Document:

dvax-ex1023_168.htm

Exhibit 10.23

 

Dynavax Technologies Corporation

 

U.S. Annual Bonus Plan

 

Purpose and Effective Date

 

Dynavax Technologies Corporation (“Dynavax” or the “Company”) has established this Annual Bonus Plan (the “Bonus Plan”) to align employee performance with annual corporate and individual goals and to reward the achievement of such goals during a performance year. The Bonus Plan will become effective on January 1, 2020, beginning with the 2020 performance year.

 

Administration

 

The Board and the Compensation Committee shall have the sole discretion and authority to administer and interpret the Bonus Plan. The decisions of the Board and the Compensation Committee shall in every case be final and binding on all persons having an interest in the Bonus Plan. The Board and Compensation Committee may, with respect to any performance year, determine the level of achievement of corporate and individual goals or choose not to fund the Bonus Plan, all at its sole discretion.  Notwithstanding the foregoing, the Bonus Plan may be administered by the Company’s management if the Board or Compensation Committee delegates such authority, and in such event, the Company’s management shall have the discretion and authority to administer and interpret such aspects of the Bonus Plan, and the decisions of the Company’s management shall in such cases be final and binding.

 

Eligibility

 

In order to be eligible to participate in the Bonus Plan for a performance year, an individual must (a) be a Dynavax employee in the United States who works at least 20 hours per week, including Executive Officers, (b) have become an employee of Dynavax before or on the first business day in October of such performance year, and (c) not be a participant in Dynavax’s Sales Incentive Compensation program. 

 

Because Dynavax intends to incentivize successful Participants to remain with Dynavax, Participants must be employed by Dynavax on the day payment is made to earn and be eligible for a bonus payment under the Bonus Plan.

 

Application of Bonus Targets

 

Dynavax sets a “Bonus Target” for each Participant measured as a percentage of the Participant’s Base Salary for the applicable performance year as set forth in the Annual Criteria.

 

Unless determined otherwise, Bonus Targets are applied as follows:

 

	
 
	
•
	
If a Participant is promoted during a performance year and the Participant’s Bonus Target percentage increases in connection with the promotion, then the Bonus Target for such Participant will equal the greater Bonus Target in effect after such promotion and will be measured as a percentage of the Participant’s Base Salary.

	
 
	
•
	
If a Participant moves to a position and/or responsibility level with a lower Bonus Target during a performance year, then the Bonus Target for such Participant will equal the lower Bonus Target in effect after such move and will be measured as a percentage of the Participant’s Base Salary.

 

 

Weighting of Performance Objectives

 

The Bonus Target for the CEO is based solely on Dynavax’s achievement of corporate goals (“Corporate Performance”).  The Bonus Target for each employee other than the CEO is based on  Corporate Performance and each Participant’s individual performance, including each Participant’s contribution to Corporate Performance (collectively, “Individual Performance”).  Dynavax’s Board or Compensation Committee periodically reviews and determines the weighting between these two elements in determining bonuses under the Bonus Plan, with input from Dynavax’s management, as set forth in the Annual Criteria.  The weighting between Corporate Performance and Individual Performance varies by level within Dynavax. 

 

Corporate Performance

 

After the end of a performance year, Corporate Performance will be assessed by the Board or Compensation Committee, who will determine the “Corporate Performance Multiplier” for the performance year, which will reflect this assessment, as well as other successes and considerations the Board or Compensation Committee may deem relevant for the performance year.  Unless determined otherwise, Dynavax will apply the same Corporate Performance Multiplier for all Participants for a given performance year. The Board or Compensation Committee may set the Corporate Performance Multiplier above 100%, but in any event not above 175%. 

 

Individual Performance

 

After the end of a performance year, each Participant’s Individual Performance  will be assessed by the Board, Compensation Committee and/or management, as applicable, who will determine the “Individual Performance Multiplier,” which will reflect this assessment, as well as other successes and considerations as determined after the end of each performance year by management or, in the case of Executive Officers (other than the CEO), by the Board or Compensation Committee, as set forth in the Annual Criteria.  The Board or Compensation Committee will take into account the recommendations and evaluation of each Executive Officer’s Individual Performance by the CEO or the Office of the President.  A Participant’s Individual Performance Multiplier may be above 100% but, in any event, not above 175%.  

 

Determination and Payment of Bonuses  

 

The bonus amount paid to each Participant will be determined as follows: 

 

 

	
Corporate Performance

Portion
	
 
	
Individual Performance

Portion
	
 
	
Total

	
Base Salary x Bonus Target x

Corporate Performance

Multiplier x Weighting
	
+
	
Base Salary x Bonus Target x

Individual Performance

Multiplier x Weighting
	
=
	
 

 

Dynavax maintains absolute discretion in determining the scope and impact of accomplishments as well as the final bonus payout for all Participants.  Participants who have received formal disciplinary action during or after a performance year may have their bonus payout reduced or eliminated for that performance year, at the sole discretion of management or the Board or the Compensation Committee, as applicable.

 

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All payments made under this Bonus Plan will be subject to recoupment in accordance with any clawback policy that Dynavax adopts pursuant to the listing standards of any national securities exchange or association on which Dynavax’s securities are listed or otherwise, whether before or after the date of any payment made under this Bonus Plan.  No recovery of compensation under such a clawback policy will be an event giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any agreement with Dynavax or any of Dynavax’s affiliates.

 

Bonuses for a performance year will be paid in cash to each Participant (or his/her beneficiary, in the event of death) by March 15th of the following year, except (i) as is otherwise determined in the sole discretion of the Board, the Compensation Committee or management, as appropriate, or (ii) as may be necessary or advisable to comply with regulations, laws, employment agreements or employment contracts applicable to a particular Participant; provided, however, that in all cases, the payment date of any bonus for any Participant who is subject to Section 409A of the Internal Revenue Code of 1986, as amended, or any state law of similar effect (“Section 409A”) will be designed to either comply with Section 409A or satisfy an exemption from application of Section 409A, and the Bonus Plan will be administered and interpreted to the greatest extent possible in compliance with Section 409A or in accordance with such exemption, as applicable. Benefits under this Bonus Plan are not transferable, and the Bonus Plan is unfunded.

 

Miscellaneous

 

The establishment of this Bonus Plan, any provisions of this Bonus Plan, and/or any action of the Board, Compensation Committee or management with respect to this Bonus Plan, does not confer upon any Participant the right to continued employment with Dynavax. Dynavax reserves the right to dismiss any Participant at will (at any time, with or without prior notice, with or without cause).

 

All bonus payments made under this Bonus Plan shall be subject to income and employment tax withholding as required by applicable federal, state or local law. 

 

This Bonus Plan and any amendments thereto shall be construed, administered and governed in all respects in accordance with the laws of the State of Delaware (regardless of the law that might otherwise govern under applicable principles of conflict of laws).  If any provision of this Bonus Plan shall be determined to be illegal, invalid or unenforceable, such determination shall in no manner affect the legality, validity or enforceability of any other provision hereof.

 

Definitions

 

“Annual Criteria” means the terms and conditions applicable to a specific performance year, as approved by the Board or Compensation Committee.  The Annual Criteria will include the Bonus Targets, the weighting between Corporate Performance and Individual Performance for Participants, corporate goals and individual goals, if any, and other terms approved by the Board or Compensation Committee for such performance year as not inconsistent with the Bonus Plan.

 

“Base Salary” means the total amount of base salary or hourly wages actually paid to the Participant during the period of his or her participation in the Bonus Plan for the applicable performance year, rather than the Participant’s base salary level or hourly wage rate at any particular point during the applicable performance year (e.g., the Base Salary for an employee whose base salary or hourly wage rate is adjusted during the applicable performance year or for 

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an employee who is hired during the applicable performance year will be the total amount of base salary or hourly wage rate actually paid to the employee during the period of his or her participation in the Bonus Plan for the applicable performance period). Base Salary includes (a) any amounts paid by Dynavax during periods of absence and/or leave (e.g., PTO or paid leave benefits from the Company) and (b) with respect to non-exempt employees, any overtime payments. Base Salary does not include any expense reimbursements, relocation payments, incentive compensation, commissions, bonuses (including signing bonuses), amounts received as a result of equity awards, short-term or long-term disability benefits from the state or through a third party benefit plan, or shift differential payments, “on call” pay or similar one-time or unusual payments.

 

“Board” means the Board of Directors of Dynavax Technologies Corporation.

 

“Compensation Committee” means the Compensation Committee of the Board.

 

“Executive Officers” means the Company’s executive officers as that term is defined in Section 16 of the Securities Exchange Act of 1934, as amended from time to time, and Rule 16a-1 thereunder.

 

“Participant” means an individual who meets the eligibility requirements in the section above entitled, “Eligibility.”

 

 

 

Adopted by the Compensation Committee on November 12, 2019

 

 

 

4WELLS 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. 95001HG39

	
FACE AMOUNT: $__________

	
REGISTERED NO. ___

	
 

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A

Fully and Unconditionally Guaranteed
by Wells Fargo & Company

 

Principal at Risk Securities Linked
to the Lowest Performing of the Russell 2000® Index, 

the S&P 500® Index and the EURO STOXX 50®
Index due March 9, 2023

  

WELLS
FARGO FINANCE LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under and as defined in 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) on the Stated Maturity Date (as defined below), unless this Security is redeemed prior
to the Stated Maturity Date as provided below under “Optional Redemption,” and to pay Contingent Coupon Payments (as
defined below) on the Face Amount of this Security to the extent provided herein on the Contingent Coupon Payment Dates specified
herein at the Contingent Coupon Rate (as defined below) until the earlier of the Stated Maturity Date and the Optional Redemption
Date (as defined below), if any. The “Initial Stated Maturity Date” shall be March 9, 2023. If the Final Calculation
Day (as defined below) is not postponed, the Initial Stated Maturity Date will be the “Stated Maturity Date.”
If the Final Calculation Day is postponed, 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 Final Calculation Day as postponed.

 

 

“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.”

 

Optional Redemption

 

The Company may, at
its option, redeem this Security, in whole but not in part, on any Optional Redemption Date (as defined below) by giving notice
to the Holder hereof on or before the Calculation Day (as defined below) immediately preceding that Optional Redemption Date.
If this

 

    

     

    

 

Security is redeemed, the Holder hereof
will receive the Optional Redemption Price (as defined below) plus a final Contingent Coupon Payment (as defined below), if any,
on the applicable Optional Redemption Date. Unless the Company defaults in the payment of the Optional Redemption Price plus the
final Contingent Coupon Payment, if any, this Security will cease to be outstanding on such Optional Redemption Date, no additional
Contingent Coupon Payments will be payable on this Security and the Holder hereof will have no further rights under this Security
after such Optional Redemption Date. The “Optional Redemption Price” is equal to the Face Amount of this Security.
The “Optional Redemption Dates” shall be the Contingent Coupon Payment Dates (as defined below) following each
Calculation Day scheduled to occur from June 2020 to December 2022, inclusive.

 

Payment of Contingent Coupon Payments,
the Maturity Payment Amount and the Optional Redemption Price

 

On each quarterly
Contingent Coupon Payment Date, the Company shall pay a Contingent Coupon Payment if, and only if, the Closing Level (as defined
below) of the Lowest Performing Index (as defined below) on the related Calculation Day is greater than or equal to its Coupon
Threshold Level (as defined below). A “Contingent Coupon Payment,” if payable as provided herein, shall be
equal to (i) the product of the Face Amount of this Security and the Contingent Coupon Rate, (ii) divided by 4. The
“Contingent Coupon Payment Dates” shall be the third Business Day following each Calculation Day, as each such
Calculation Day may be postponed as herein provided, provided that the Contingent Coupon Payment Date with respect to the Final
Calculation Day will be the Stated Maturity Date. If a Calculation Day is postponed with respect to one or more Indices, the related
Contingent Coupon Payment Date will be three Business Days after the last Calculation Day as postponed. The “Contingent
Coupon Rate” is 7.40% per annum. Any Contingent Coupon Payments will be rounded to the nearest cent, with one-half cent
rounded upward. If a Contingent Coupon Payment Date is postponed, the Contingent Coupon Payment, if any, due on that Contingent
Coupon Payment Date will be made on that Contingent Coupon Payment Date as so postponed with the same force and effect as if it
had been made on the originally scheduled Contingent Coupon Payment Date, with no additional amount accruing or payable as a result
of the postponement.

 

Any Contingent Coupon
Payment so payable, and punctually paid or duly provided for, on any Contingent Coupon 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 for such Contingent Coupon Payment next preceding such Contingent Coupon Payment Date. The Regular
Record Date for a Contingent Coupon Payment Date shall be the date one Business Day prior to such Contingent Coupon Payment Date.

 

Any Contingent Coupon Payment 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.

 

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Payment of any Contingent
Coupon Payment on this Security will be made in immediately available funds at the office or agency of the Company maintained for
that purpose in the City of Minneapolis, Minnesota; provided, however, that, at the option of the Company, payment of any Contingent
Coupon Payment may 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. Payments of any Contingent
Coupon Payment and the Maturity Payment Amount or the Optional Redemption Price, as applicable, 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. Notwithstanding the foregoing,
for so long as this Security is a Global Security registered in the name of the Depositary, any payments on this Security will
be made to the Depositary by wire transfer of immediately available funds.

 

Payment of the Maturity
Payment Amount or the Optional Redemption Price, as applicable, and any Contingent Coupon Payments on this Security will be made
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.

 

Definitions Relating to Maturity
Payment Amount, the Optional Redemption Price and Contingent Coupon Payments

 

If this Security is
not redeemed prior to the Stated Maturity Date as provided above under “Optional Redemption,” the “Maturity
Payment Amount” of this Security will equal:

 

		●	if the Ending Level of the Lowest Performing Index on the Final Calculation Day (as defined below) is
greater than or equal to its Downside Threshold Level: the Face Amount; or

 

		●	if the Ending Level of the Lowest Performing Index on the Final Calculation Day is less than its Downside
Threshold Level:

 

			

 

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.

 

“Index”
shall mean each of the Russell 2000 Index, the S&P 500 Index and the EURO STOXX 50 Index.

 

The “Pricing
Date” shall mean March 6, 2020.

 

The “Lowest
Performing Index” for any Calculation Day will be the Index with the lowest Performance Factor on that Calculation Day
(as such Calculation Day may be postponed for one or more Indices).

 

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The “Performance
Factor” with respect to an Index on any Calculation Day is its Closing Level on such Calculation Day divided by its Starting
Level (expressed as a percentage).

 

The “Starting
Level” with respect to the Russell 2000 Index is 1449.221, its Closing Level on the Pricing Date, with respect to the
S&P 500 Index is 2972.37, its Closing Level on the Pricing Date, and with respect to the EURO STOXX 50 Index is 3232.07, its
Closing Level on the Pricing Date.

 

The “Ending
Level” of an Index will be its Closing Level on the Final Calculation Day.

 

The “Coupon
Threshold Level” with respect to the Russell 2000 Index is 1014.4547, which is equal to 70% of its Starting Level, with
respect to the S&P 500 Index is 2080.659, which is equal to 70% of its Starting Level, and with respect to the EURO STOXX 50
Index is 2262.449, which is equal to 70% of its Starting Level.

 

The “Downside
Threshold Level” with respect to the Russell 2000 Index is 869.5326, which is equal to 60% of its Starting Level, with
respect to the S&P 500 Index is 1783.422, which is equal to 60% of its Starting Level, and with respect to the EURO STOXX 50
Index is 1939.242, which is equal to 60% of its Starting Level.

 

The “Closing
Level” with respect to each Index on any Trading Day means the official closing level of that Index reported by the relevant
Index Sponsor on such Trading Day, as obtained by the Calculation Agent on such Trading Day from the licensed third-party market
data vendor contracted by the Calculation Agent at such time; in particular, taking into account the decimal precision and/or rounding
convention employed by such licensed third-party market data vendor on such date, subject to the provisions set forth below under
“—Market Disruption Events,” “—Adjustments to an Index” and “—Discontinuance of
an Index.”

 

“Index Sponsor”
shall mean the sponsor or publisher of an Index.

 

“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.

 

The “Calculation
Days” shall be the 6th day of each March, June, September and December, commencing June 2020 and ending December
2022, and the Final Calculation Day. If any such day is not a Trading Day with respect to any Index, such Calculation Day for each
Index will be postponed to the next succeeding day that is a Trading Day with respect to each Index. A Calculation Day for an Index
is also subject to postponement due to the occurrence of a Market Disruption Event (as defined below) with respect to such Index
on such Calculation Day. The “Final Calculation Day” is March 6, 2023. If a Market Disruption Event occurs or
is continuing with respect to an Index on any Calculation Day, then such Calculation Day for such Index will be postponed to the
first succeeding Trading Day for such Index on which a Market Disruption Event for such Index 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 Index after the originally
scheduled Calculation Day, that eighth Trading Day shall be deemed to be the Calculation Day for such Index. If a Calculation Day
has been postponed eight Trading Days for an Index after the originally scheduled Calculation Day and a Market Disruption Event
occurs or is continuing with

 

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respect to such Index on such eighth Trading Day, the Calculation Agent will determine the Closing
Level of such Index on such eighth Trading Day in accordance with the formula for and method of calculating the Closing Level of
such Index last in effect prior to commencement of the Market Disruption Event, using the closing price (or, with respect to any
relevant security, if a Market Disruption Event has occurred with respect to such security, its good faith estimate of the value
of such security at (i) with respect to the S&P 500 Index or the Russell 2000 Index, the Scheduled Closing Time of the Relevant
Stock Exchange for such security or, if earlier, the actual closing time of the regular trading session of such Relevant Stock
Exchange or (ii) with respect to the EURO STOXX 50 Index, the time at which the official Closing Level of such Index is calculated
and published by the relevant Index Sponsor) on such date of each security included in such Index. As used herein, “closing
price” means, with respect to any security on any date, the Relevant Stock Exchange traded or quoted price of such security
as of (i) with respect to the S&P 500 Index or the Russell 2000 Index, the Scheduled Closing Time of the Relevant Stock Exchange
for such security or, if earlier, the actual closing time of the regular trading session of such Relevant Stock Exchange or (ii)
with respect to the EURO STOXX 50 Index, the time at which the official Closing Level of such Index is calculated and published
by the relevant Index Sponsor. Notwithstanding the postponement of a Calculation Day for an Index due to a Market Disruption Event
with respect to such Index on such Calculation Day, the originally scheduled Calculation Day will remain the Calculation Day for
any Index not affected by a Market Disruption Event on such day.

 

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of May 18, 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, whether a Contingent Coupon Payment will be made, the Optional Redemption Price, if any, and the Maturity Payment
Amount, if any, which term shall, unless the context otherwise requires, include its successors under such Calculation Agent Agreement.
The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may
appoint a different Calculation Agent from time to time after the initial issuance of this Security without the consent of the
Holder of this Security and without notifying the Holder of this Security.

 

Certain Definitions 

 

A “Trading
Day” with respect to the S&P 500 Index or the Russell 2000 Index means a day, as determined by the Calculation Agent,
on which (i) the Relevant Stock Exchanges with respect to each security underlying such Index are scheduled to be open for
trading for their respective regular trading sessions and (ii) each Related Futures or Options Exchange with respect to such
Index is scheduled to be open for trading for its regular trading session.

 

A “Trading
Day” with respect to the EURO STOXX 50 Index means a day, as determined by the Calculation Agent, on which (i) the
relevant Index Sponsor is scheduled to publish the level of the EURO STOXX 50 Index and (ii) each Related Futures or Options Exchange
with respect to the EURO STOXX 50 Index is scheduled to be open for trading for its regular trading session.

 

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The “Relevant
Stock Exchange” for any security underlying an Index means the primary exchange or quotation system on which such security
is traded, as determined by the Calculation Agent.

 

The “Related
Futures or Options Exchange” for an Index means an 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 Index.

 

Adjustments to an Index

 

If at any time the
method of calculating an Index or a Successor Equity Index, or the closing level thereof, is changed in a material respect, or
if an Index or a Successor Equity Index is in any other way modified so that such index does not, in the opinion of the Calculation
Agent, fairly represent the level of such index had those changes or modifications not been made, then the Calculation Agent will,
at the close of business in New York, New York, on each date that the closing level of such index is to be calculated, make such
calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a
level of an index comparable to such Index or Successor Equity Index as if those changes or modifications had not been made, and
the Calculation Agent will calculate the closing level of such Index or Successor Equity Index with reference to such index, as
so adjusted. Accordingly, if the method of calculating an Index or Successor Equity Index is modified so that the level of such
index is a fraction or a multiple of what it would have been if it had not been modified (e.g., due to a split or reverse
split in such equity index), then the Calculation Agent will adjust such Index or Successor Equity Index in order to arrive at
a level of such index as if it had not been modified (e.g., as if the split or reverse split had not occurred).

 

Discontinuance of an Index

 

If an Index Sponsor
discontinues publication of an Index, and such Index Sponsor or another entity publishes a successor or substitute equity index
that the Calculation Agent determines, in its sole discretion, to be comparable to such Index (a “Successor Equity Index”),
then, upon the Calculation Agent’s notification of that determination to the Trustee and the Company, the Calculation Agent
will substitute the Successor Equity Index as calculated by the relevant Index Sponsor or any other entity for purposes of calculating
the Closing Level of such Index on any date of determination. Upon any selection by the Calculation Agent of a Successor Equity
Index, the Company will cause notice to be given to the Holder of this Security.

 

In the event that
an Index Sponsor discontinues publication of an Index prior to, and the discontinuance is continuing on, a Calculation Day and
the Calculation Agent determines that no Successor Equity Index is available at such time, the Calculation Agent will calculate
a substitute Closing Level for such Index in accordance with the formula for and method of calculating such Index last in effect
prior to the discontinuance, but using only those securities that comprised such Index immediately prior to that discontinuance.
If a Successor Equity Index is selected or the Calculation Agent calculates a level as a substitute for such Index, the Successor
Equity Index or level will be used as a substitute for such Index for all purposes, including the purpose of determining whether
a Market Disruption Event exists.

 

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If on a Calculation
Day an Index Sponsor fails to calculate and announce the level of an Index, the Calculation Agent will calculate a substitute Closing
Level of such Index in accordance with the formula for and method of calculating such Index last in effect prior to the failure,
but using only those securities that comprised such Index immediately prior to that failure; provided that, if a Market
Disruption Event occurs or is continuing on such day with respect to such Index, then the provisions set forth above under the
definition of “Calculation Days” shall apply in lieu of the foregoing.

 

Market Disruption Events 

 

A “Market
Disruption Event” with respect to the S&P 500 Index or the Russell 2000 Index means 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 Exchanges or otherwise relating to securities which then comprise 20% or more of the level of such Index or any
Successor Equity Index at any time during the one-hour period that ends at the Close of Trading on that day, whether by reason
of movements in price exceeding limits permitted by those Relevant Stock Exchanges 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 such Index or any Successor Equity
Index 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, securities that
then comprise 20% or more of the level of such Index or any Successor Equity Index on their Relevant Stock Exchanges at any time
during the one-hour period that ends at the Close of Trading on that day.

 

		(D)	The occurrence or existence of any event, other than an early closure, that materially disrupts
or impairs the ability of market participants in general to effect transactions in, or obtain market values for, futures or options
contracts relating to such Index or any Successor Equity Index 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 on any Exchange Business Day of the Relevant Stock Exchanges on which securities that
then comprise 20% or more of the level of such Index or any Successor Equity Index are traded or any Related Futures or Options
Exchange with respect to such Index or any Successor Equity Index prior to its Scheduled Closing Time unless the earlier closing
time is announced by the Relevant Stock Exchange 

 

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	 	 	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 Futures or Options Exchange, as applicable, system for execution at such actual closing time on that day.

 

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

 

For purposes of determining
whether a Market Disruption Event has occurred with respect to the S&P 500 Index or the Russell 2000 Index:

 

		(1)	the relevant percentage
                                         contribution of a security to the level of such Index or any Successor Equity Index will
                                         be based on a comparison of (x) the portion of the level of such Index attributable
                                         to that security and (y) the overall level of such Index or Successor Equity Index,
                                         in each case immediately before the occurrence of the Market Disruption Event;

 

		(2)	the “Close of
                                         Trading” on any Trading Day for such Index or any Successor Equity Index means
                                         the Scheduled Closing Time of the Relevant Stock Exchanges with respect to the securities
                                         underlying such Index or Successor Equity Index on such Trading Day; provided that, if
                                         the actual closing time of the regular trading session of any such Relevant Stock Exchange
                                         is earlier than its Scheduled Closing Time on such Trading Day, then (x) for purposes
                                         of clauses (A) and (C) of the definition of “Market Disruption Event”
                                         above, with respect to any security underlying such Index or Successor Equity Index for
                                         which such Relevant Stock Exchange is its Relevant Stock Exchange, the “Close of
                                         Trading” means such actual closing time and (y) for purposes of clauses (B)
                                         and (D) of the definition of “Market Disruption Event” above, with respect
                                         to any futures or options contract relating to such Index or Successor Equity Index,
                                         the “Close of Trading” means the latest actual closing time of the regular
                                         trading session of any of the Relevant Stock Exchanges, but in no event later than the
                                         Scheduled Closing Time of the Relevant Stock Exchanges;

 

		(3)	the “Scheduled
                                         Closing Time” of any Relevant Stock Exchange or Related Futures or Options
                                         Exchange on any Trading Day for such Index or any Successor Equity Index 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; and

 

		(4)	an “Exchange
                                         Business Day” means any Trading Day for such Index or any Successor Equity
                                         Index on which each Relevant Stock Exchange for the securities underlying such Index
                                         or any Successor Equity Index and each Related Futures or Options Exchange with respect
                                         to such Index or any Successor Equity Index are open for trading during their respective
                                         regular trading sessions, notwithstanding any such Relevant Stock 

 

    8

     

    

 

	 	 	Exchange or Related
                                         Futures or Options Exchange closing prior to its Scheduled Closing Time.

 

A “Market
Disruption Event” with respect to the EURO STOXX 50 Index means any of (A), (B), (C) or (D) below, as determined by
the Calculation Agent in its sole discretion:

 

		(A)	Any of the following events
                                         occurs or exists with respect to any security included in such Index or any Successor
                                         Equity Index, and the aggregate of all securities included in such Index or Successor
                                         Equity Index with respect to which any such event occurs comprise 20% or more of the
                                         level of such Index or Successor Equity Index;

 

		●	a
                                         material suspension of or limitation imposed on trading by the Relevant Stock Exchange
                                         for such security or otherwise at any time during the one-hour period that ends at the
                                         Scheduled Closing Time for the Relevant Stock Exchange for such security on that day,
                                         whether by reason of movements in price exceeding limits permitted by the Relevant Stock
                                         Exchange or otherwise;

 

		●	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,
                                         such security on its Relevant Stock Exchange at any time during the one-hour period that
                                         ends at the Scheduled Closing Time for the Relevant Stock Exchange for such security
                                         on that day; or

 

		●	the
                                         closure on any Exchange Business Day of the Relevant Stock Exchange for such security
                                         prior to its Scheduled Closing Time unless the earlier closing is announced by such Relevant
                                         Stock Exchange at least one hour prior to the earlier of (i) the actual closing time
                                         for the regular trading session on such Relevant Stock Exchange and (ii) the submission
                                         deadline for orders to be entered into the Relevant Stock Exchange system for execution
                                         at the Scheduled Closing Time for such Relevant Stock Exchange on that day.

 

		(B)	Any of the following events
                                         occurs or exists with respect to futures or options contracts relating to such Index
                                         or any Successor Equity Index:

 

		●	a
                                         material suspension of or limitation imposed on trading by any Related Futures or Options
                                         Exchange or otherwise at any time during the one-hour period that ends at the close of
                                         trading on such Related Futures or Options Exchange on that day, whether by reason of
                                         movements in price exceeding limits permitted by the Related Futures or Options Exchange
                                         or otherwise;

 

		●	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 such Index or Successor Equity Index on any
                                         Related Futures or Options Exchange at any time during the one-hour period that ends
                                         at the close of trading on such Related Futures or Options Exchange on that day; or

 

    9

     

    

 

		●	the
                                         closure on any Exchange Business Day of any Related Futures or Options Exchange prior
                                         to its Scheduled Closing Time unless the earlier closing time is announced by such Related
                                         Futures or Options Exchange at least one hour prior to the earlier of (i) the actual
                                         closing time for the regular trading session on such Related Futures or Options Exchange
                                         and (ii) the submission deadline for orders to be entered into the Related Futures or
                                         Options Exchange system for execution at the close of trading for such Related Futures
                                         or Options Exchange on that day.

 

		(C)	The relevant Index Sponsor
                                         fails to publish the level of such Index or any Successor Equity Index (other than as
                                         a result of the relevant Index Sponsor having discontinued publication of such Index
                                         or Successor Equity Index and no Successor Equity Index being available).

 

		(D)	Any Related Futures or Options
                                         Exchange fails to open for trading during its regular trading session.

 

For purposes
of determining whether a Market Disruption Event has occurred with respect to the EURO STOXX 50 Index:

 

		(1)	the relevant percentage contribution
                                         of a security included in such Index or any Successor Equity Index to the level of such
                                         Index will be based on a comparison of (x) the portion of the level of such index attributable
                                         to that security to (y) the overall level of such index, in each case using the official
                                         opening weightings as published by the relevant Index Sponsor as part of the market opening
                                         data;

 

		(2)	the “Scheduled Closing
                                         Time” of any Relevant Stock Exchange or Related Futures or Options Exchange
                                         on any Trading Day 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; and

 

		(3)	an “Exchange Business
                                         Day” means any Trading Day on which (i) the relevant Index Sponsor publishes
                                         the level of such Index or any Successor Equity Index and (ii) each Related Futures or
                                         Options Exchange is open for trading during its regular trading session, notwithstanding
                                         any Related Futures or Options Exchange closing prior to its Scheduled Closing Time.

 

Calculation Agent

 

The Calculation Agent
will determine whether a Contingent Coupon Payment will be made, the Optional Redemption Price, if any, and the Maturity Payment
Amount, if any. In addition, the Calculation Agent will (i) determine if adjustments are required to the Closing Level of
an Index under the circumstances described in this Security, (ii) if publication of an Index is discontinued, select a Successor
Equity Index or, if no Successor Equity Index is available, determine the Closing Level of such Index under the circumstances
described in this Security, and (iii) determine whether a Market Disruption Event has occurred.

 

    10

     

    

 

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.

 

Redemption and Repayment

 

This Security is not
subject to repayment at the option of the Holder hereof prior to March 9, 2023. This Security is subject to redemption prior to
March 9, 2023 as set forth under “Optional Redemption” above. 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 two sentences) 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, plus a portion of a final Contingent Coupon Payment, if any.
The Maturity Payment Amount and any final Contingent Coupon Payment will be calculated as though the date of acceleration were
the Final Calculation Day. The final Contingent Coupon Payment, if any, will be prorated from and including the immediately preceding
Contingent Coupon Payment Date to but excluding the date of acceleration.

 

 

 

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 FINANCE LLC

	 

	 

	 

	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 FINANCE LLC

 

MEDIUM-TERM
NOTE, SERIES A

Fully
and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal
at Risk Securities Linked to the Lowest Performing of the Russell 2000® Index, 

the S&P
500® Index and the EURO STOXX 50® Index due March 9, 2023

 

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 April 25, 2018, as amended or supplemented from time to
time (herein called the “Indenture”), among the Company, as issuer, Wells Fargo & Company, as guarantor
(the “Guarantor”) 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 Guarantor,
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 A, 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.

 

Guarantee

 

The
Securities of this series are fully and unconditionally guaranteed by the Guarantor as and to the extent set forth 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 Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture
at any time by the

 

    13

     

    

 

Company, the Guarantor 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 behalf of the Holders of all Securities of such series, to waive compliance
by the Company or the Guarantor 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 or the Guarantor 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

 

    14

     

    

 

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, Stated Maturity Date and other terms and of authorized denominations aggregating
a like amount.

 

This
Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary
to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary
or a nominee of such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled
to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under
the Indenture.

 

Prior
to due presentment of this Security for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the
Company, the Guarantor 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 Guarantor, 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 Contingent Coupon Payments, if any, and the Maturity Payment Amount or
the Optional Redemption Price, as applicable, on this Security 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 any Contingent Coupon Payments or the Maturity Payment Amount or the Optional Redemption
Price, as applicable, 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 or of the Guarantor 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 FINANCE
LLC 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.

 

    17

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