York City time, on that Interest Determination Date, by each of three leading brokers of U.S. dollar federal funds transactions in New York, New York, which may include the agents for the Securities of this series or their
affiliates, selected by the Calculation Agent, after consultation with the Company. 

  

	 	•	 	 If fewer than three brokers selected by the Calculation Agent are not quoting as set forth above, the Federal Funds (Open) Rate for that Interest
Determination Date will be the Federal Funds (Open) Rate for the immediately preceding Interest Reset Period, or, if none, the rate of interest payable will be the Initial Interest Rate. 

Determination of LIBOR 

If the Base Rate specified on the face hereof is LIBOR, the interest rate per annum shall be determined by the Calculation Agent for each
Interest Determination Date specified on the face hereof as follows: 
  

	 	•	 	 “LIBOR” means, for any Interest Determination Date, the arithmetic mean of the offered rates for deposits in the Index Currency having the
index maturity specified on the face hereof, commencing on the second London Banking Day immediately following that Interest Determination Date, or, if pounds sterling is the index currency, commencing on that Interest Determination Date, that
appear on the Designated LIBOR Page as of 11:00 a.m., London time, on that Interest Determination Date, if at least two offered rates appear on the Designated LIBOR Page, provided that if the specified Designated LIBOR Page by its terms provides
only for a single rate, that single rate will be used. 

  

	 	•	 	 If (i) fewer than two offered rates appear or (ii) no rate appears and the Designated LIBOR Page by its terms provides only for a single
rate, then the Calculation Agent will request the principal London offices of each of four major banks in the London interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotation for deposits in
the Index Currency for the period of the Index Maturity specified on the face hereof commencing on the second London Banking Day immediately following the Interest Determination Date or, if pounds sterling is the Index Currency, commencing on that
Interest Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m., London time, on that Interest Determination Date and in a principal amount that is representative of a single transaction in that Index Currency
in that market at that time. 

  

	 	•	 	 If at least two quotations are provided, LIBOR determined on that Interest Determination Date will be the arithmetic mean of those quotations. If fewer
than two 

  
 12 

	 	 
quotations are provided, LIBOR will be determined for the applicable Interest Reset Date as the arithmetic mean of the rates quoted at approximately 11:00 a.m., or some other time specified on
the face hereof, in the applicable principal financial center for the country of the Index Currency on that Interest Determination Date, by three major banks in that principal financial center selected by the Calculation Agent for loans in the Index
Currency to leading European banks, having the Index Maturity specified on the face hereof and in a principal amount that is representative of a single transaction in that Index Currency in that market at that time. 

 

	 	•	 	 If the banks so selected by the Calculation Agent are not quoting as set forth above, LIBOR for that Interest Determination Date will remain LIBOR for
the immediately preceding Interest Reset Period, or, if none, the rate of interest payable will be the Initial Interest Rate. 

 The “Index Currency” means the currency specified on the face hereof as the currency for which LIBOR will be calculated or, if the euro is substituted for that currency, the Index Currency will
be the euro. If no currency is specified on the face hereof, the Index Currency will be U.S. dollars. 
 “Designated LIBOR
Page” means the display on Reuters, or any successor service, on page LIBOR01, or any other page as may replace that page on that service, for the purpose of displaying the London Interbank rates for the applicable Index Currency. 

“London Banking Day” means any day on which dealings in deposits in the Index Currency specified above are transacted in the
London interbank market. 
 Determination of Prime Rate 
 If the Base Rate specified on the face hereof is the Prime Rate, the interest rate per annum determined with respect to any Interest Determination Date specified on the face hereof shall equal the rate on
that date as published in H.15(519) prior to 3:00 p.m., New York City time, on the related Calculation Date, under the heading “Bank Prime Loan.” 
 The following procedures will be followed if the Prime Rate cannot be determined as described above: 
  

	 	•	 	 If the above rate is not published in H.15(519) prior to 3:00 p.m., New York City time, on the Calculation Date, then the Prime Rate will be the rate
on that Interest Determination Date as published in the H.15 Daily Update, or any other recognized electronic source used for the purposes of displaying the applicable rate, under the heading “Bank Prime Loan.”

  

	 	•	 	 If the rate is not published in either H.15(519) or the H.15 Daily Update or another recognized electronic source by 3:00 p.m., New York City time, on
the Calculation Date, then the Calculation Agent will determine the Prime Rate to be the arithmetic mean of the rates of interest publicly announced by each bank that appears on the Reuters Screen USPRIME 1 Page, as defined below, as that
bank’s prime rate or base lending rate as in effect as of 11:00 a.m., New York City time, for that Interest Determination Date. 

  
 13 

	 	•	 	 If fewer than four rates for that Interest Determination Date appear on the Reuters Screen USPRIME 1 Page by 3:00 p.m., New York City time, on the
Calculation Date, the Calculation Agent will determine the Prime Rate to be the arithmetic mean of the prime rates quote or base lending rates furnished in New York City by three substitute major banks or trust companies (all organized under the
laws of the United States or any of its states and having total equity capital of at least $500,000,000), selected by the Calculation Agent after consultation with the Company. 

 

	 	•	 	 If the banks selected by the Calculation Agent are not quoting as set forth above, the Prime Rate for that Interest Determination Date will remain the
Prime Rate for the immediately preceding Interest Reset Period, or, if none, the rate of interest payable will be the Initial Interest Rate. 

 “Reuters Screen USPRIME 1 Page” means the display designated as page “USPRIME 1” on the Reuters Monitory Money Rate Service or any successor service, or any other page as may replace
the USPRIME 1 Page on that service for the purpose of displaying prime rates or base lending rates of major U.S. banks. 
 Determination of
Treasury Rate 
 If the Base Rate specified on the face hereof is the Treasury Rate, the interest rate per annum determined
with respect to any Interest Determination Date specified on the face hereof means: 
  

	 	•	 	 the rate from the auction held on the applicable Interest Determination Date, referred to as the “auction,” of direct obligations of the
United States, which are commonly referred to as “Treasury Bills,” having the Index Maturity specified on the face hereof as that rate appears under the caption “INVESTMENT RATE” on the display on Reuters, or any successor
service, on page USAUCTION 10 or any other page as may replace page USAUCTION 10 on that service, referred to as “Reuters Page USAUCTION 10,” or page USAUCTION 11 or any other page as may replace page USAUCTION 11 on that service, referred
to as “Reuters Page USAUCTION 11”; or 

  

	 	•	 	 if the rate described in the first bullet point is not published by 3:00 p.m., New York City time, on the Calculation Date, the bond equivalent yield
of the rate for the applicable Treasury Bills as published in the H.15 Daily Update, or other recognized electronic source used for the purpose of displaying the applicable rate, under the caption “U.S. Government Securities/Treasury
Bills/Auction High”; or 

  

	 	•	 	 if the rate described in the second bullet point is not published by 3:00 p.m., New York City time, on the related Calculation Date, the bond
equivalent yield of the auction rate of the applicable Treasury Bills, announced by the United States Department of the Treasury; or 

  
 14 

	 	•	 	 if the rate referred to in the third bullet point is not announced by the United States Department of the Treasury, or if the auction is not held, the
bond equivalent yield of the rate on the applicable Interest Determination Date of Treasury Bills having the Index Maturity specified on the face hereof published in H.15(519) under the caption “U.S. Government Securities/Treasury
Bills/Secondary Market”; or 

  

	 	•	 	 if the rate referred to in the fourth bullet point is not so published by 3:00 p.m., New York City time, on the related Calculation Date, the rate on
the applicable Interest Determination Date of the applicable Treasury Bills as published in H.15 Daily Update, or other recognized electronic source used for the purpose of displaying the applicable rate, under the caption “U.S. Government
Securities/Treasury Bills/Secondary Market”; or 

  

	 	•	 	 if the rate referred to in the fifth bullet point is not so published by 3:00 p.m., New York City time, on the related Calculation Date, the rate on
the applicable Interest Determination Date calculated by the Calculation Agent as the bond equivalent yield of the arithmetic mean of the secondary market bid rates, as of approximately 3:30 p.m., New York City time, on the applicable Interest
Determination Date, of three primary U.S. government securities dealers, which may include the agents for the Securities of this series or their affiliates, selected by the Calculation Agent after consultation with the Company, for the issue of
Treasury Bills with a remaining maturity closest to the Index Maturity specified on the face hereof; or 

  

	 	•	 	 if the dealers selected by the Calculation Agent are not quoting as set forth above, the Treasury Rate for that Interest Determination Date will be the
Treasury Rate for the immediately preceding Interest Reset Period, or, if none, the rate of interest payable will be the Initial Interest Rate. 

 The “bond equivalent yield” means a yield calculated in accordance with the following formula and expressed as a percentage: 

 

					
	bond equivalent yield =    	 	 D x N
	 	    x 100
	 	360 – (D x M)	 

 where “D” refers to the applicable per annum rate for Treasury Bills quoted
on a bank discount basis, “N” refers to 365 or 366, as the case may be, and “M” refers to the actual number of days in the Interest Period for which interest is being calculated. 

Determination of CMT Rate 

If the Base Rate specified on the face hereof is the CMT Rate, the interest rate per annum determined with respect to any Interest
Determination Date specified on the face hereof shall equal the rate displayed on the Designated CMT Reuters Page, as defined below, under the caption “. . . Treasury Constant Maturities . . . Federal Reserve Board Release H.15 . . . Mondays
Approximately 3:45 p.m.,” under the column for the Designated CMT Maturity Index, as defined below, for: 
 (i) the rate on that Interest Determination Date, if the Designated CMT Reuters Page is FRBCMT, and 

  
 15 

 (ii) the week or the month, as applicable, ended immediately preceding the
week in which the related Interest Determination Date occurs, if the Designated CMT Reuters Page is FEDCMT. 
 The following
procedures will be used if the CMT Rate cannot be determined as described above: 
  

	 	•	 	 If the above rate is no longer displayed on the relevant page, or if not displayed by 3:00 p.m., New York City time, on the related Calculation
Date, then the CMT Rate will be the Treasury Constant Maturity Rate for the Designated CMT Maturity Index as published in the relevant H.15(519). 

  

	 	•	 	 If the above rate described in the first bullet point is no longer published, or if not published by 3:00 p.m., New York City time, on the related
Calculation Date, then the CMT Rate will be the Treasury Constant Maturity Rate for the Designated CMT Maturity Index or other U.S. Treasury rate for the Designated CMT Maturity Index on the Interest Determination Date as may then be published by
either the Board of Governors of the Federal Reserve System or the United States Department of the Treasury that the Calculation Agent determines to be comparable to the rate formerly displayed on the Designated CMT Reuters Page and published in the
relevant H.15(519). 

  

	 	•	 	 If the information described in the second bullet point is not provided by 3:00 p.m., New York City time, on the related Calculation Date, then the
Calculation Agent will determine the CMT Rate to be a yield to maturity, based on the arithmetic mean of the secondary market closing offer side prices as of approximately 3:30 p.m., New York City time, on the Interest Determination Date,
reported, according to their written records, by three leading primary U.S. government securities dealers (each a “reference dealer”) in New York, New York, which may include the agents for the Securities of this series or their
affiliates, selected by the Calculation Agent as described in the following sentence. The Calculation Agent will select five reference dealers, after consultation with the Company, and will eliminate the highest quotation or, in the event of
equality, one of the highest, and the lowest quotation or, in the event of equality, one of the lowest, for the most recently issued direct noncallable fixed rate obligations of the United States, which are commonly referred to as “Treasury
notes,” with an original maturity of approximately the Designated CMT Maturity Index, a remaining term to maturity of no more than 1 year shorter than the Designated CMT Maturity Index and in a principal amount that is representative for a
single transaction in the securities in that market at that time. If two Treasury notes with an original maturity as described above have remaining terms to maturity equally close to the Designated CMT Maturity Index, the quotes for the Treasury
note with the shorter remaining term to maturity will be used. 

  
 16 

	 	•	 	 If the Calculation Agent cannot obtain three Treasury notes quotations as described in the immediately preceding bullet point, the Calculation Agent
will determine the CMT Rate to be a yield to maturity based on the arithmetic mean of the secondary market offer side prices as of approximately 3:30 p.m., New York City time, on the Interest Determination Date of three reference dealers in New
York, New York, selected using the same method described in the immediately preceding bullet point, for Treasury notes with an original maturity equal to the number of years closest to but not less than the Designated CMT Maturity Index and a
remaining term to maturity closest to the Designated CMT Maturity Index and in a principal amount that is representative for a single transaction in the securities in that market at that time. 

 

	 	•	 	 If three or four, and not five, of the reference dealers are quoting as described above, the CMT Rate will be based on the arithmetic mean of the offer
prices obtained and neither the highest nor the lowest of those quotes will be eliminated. 

  

	 	•	 	 If fewer than three reference dealers selected by the Calculation Agent are quoting as described above, the CMT Rate for that Interest Determination
Date will remain the CMT Rate for the immediately preceding Interest Reset Period, or, if none, the rate of interest payable will be the Initial Interest Rate. 

“Designated CMT Reuters Page” means the display on Reuters, or any successor service, on the page designated on the face hereof
or any other page as may replace that page on that service for the purpose of displaying Treasury Constant Maturities as reported in H.15(519). If no page is specified on the face hereof, the Designated CMT Reuters Page will be FEDCMT, for the most
recent week. 
 “Designated CMT Maturity Index” means the original period to maturity of the U.S. Treasury securities
which is either 1, 2, 3, 5, 7, 10, 20 or 30 years, as specified on the face hereof, for which the CMT Rate will be calculated. If no maturity is specified on the face hereof, the Designated CMT Maturity Index will be two years. 

Events of Default 
 If an
Event of Default, as defined in the Indenture, with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the
Indenture. 
 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

  
 17 

 
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. 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 and Covenant Defeasance 

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness on this Security and (b) certain
restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Security. 
 Redemption 
 If so provided on the face hereof, the Company may at its
option redeem this Security in whole or in part in increments of $1,000 (provided that any remaining principal amount of this Security shall not be less than the minimum authorized denomination hereof) on or after the date or dates designated as the
Redemption Date(s) on the face hereof at 100% of the unpaid principal amount hereof or the portion thereof redeemed, together with accrued interest, if any, to the Redemption Date or, if a Redemption Price other than 100% of the principal amount to
be redeemed is specified on the face hereof, the Redemption Price specified in the Addendum attached hereto. The Company may exercise such option by mailing a notice of such redemption to each Holder of the Securities of this series to be redeemed
by first-class mail, postage prepaid, at least 30 days and not more than 60 days prior to the applicable Redemption Date. In the event of redemption of this Security in part only, the Company shall issue a new Security or Securities for the
unredeemed portion hereof in the name of the Holder hereof upon the cancellation hereof. If less than all of the Securities of this series with like tenor and terms are to be redeemed, the Securities to be redeemed shall be selected by the Trustee
by such method as the Trustee shall deem fair and appropriate and may provide for the selection for redemption of a portion of the principal amount of the Securities of this series held by a Holder equal to an authorized denomination. If this
Security is a Global Security and if less than all of the Securities of this series are to be redeemed, the redemption shall be made in accordance with the Depositary’s customary procedures. Unless the Company defaults in the payment of the
Redemption Price, on and after the applicable Redemption Date interest will cease to accrue on this Security or portion hereof called for redemption. 
 Sinking Fund 
 Unless otherwise specified on the face hereof, this Security
will not be entitled to any sinking fund. 
 Repayment 
 If so provided on the face hereof, this Security will be repayable prior to the Stated Maturity Date at the option of the Holder, in whole or in part and in increments of $1,000 (provided that any
remaining principal amount of this Security surrendered for partial repayment shall not be 

  
 18 

 
less than the minimum authorized denomination hereof), on or after the date designated as an Optional Repayment Date on the face hereof at 100% of the principal amount to be repaid, plus accrued
interest, if any, to the Repayment Date or, if a Repayment Price other than 100% of the principal amount to be repaid is specified on the face hereof, at the Repayment Price specified in the Addendum attached hereto. In order for this Security to be
repaid, the Paying Agent must receive at least 30 days but not more than 45 days prior to the Optional Repayment Date this Security with the form entitled “Option to Elect Repayment” on the reverse of this Security duly completed, or a
telegram, telex, facsimile transmission or a letter from a member of a national securities exchange, or the Financial Industry Regulatory Authority, Inc. or a commercial bank or trust company in the United States setting forth: (a) the name of
the Holder of this Security; (b) the principal amount of this Security; (c) the principal amount of this Security to be repaid; (d) the certificate number or a description of the tenor and terms of this Security; (e) a statement
that the option to elect repayment is being exercised; and (f) a guarantee that this Security, together with the duly completed form entitled “Option to Elect Repayment,” will be received by the Paying Agent not later than the fifth
Business Day after the date of the telegram, telex, facsimile transmission or letter. However, the telegram, telex, facsimile transmission or letter will only be effective if this Security and form duly completed are received by the Paying Agent by
the fifth Business Day after the date of that telegram, telex, facsimile transmission or letter. 
 Any repayment option
exercised by the Holder of this Security shall be irrevocable. The repayment option may be exercised for less than the entire principal amount of this Security, but in that event the principal amount of this Security remaining outstanding after
repayment must be equal to $1,000 or an integral multiple thereof. Upon any partial repayment, this Security shall be cancelled and a new Security or Securities for the remaining principal amount hereof shall be issued in the name of the Holder of
this Security. Unless the Company defaults in the payment of the Repayment Price, on and after the applicable Repayment Date interest will cease to accrue on this Security or portion hereof requested to be repaid. 

Authorized Denominations 

Unless otherwise provided on the face hereof, this Security is issuable only in registered form without coupons in denominations of $1,000
or integral multiples of $1,000 in excess thereof. 
 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 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. 
 If this Security is a Global Security (as specified above), 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 qualified successor depositary is not appointed
within 90 days after the Company receives 

  
 19 

 
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 or
elects to terminate the book-entry system through the Depositary 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, bearing interest at the same rate, having the same date of issuance, redemption provisions, Stated Maturity Date and other terms and of
authorized denominations aggregating a like amount. 
 If this Security is a Global Security (as specified above), 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 principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security and except that in the
event the Company deposits money or Eligible Instruments as provided in Articles 4 and 15 of the Indenture, such payments will be made only from proceeds of such money or Eligible Instruments. 

No Personal Recourse 
 No
recourse shall be had for the payment of the principal of or the interest on this Security, 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. 

  
 20 

 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. 

  
 21 

   
 OPTION TO ELECT REPAYMENT 
 TO BE COMPLETED ONLY IF THIS SECURITY IS
REPAYABLE 
 AT THE OPTION OF THE HOLDER AND THE HOLDER 

ELECTS TO EXERCISE SUCH RIGHT 
  

 
 The undersigned
hereby irrevocably requests and instructs the Company to repay the within Security (or the portion thereof specified below), pursuant to its terms, on the Optional Repayment Date first occurring after the date of receipt by the Company of the within
Security, at the Repayment Price specified in the within Security, to the undersigned, 

			
	                             
                       , at	 	  

 (please print or typewrite name and address of the undersigned). 
 For this option
to elect repayment to be effective, the Company must receive, at the address of the Paying Agent set forth below or at such other place or places of which the Company shall from time to time notify the Holder of the within Security, either
(i) this Security with this “Option to Elect Repayment” form duly completed, or (ii) a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange or the Financial Industry Regulatory
Authority, Inc. or a commercial bank or a trust company in the United States setting forth (a) the name of the Holder of the Security, (b) the principal amount of the Security, (c) the principal amount of the Security to be repaid,
(d) the certificate number or description of the tenor and terms of the Security, (e) a statement that the option to elect repayment is being exercised, and (f) a guarantee stating that the Security to be repaid, together with this
“Option to Elect Repayment” form duly completed will be received by the Paying Agent not later than five Business Days after the date of such telegram, facsimile transmission or letter (and such Security and form duly completed are
received by the Company by such fifth Business Day). The address of the Paying Agent is Wells Fargo Bank, N.A., 625 Marquette Avenue, Minneapolis, Minnesota 55479. 
 If less than the entire principal amount of the within Security is to be repaid, specify the portion thereof (which shall be an integral multiple of $1,000) which the Holder elects to have repaid:
$            . 

  
 22 

 If less than the entire principal amount of the within Security is to be repaid, specify
the denomination or denominations (which shall be $1,000 or an integral multiple thereof) of the Security or Securities to be issued to the Holder for the portion of the within Securities not being repaid (in the absence of any specification, one
such Security will be issued for the portion not being repaid): $            . 
 Date:                      
 Notice: The signature to this Option to Elect Repayment must correspond with the name as written upon page 2 of the within Security in every particular without alteration or enlargement or any change
whatsoever. 

  
 23 

 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) 

  
 24 

 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.

  
 25Executive Succession Planning Agreement - Alfred J. Amoroso

 Exhibit 10.1 
 Rovi Corporation 
 EXECUTIVE SUCCESSION PLANNING AGREEMENT

 for 
 ALFRED J. AMOROSO 
 This Executive Succession Planning
Agreement (“Agreement”) is entered into as of the 25th day of May, 2011, by and between Alfred J. Amoroso (“Executive”) and Rovi Corporation, a Delaware corporation (the “Company”). 

WHEREAS, Executive currently serves as President and Chief Executive Officer (“CEO”) and as
a member of the Board of Directors (the “Board”) of the Company; 

WHEREAS, Executive has notified the Board of his desire to retire as the CEO of the Company not
later than June 30, 2012; and 
 WHEREAS, the Company and Executive mutually agree that it is in the
best interests of the Company for the Company to retain the Executive’s advice and counsel on a long term basis relating to strategy, market dynamics, business operations and any other matters pertaining to the Company that may assist
management and the Board; and 
 WHEREAS, the Company desires to retain Executive’s services in a
capacity and on the terms set forth in this Agreement; and 
 WHEREAS, the Company and Executive desire to
enter into an employment agreement that contemplates Executive’s succession and the transition to the next CEO of the Company and the retention of Executive in a part-time employment role thereafter. 

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, it is hereby
agreed by and between the parties hereto as follows: 
 1.    CONTINUED
EMPLOYMENT. 
 1.1    Current Assignment. The Company currently employs
Executive as its CEO reporting to the Board under the terms of an offer letter dated June 6, 2005, as amended thereafter by the Company and Executive (the “Offer Letter”) and will continue to employ Executive in that
capacity until the “Initial Transition Date”, which shall be the first day of employment of the next CEO of the Company. Until the Initial Transition Date, Executive shall continue to serve in an executive capacity and shall
perform such duties as are customarily associated with Executive’s title, consistent with the bylaws of the Company and as required by the Board. 
 1.2    Transition Period. During the period of time following the Initial Transition Date and ending on the date ninety (90) days thereafter (the “Final
Transition Date”), Executive shall cooperate fully with the Board and the next CEO to achieve a smooth transition. Immediately following the Final Transition Date, Executive’s

  
 1. 

 
employment relationship with the Company shall be on a part-time basis and such date is referred to hereafter as the “Part-Time Date”. 

1.3    Transition Duties. Effective as of the Initial Transition Date, Executive relinquishes the
office and titles of President and Chief Executive Officer of the Company and any officer and director positions he then holds with the Company’s subsidiaries. Following the Initial Transition Date and until the Final Transition Date,
Executive’s duties shall be limited to assisting the Board and the CEO with the transition of CEO duties and responsibilities and in providing such other services as requested by the Board or the CEO. 

1.4    Policies and Procedures. The employment relationship between Executive and the Company shall
continue to be governed by the general employment policies and practices of the Company, including those relating to protection of confidential information and assignment of inventions, except that when the terms of this Agreement differ from or are
in conflict with the Company’s general employment policies or practices, this Agreement shall control. 

2.    COMPENSATION. 
 2.1    Salary and Incentive Bonus. Until the Final Transition Date, provided Executive remains employed: (i) Executive shall continue to receive for services to be
rendered hereunder an annualized base salary of $610,000, subject to payroll withholding and deductions and payable in accordance with the Company’s regular payroll schedule, and (ii) Executive shall continue to be eligible to earn a bonus
under the terms of the current executive company incentive plan. Such bonus shall also be subject to payroll withholding and deductions and shall be pro-rated for any partial fiscal year after 2011 worked prior to the Final Transition Date
based on Company performance during such partial period. 
 2.2    Standard Company Benefits.
Executive shall continue to be entitled to all benefits for which Executive is eligible under the terms and conditions of the standard Company benefits, including but not limited to all life, dental, health, accident and disability benefit plans and
other similar welfare plans (collectively, the “Welfare Plans”) and compensation practices which may be in effect from time to time and provided by the Company to its employees generally through the last day of his employment.
Executive shall continue to be covered by the Company’s directors and officers liability insurance policies as an insured person under such policies and the Indemnification Agreement executed by and between the Company and Executive on
November 4, 2005, shall remain in full force and effect. 
 2.3    Equity Compensation.
All equity awards granted to Executive by the Company that are outstanding as of the effective date of this Agreement (the “Equity Awards”) shall continue to vest in accordance with the vesting terms set forth in the
applicable Equity Award agreement, as long as the Executive remains an employee of the Company, including for clarity during the Part-Time Employment Period described below. The Equity Awards are governed by the terms and conditions set forth in the
Company’s 

  
 2. 

 
2000 Equity Incentive Plan or 2008 Equity Incentive Plan, as and if applicable for each Equity Award, and in the applicable Equity Award agreements, provided however that in the event that
Executive’s employment with the Company terminates by reason of Executive’s death, the vesting of each Equity Award shall accelerate by the number of shares equal to the product of the number of then unvested shares underlying the Equity
Award times a fraction, the numerator of which is the number of days elapsed from the date of grant of the award to Executive’s termination date and the denominator of which is the total number of days from the date of grant of the award until
the final vesting date of the award. 
 2.5    Executive Severance and Arbitration Agreement. Until
the Initial Transition Date, Executive shall continue to be entitled to all rights and benefits for which Executive is eligible under the terms and conditions of the Executive Severance and Arbitration Agreement (the “Executive
Agreement”) made and entered into as of August 6, 2007 by and between Executive and the Company, after which time the Executive Agreement shall expire and this Agreement shall represent the entire agreement between the Company and
Executive for all purposes of Executive’s benefits from and compensatory arrangements with the Company. 

3.    PART-TIME EMPLOYMENT PERIOD. Following the
Part-Time Date, the Company shall continue to employ Executive on a part-time basis under the terms set forth below:  

3.1    Part-Time Employment Period. Executive will be employed as a part-time employee beginning on the
day following the Part-Time Date and ending on the fourth anniversary of the Part-Time Date, unless terminated earlier as set forth in this Agreement (the “Part-Time Employment Period”). 

3.2    Services. During the Part-Time Employment Period, Executive will be responsible for assisting
the Board in any area of his expertise (the “Services”), with all such services to be approved by the Chairman of the Board in advance. Executive will provide the Services at a location and on timing (subject to Executive
being reasonably responsive to the Company’s needs) of Executive’s choosing. Executive will continue to exercise the highest degree of professionalism and utilize his expertise and experience in the industry in performing the Services.

 3.3    Compensation. Executive shall receive for Services to be rendered during each year
of the Part-Time Employment Period an annualized base salary of $50,000. Such salary payments shall be subject to payroll withholding and deductions and payable in accordance with the Company’s regular payroll schedule. Executive shall not be
eligible to receive any incentive compensation, except as otherwise determined by the Board in its sole discretion. 

3.4    Welfare Plan Benefits. Executive shall continue to be entitled to all benefits for which
Executive is eligible under the terms and conditions of the Welfare Plans and compensation practices which may be in effect from time to time and provided by the Company to its employees generally through the last day of the Part-Time

  
 3. 

 
Employment Period. Following his last day of employment, Executive shall be eligible to elect continued health insurance coverage under COBRA. 

3.5    Limitations on Authority. Executive will have no responsibilities or authority as a part-time employee
of the Company other than (i) as provided in this Agreement and (ii) as otherwise agreed in writing between the Company and the Executive. Executive shall not represent or purport to represent the Company in any manner whatsoever to any
third party except with prior written consent of the CEO (except in his capacity as a Board member, when applicable). 

4.    PROPRIETARY INFORMATION OBLIGATIONS. 

4.1    Agreement. Executive has executed and shall continue to abide by his Proprietary Information,
Inventions and Ethics Agreement (the “Proprietary Information Agreement”) with the Company. 

4.2    Remedies. Executive’s duties under the Proprietary Information Agreement shall survive
termination of Executive’s employment with the Company. Executive acknowledges that a remedy at law for any breach or threatened breach by Executive of the provisions of the Proprietary Information Agreement would be inadequate, and Executive
therefore agrees that the Company shall be entitled to seek injunctive relief in case of any such breach or threatened breach. 

5.    OTHER BUSINESS DURING EMPLOYMENT
PERIOD. 
 5.1    Non-Competition. Except with the prior written consent of
the Board, Executive will not, during the period of his employment (including the Part-Time Employment Period), undertake or engage in any other employment, occupation or business enterprise, or perform the same or similar services, or be
associated, as a consultant, employee or otherwise, with any other company that is a competitor of the Company. Notwithstanding the foregoing, Executive may engage in civic and not-for-profit activities so long as such activities do not materially
interfere with the Executive’s performance hereunder. 
 5.2    No Adverse Interests.
Prior to last day of his employment, Executive agrees not to acquire, assume or participate in, directly or indirectly, any position, investment or interest known by Executive to be adverse or antagonistic to the Company, its business or prospects,
financial or otherwise; provided, however, that Executive may own, as a passive investor, securities of any competitor corporation, so long as Executive’s direct holdings in any one such corporation shall not in the aggregate constitute
more than five percent (5%) of the voting stock of such corporation. 

6.    TERMINATION OF EMPLOYMENT. Either Executive or the
Company may terminate the employment relationship at any time, with or without Cause or advance notice. Following the Initial Transition Date, Executive shall be entitled to receive benefits on his termination of employment only as set forth in this
Section 6 and, for clarity, no benefits shall be payable hereunder upon the completion of the Part-Time 

  
 4. 

 
Employment Period if no earlier termination of Executive’s employment relationship with the Company has occurred as of that date. 

6.1    Termination for Cause; Voluntary Termination. The Company may terminate Executive’s employment
hereunder for “Cause” (as defined in the Executive Agreement), and Executive may terminate Executive’s employment hereunder voluntarily and for any reason. Upon the termination of Executive’s employment pursuant to
this Section 6.1 by the Company for Cause or by Executive for any reason, Executive shall be entitled to receive his base salary through the date of termination. All other benefits, if any, due to Executive following Executive’s
termination of employment for Cause or due to Executive’s voluntary termination pursuant to this Section 6.1 shall be determined in accordance with the plans, policies and practices of the Company. Executive shall not accrue any additional
compensation or other benefits under this Agreement following such termination of employment. 

6.2    Termination Without Cause. The Company may terminate the Executive’s employment without Cause
(which does not include termination by reason of death or disability). Upon the termination of Executive’s employment pursuant to this Section 6.2, provided such termination constitutes a “separation from service” (as defined
under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “Separation from Service”), Executive shall receive (i) his base salary and all other accrued amounts through
the termination date and (ii) subject to Executive’s execution, delivery and non-revocation of an effective release of all claims against the Company within the sixty (60) day period following the date of the Executive’s
Separation from Service, the following severance benefits (collectively, the “Severance Benefits”): 

(a) if Executive is participating in the Company’s employee group health insurance plans on the date of Separation from
Service and subject to Executive making a timely election to continue such coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, or, if applicable, state or local insurance laws (“COBRA”), then the
Company shall pay, as and when due to the COBRA carrier, the COBRA premiums necessary to continue Executive’s health insurance coverage in effect for himself and his eligible dependents on the termination date until the expiration of
eligibility for the continuation coverage under COBRA (the “COBRA Payment Period”). However, if the Company determines, in its sole discretion, that the payment of the COBRA premiums would result in a violation of the
nondiscrimination rules of Section 105(h)(2) of the Internal Revenue Code of 1986, as amended (the “Code”) or any statute or regulation of similar effect (including but not limited to the 2010 Patient Protection and
Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums, the Company shall instead pay Executive on the first day of each month of the remainder of the COBRA Payment
Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings, for the remainder of the COBRA Payment Period. If Executive ceases to be eligible for COBRA during the period provided in this
clause, Executive must immediately notify the Company of such event. Further, if the COBRA Payment Period ends prior to the end of the Part-Time Employment Period, then the 

  
 5. 

 
Company shall pay Executive on the first day of each month of the remainder of the Part-Time Employment Period a cash payment equal to the health insurance premium payable by Executive for
substantially similar health insurance benefits for that month, subject to applicable tax withholdings, for the remainder of the Part-Time Employment Period. If all or any portion of such payments constitute taxable compensation income to Executive
that is subject to federal, state or local income and employment taxes, the Company shall increase such amounts payable to the extent necessary to afford Executive the same economic benefit as Executive would have received had no such income or
employment taxes been imposed on such benefits payments; and 
 (b)    one hundred percent
(100%) of Executive’s then-outstanding Equity Awards shall become vested (and exercisable, as applicable) effective as of the date of Executive’s Separation from Service. 

6.3    No Severance Benefits under Section 6.2 will be paid prior to the day that is sixty (60) days
following the date of Separation from Service. On the sixtieth (60th) day following the date of Separation from Service, the Company shall pay in a lump sum the aggregate amount of the Severance Benefits that the Company would have paid
Executive through such date had the payments commenced on the Separation from Service through such sixtieth (60th) day, with the balance paid thereafter on the applicable schedules described above. 

7.    CODE SECTION 409A. It is intended that all of the benefits and
payments payable under this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Code Section 409A provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9), and this Agreement
will be construed to the greatest extent possible as consistent with those provisions, and to the extent not so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with Code Section 409A. For
purposes of Section 409A(including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), Executive’s right to receive any installment payments under this letter (whether reimbursements or otherwise)
shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder (including the Severance Benefits) shall at all times be considered a separate and distinct payment. Notwithstanding any
provision to the contrary in this Agreement, if Executive is deemed by the Company at the time of his Separation from Service to be a “specified employee” for purposes of Code Section 409A(a)(2)(B)(i), and if any of the payments upon
Separation from Service set forth herein and/or under any other agreement with the Company are deemed to be “deferred compensation”, then to the extent delayed commencement of any portion of such payments is required in order to avoid a
prohibited distribution under Section 409A(a)(2)(B)(i) and the related adverse taxation under Code Section 409A, such payments shall not be provided to Executive prior to the earliest of (i) the expiration of the six-month period
measured from the date of Executive’s Separation from Service with the Company, (ii) the date of Executive’s death or (iii) such earlier date as permitted under Code Section 409A without the imposition of adverse taxation.
Upon the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Section 7 shall be paid in a lump sum to Executive, and any remaining

  
 6. 

 
payments due shall be paid as otherwise provided herein or in the applicable agreement. No interest shall be due on any amounts so deferred. 

8.    GENERAL PROVISIONS. 

8.1    Notices. Any notices provided hereunder must be in writing and shall be deemed effective upon the
earlier of personal delivery (including personal delivery by fax) or the next day after sending by overnight courier, to the Company’s General Counsel at its primary office location and to Executive at Executive’s address as listed on the
Company payroll. 
 8.2    Severability. Whenever possible, each provision of this Agreement
will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such
invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction to the extent possible in keeping with the intent of the
parties. 
 8.3    Waiver. If either party should waive any breach of any provisions of this
Agreement, such party shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement. 
 8.4    Complete Agreement. This Agreement constitutes the entire agreement between Executive and the Company and it is the complete, final, and exclusive embodiment of
their agreement with regard to this subject matter. It is entered into without reliance on any promise or representation other than those expressly contained herein, and it cannot be modified or amended except in a writing signed by an officer of
the Company. 
 8.5    Counterparts. This Agreement may be executed in separate counterparts,
any one of which need not contain signatures of more than one party, but all of which taken together will constitute one and the same agreement. 
 8.6    Headings. The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning
thereof. 
 8.7    Successors and Assigns. This Agreement will be binding upon and will inure
to the benefit of the Company, its successors and assigns, and the Company will require any successor or assign to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to
perform it if no such succession or assignment had taken place. The term “the Company” as used herein will include such successors and assigns. In the event of the failure of a successor to the Company to provide substantially similar
health insurance benefits to Executive during the Part-Time Employment Period, the Company (or its successor) shall pay Executive on the first day of each month of the remainder of the Part-Time Employment Period, a cash payment equal to the
premiums paid by Executive for 

  
 7. 

 
substantially similar benefits for that month plus the amount of out-of-pocket costs, if any, paid by Executive for medical expenses that would have been covered under the terms of the
Company’s health insurance plan/s that provided the same benefit to Executive (collectively, the “Benefits Payments”). If all or any portion of the Benefits Payments constitutes taxable compensation income to Executive
that is subject to federal, state or local income and employment taxes, the Company (or its successor) shall increase the amounts payable as Benefits Payments to the extent necessary to afford Executive the same economic benefit as Executive would
have received had no such income or employment taxes been imposed on the Benefits Payments. Executive may not assign any of Executive’s duties hereunder and Executive may not assign any of Executive’s rights hereunder without the written
consent of the Company, which shall not be withheld unreasonably. This Agreement will inure to the benefit of and be enforceable by Executive’s legal personal representatives. 

8.8    Attorneys’ Fees. If either party hereto brings any action to enforce Executive’s or
its rights hereunder, the prevailing party in any such action shall be entitled to recover reasonable attorneys’ fees and costs incurred by the prevailing party in connection with such action, at trial and on appeal. 

8.9    Choice of Law. All questions concerning the construction, validity and interpretation of this
Agreement will be governed by the laws of the State of California without regard to conflicts of law principles. 

[Signature Page Follows] 

  
 8. 

 IN WITNESS WHEREOF, the parties have
executed this Agreement on the day and year first above written. 
  

			
	Rovi Corporation
		
	By:	 	/s/    Stephen Yu        
		 	        Stephen Yu
		 	        EVP and General Counsel
		
	Date:	 	 May 25, 2011

Accepted and agreed this 

25th
 day of May, 2011. 
  

	
	Alfred J. Amoroso, an Individual
	
	/s/ Alfred J. Amoroso        

  
 9.

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