Document:

Exhibit 10.2

 

Execution
Version

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of October 18, 2018, is entered into by and
between ACTINIUM PHARMACEUTICALS, INC., a Delaware corporation (the “Company”), and LINCOLN PARK
CAPITAL FUND, LLC, an Illinois limited liability company (together with its permitted assigns, the “Investor”).
 Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Purchase
Agreement by and between the parties hereto, dated as of the date hereof (as amended, restated, supplemented or otherwise modified
from time to time, the “Purchase Agreement”).

 

WHEREAS:

 

A.  Upon
the terms and subject to the conditions of the Purchase Agreement, (i) the Company has agreed to issue to the Investor, and
the Investor has agreed to purchase,  up to Thirty-Two Million Five Hundred Thousand Dollars ($32,500,000) of the Company’s
Common Stock, par value $0.001 per share (the “Common Stock”), pursuant to Section 2 of the Purchase Agreement
(such shares, the “Purchase Shares”), and (ii) the Company has agreed to issue to the Investor such number
of shares of Common Stock as is required pursuant to Section 5(e) of the Purchase Agreement (the “Commitment Shares”);
and

 

B.  To
induce the Investor to enter into the Purchase Agreement, the Company has agreed to provide certain registration rights under
the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively,
the “Securities Act”), and applicable state securities laws.

 

NOW,
THEREFORE, in consideration of the promises and the mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Investor hereby agree as follows:

 

1.
Definitions.

 

For
purposes of this Agreement, the following terms shall have the following meanings:

 

(a)  “Base
Prospectus” means the Company’s final base prospectus, dated October 24, 2017, a preliminary form of which is
included in the Registration Statement, including the documents incorporated by reference therein.

 

(b)  “Initial
Prospectus Supplement” means the prospectus supplement of the Company relating to the Securities, including the accompanying
Base Prospectus, to be prepared and filed by the Company with the SEC pursuant to Rule 424(b)(5) under the Securities Act and
in accordance with Section 2(a), together with all documents and information incorporated therein by reference.

 

(c)  “Person”
means any person or entity including any corporation, a limited liability company, an association, a partnership, an organization,
a business, an individual, a governmental or political subdivision thereof or a governmental agency.

 

(d)  “Prospectus”
means the Base Prospectus, as supplemented by any Prospectus Supplement (including the Initial Prospectus Supplement), including
the documents and information incorporated by reference therein.

 

     

     

    

 

(e)  “Prospectus
Supplement” means any prospectus supplement to the Base Prospectus (including the Initial Prospectus Supplement) filed
with the SEC pursuant to Rule 424(b) under the Securities Act in connection with the transactions contemplated by this Agreement,
including the documents and information incorporated by reference therein.

 

(f)  “Register,”
“Registered,” and “Registration” refer to a registration effected by preparing and filing
one or more registration statements of the Company in compliance with the Securities Act and providing for offering securities
on a continuous basis, and the declaration or ordering of effectiveness of such registration statement(s) by the SEC.

 

(g)  “Registrable
Securities” means the Purchase Shares that may from time to time be issued or issuable to the Investor upon purchases
of the Available Amount under the Purchase Agreement (without regard to any limitation or restriction on purchases) (including
the Initial Purchase Shares), the Commitment Shares issued or issuable to the Investor, and any Common Stock issued or issuable
with respect to the Purchase Shares, the Commitment Shares or the Purchase Agreement as a result of any stock split, stock dividend,
recapitalization, exchange or similar event, without regard to any limitation on purchases under the Purchase Agreement.

 

(h)  “Registration
Statement” means the Shelf Registration Statement and any other registration statement of the Company, as amended when
it became effective, including all documents filed as part thereof or incorporated by reference therein, and including any information
contained in a Prospectus subsequently filed with the SEC.

 

(i)  “Shelf
Registration Statement” means the Company’s existing registration statement on Form S-3 (File No. 333-216748).

 

2.
Registration.

 

(a)  Mandatory
Registration.  The Company agrees that it shall, within the time required under Rule 424(b) under the Securities Act,
file with the SEC the Initial Prospectus Supplement pursuant to Rule 424(b) under the Securities Act specifically relating to
the transactions contemplated by, and describing the material terms and conditions of, the Transaction Documents, containing information
previously omitted at the time of effectiveness of the Registration Statement in reliance on Rule 430B under the Securities Act,
and disclosing all information relating to the transactions contemplated hereby required to be disclosed in the Registration Statement
and the Prospectus as of the date of the Initial Prospectus Supplement, including, without limitation, information required to
be disclosed in the section captioned “Plan of Distribution” in the Prospectus. The Investor acknowledges that it
will be identified in the Initial Prospectus Supplement as an underwriter within the meaning of Section 2(a)(11) of the Securities
Act. The Company shall permit the Investor to review and comment upon the Initial Prospectus Supplement at least two (2) Business
Days prior to their filing with the SEC, the Company shall give due consideration to all such comments, and the Company shall
not file the Initial Prospectus Supplement with the SEC in a form to which the Investor reasonably objects. The Investor shall
use its reasonable best efforts to comment upon the Initial Prospectus Supplement within one (1) Business Day from the date the
Investor receives the final pre-filing draft version thereof from the Company. The Investor shall furnish to the Company such
information regarding itself, the Securities held by it and the intended method of distribution thereof, including any arrangement
between the Investor and any other Person relating to the sale or distribution of the Securities, as shall be reasonably requested
by the Company in connection with the preparation and filing of the Initial Prospectus Supplement, and shall otherwise cooperate
with the Company as reasonably requested by the Company in connection with the preparation and filing of the Initial Prospectus
Supplement with the SEC.

 

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(b)  Effectiveness.
The Company shall use its reasonable best efforts to keep the Registration Statement effective under the Securities Act (including
through any necessary renewals), and to keep the Registration Statement and the Prospectus current and available (including through
any necessary renewals) for issuances and sales of all possible Registrable Securities by the Company to the Investor, and for
the resale of all of the Registrable Securities by the Investor, at all times until the earlier of (i) the date on which the Investor
shall have sold all the Registrable Securities and no Available Amount remains and (ii) the earlier of (A) 180 days following
the Maturity Date and (B) the nine months following the termination of the Purchase Agreement (the “Registration Period”).
Without limiting the generality of the foregoing, during the Registration Period, the Company shall (a) take all action necessary
to cause the Common Stock to continue to be Registered as a class of securities under Section 12(b) of the Exchange Act and shall
not take any action or file any document (whether or not permitted by the Exchange Act) to terminate or suspend such registration
and (b) file or furnish on or before their respective due dates all reports and other documents required to be filed or furnished
by the Company pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act, and shall not
take any action or file any document (whether or not permitted by the Exchange Act) to terminate or suspend its reporting and
filing obligations under the Exchange Act. The Registration Statement (including any amendments or supplements thereto and prospectuses
contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements therein, in the light of the circumstances then existing, not misleading.  

 

(c)  Prospectus
Amendments or Supplements. Except as provided in this Agreement and other than periodic and current reports required to be
filed pursuant to the Exchange Act, the Company shall not file with the SEC any amendment to the Registration Statement or any
supplement to the Base Prospectus that refers to the Investor, the Transaction Documents or the transactions contemplated thereby
(including, without limitation, any Prospectus Supplement filed in connection with the transactions contemplated by the Transaction
Documents), in each case with respect to which (a) the Investor shall not previously have been advised and afforded the opportunity
to review and comment thereon at least two (2) Business Days prior to filing with the SEC, as the case may be, (b) the Company
shall not have given due consideration to any comments thereon received from the Investor or its counsel, or (c) the Investor
shall reasonably object, unless the Company reasonably has determined that it is necessary to amend the Registration Statement
or make any supplement to the Prospectus to comply with the Securities Act or any other applicable law or regulation, in which
case the Company shall promptly (but in no event later than 24 hours) so inform the Investor, the Investor shall be provided with
a reasonable opportunity to review and comment upon any disclosure referring to the Investor, the Transaction Documents or the
transactions contemplated thereby, as applicable, and the Company shall expeditiously furnish to the Investor a copy thereof.
In addition, for so long as, in the reasonable opinion of counsel for the Investor, the Prospectus is required to be delivered
in connection with any acquisition or sale of Securities by the Investor, the Company shall not file any Prospectus Supplement
with respect to the Securities without furnishing to the Investor as many copies of such Prospectus Supplement, together with
the Prospectus, as the Investor may reasonably request.

 

(d)  Sufficient
Number of Shares Registered.  In the event the number of shares available under the Shelf Registration Statement is insufficient
to cover the Registrable Securities, the Company shall, to the extent necessary and permissible, amend the Shelf Registration
Statement or file a new registration statement (together with any prospectuses or prospectus supplements thereunder, a “New
Registration Statement”), so as to cover all of such Registrable Securities as soon as reasonably practicable, but in
any event not later than ten (10) Business Days after the necessity therefor arises.  The Company shall use its reasonable
best efforts to have such amendment and/or New Registration Statement become effective as soon as reasonably practicable following
the filing thereof.    

 

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(e)  Offering.
If the SEC seeks to characterize any offering pursuant to a Registration Statement filed pursuant to this Agreement as constituting
an offering of securities that does not permit such Registration Statement to become effective and be used by the Investor under
Rule 415 at then-prevailing market prices (and not fixed prices), or if after the filing of the Initial Prospectus Supplement
with the SEC pursuant to Section 2(a), the Company is otherwise required by the Staff or the SEC to reduce the number of
Registrable Securities included in such initial Registration Statement, then the Company shall reduce the number of Registrable
Securities to be included in such initial Registration Statement (with the prior consent, which shall not be unreasonably withheld,
of the Investor and its legal counsel as to the specific Registrable Securities to be removed therefrom) until such time as the
SEC shall so permit such Registration Statement to become effective and be used as aforesaid. In the event of any reduction in
Registrable Securities pursuant to this paragraph, the Company shall file one or more New Registration Statements in accordance
with Section 2(d) until such time as all Registrable Securities have been included in Registration Statements that have
been declared effective and the prospectuses contained therein is available for use by the Investor.

 

3.
Related Obligations.

 

With
respect to the Registration Statement and whenever any Registrable Securities are to be Registered pursuant to Section 2,
including on the Shelf Registration Statement or on any New Registration Statement, the Company shall use its reasonable best
efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof
and, pursuant thereto, the Company shall have the following obligations:

 

(a)  Notifications.
The Company will notify the Investor promptly of the time when any subsequent amendment to the Shelf Registration Statement or
any New Registration Statement, other than documents incorporated by reference, has been filed with the SEC and/or has become
effective or where a receipt has been issued therefor or any subsequent supplement to a Prospectus has been filed and of any request
by the SEC for any amendment or supplement to the Registration Statement, any New Registration Statement or any Prospectus or
for additional information.

 

(b)  Amendments.
The Company will prepare and file with the SEC, promptly upon the Investor’s request, any amendments or supplements
to the Shelf Registration Statement, any New Registration Statement or any Prospectus, as applicable, that, in the Investor’s
reasonable opinion, may be necessary or advisable in connection with any acquisition or sale of Registrable Securities by the
Investor (provided, however, that the failure of the Investor to make such request shall not relieve the Company of any obligation
or liability hereunder).

 

(c)  Investor
Review. The Company will not file any amendment or supplement to the Registration Statement, any New Registration Statement
or any Prospectus, other than documents incorporated by reference, relating to the Investor, the Registrable Securities or the
transactions contemplated hereby unless (A) the Investor shall have been advised and afforded the opportunity to review and comment
thereon at least two (2) Business Days prior to filing with the SEC (B) the Company shall have given due consideration to any
comments thereon received from the Investor or its counsel, and (C) the Investor has not reasonably objected thereto (provided,
however, that the failure of the Investor to make such objection shall not relieve the Company of any obligation or liability
hereunder), and the Company will furnish to the Investor at the time of filing thereof a copy of any document that upon filing
is deemed to be incorporated by reference into the Registration Statement or any Prospectus, except for those documents available
via EDGAR.

 

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(d)  Form
S-3. The Company will cause each amendment or supplement to the Prospectus, other than documents incorporated by reference,
to be filed with the SEC as required pursuant to the rules of Form S-3.

 

(e)  Copies
Available. The Company will furnish to the Investor and its counsel (at the expense of the Company) copies of the Registration
Statement, the Prospectus (including all documents incorporated by reference therein), any Prospectus Supplement, any New Registration
Statement and all amendments and supplements to the Registration Statement, the Prospectus or any New Registration Statement that
are filed with the SEC during the Registration Period (including all documents filed with or furnished to the SEC during such
period that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable and in such quantities
as the Investor may from time to time reasonably request and, at the Investor’s request, will also furnish copies of the
Prospectus to each exchange or market on which sales of the Registrable Securities may be made; provided, however, that the Company
shall not be required to furnish any document (other than the Prospectus) to the Investor to the extent such document is available
on EDGAR.

 

(f)  Qualification.
The Company shall take all such action, if any, as is reasonably necessary in order to obtain an exemption for or to qualify (i)
the issuance of the Commitment Shares and the sale of the Purchase Shares to the Investor under this Agreement and (ii) any subsequent
resale of all Commitment Shares and all Purchase Shares by the Investor, in each case, under applicable securities or “Blue
Sky” laws of the states of the United States in such states as is reasonably requested by the Investor during the Registration
Period, and shall provide evidence of any such action so taken to the Investor. The Company shall promptly notify the Investor
who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration
or qualification of any of the Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction
in the United States or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

 

(g)  Notification
of Stop Orders. The Company shall advise the Investor promptly (but in no event later than 24 hours) and shall confirm such
advice in writing, in each case: (i) of the Company’s receipt of notice of any request by the SEC or any other federal or
state governmental authority for amendment of or a supplement to the Registration Statement or any Prospectus or for any additional
information; (ii) of the Company’s receipt of notice of the issuance by the SEC or any other federal or state governmental
authority of any stop order suspending the effectiveness of the Registration Statement or prohibiting or suspending the use of
the Prospectus or Prospectus Supplement, or any New Registration Statement, or of the Company’s receipt of any notification
of the suspension of qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation or
contemplated initiation of any proceeding for such purpose; and (iii) of the Company becoming aware of the happening of any event,
which makes any statement of a material fact made in the Registration Statement or any Prospectus untrue or which requires the
making of any additions to or changes to the statements then made in the Registration Statement or any Prospectus in order to
state a material fact required by the Securities Act to be stated therein or necessary in order to make the statements then made
therein (in the case of any Prospectus, in light of the circumstances under which they were made) not misleading, or of the necessity
to amend the Registration Statement or any Prospectus to comply with the Securities Act or any other law. The Company shall not
be required to disclose to the Investor the substance or specific reasons of any of the events set forth in clauses (i) through
(iii) of the immediately preceding sentence, but rather, shall only be required to disclose that the event has occurred. If at
any time the SEC, or any other federal or state governmental authority shall issue any stop order suspending the effectiveness
of the Registration Statement or prohibiting or suspending the use of the Prospectus or Prospectus Supplement, the Company shall
use its reasonable best efforts to obtain the withdrawal of such order at the earliest possible time. The Company shall furnish
to the Investor, without charge, a copy of any correspondence from the SEC or the staff of the SEC, or any other federal or state
governmental authority to the Company or its representatives relating to the Shelf Registration Statement, any New Registration
Statement or any Prospectus, or Prospectus Supplement as the case may be.

 

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(h)  Listing
on the Principal Market. The Company shall promptly secure the listing, or conditional listing as applicable, of all of the
Purchase Shares and Commitment Shares to be issued to the Investor hereunder on the Principal Market (subject to standard listing
conditions, if any, for transactions of this nature, official notice of issuance and the Exchange Cap) and upon each other national
securities exchange or automated quotation system, if any, upon which the Common Stock are then listed, and shall maintain, so
long as any Common Stock shall be so listed, such listing of all such Registrable Securities from time to time issuable hereunder.
The Company shall use commercially reasonable efforts to maintain the listing of the Common Stock on the Principal Market and
shall comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules and regulations
of the Principal Market. Neither the Company nor any of its Subsidiaries shall take any action that would reasonably be expected
to result in the delisting or suspension of the Common Stock on the Principal Market. The Company shall promptly, and in no event
later than the following Business Day, provide to the Investor copies of any notices it receives from any Person regarding the
continued eligibility of the Common Stock for listing on the Principal Market. The Company shall pay all fees and expenses in
connection with satisfying its obligations under this Section 3(h).

 

(i)  Delivery
of Shares. The Company shall cooperate with the Investor to facilitate the timely preparation and delivery of DWAC Shares
(not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to the Shelf Registration
Statement or any New Registration Statement and enable such DWAC Shares to be in such denominations or amounts as the Investor
may reasonably request and registered in such names as the Investor may request.

 

(j)  Transfer
Agent. The Company shall at all times maintain the services of the Transfer Agent with respect to its Common Stock.

 

(k)  Approvals.
The Company shall use its reasonable best efforts to cause the Registrable Securities covered by any Registration Statement to
be Registered with or approved by such other governmental agencies or authorities in the United States as may be necessary to
consummate the disposition of such Registrable Securities.

 

(l)  Confirmation
of Effectiveness. If reasonably requested by the Investor at any time, the Company shall deliver to the Investor a written
confirmation from Company’s counsel of whether or not the effectiveness of such Registration Statement has lapsed at any
time for any reason (including, without limitation, the issuance of a stop order) and whether or not the Registration Statement
is currently effective and available to the Company for sale of all of the Registrable Securities.  

 

(m)  Further
Assurances. The Company agrees to take all other reasonable actions as necessary and reasonably requested by the Investor
to expedite and facilitate disposition by the Investor of Registrable Securities pursuant to any Registration Statement.

 

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(n)  Suspension
of Sales. The Investor agrees that, upon receipt of any notice from the Company of the existence of any suspension or stop
order as set forth in Section 3(f) or 3(g), the Investor will immediately discontinue disposition of Registrable
Securities pursuant to any Registration Statement covering such Registrable Securities until the Investor's receipt of the copies
of a notice regarding the resolution or withdrawal of the suspension or stop order as contemplated by Section 3(f) or 3(g).
Notwithstanding anything to the contrary, the Company shall cause its transfer agent to promptly deliver DWAC Shares of Common
Stock without any restrictive legend in accordance with the terms of the Purchase Agreement in connection with any sale of Registrable
Securities with respect to which an Investor has entered into a contract for sale prior to the Investor's receipt of a notice
from the Company of the happening of any event of the kind described in Section 3(f) or 3(g) and for which the Investor
has not yet settled.

 

4.
Obligations of the Investor.

 

(a)  Investor
Information. The Investor has furnished to the Company in Exhibit A hereto such information regarding itself, the Registrable
Securities held by it, the Registrable Securities held by it and the intended method of disposition thereof, including any arrangement
between the Investor and any other Person relating to the sale or distribution of the Securities, as required to effect the registration
of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably
request. The Company shall notify the Investor in writing of any other information the Company reasonably requires from the Investor
in connection with any Registration Statement hereunder. The Investor will as promptly as practicable notify the Company of any
material change in the information set forth in Exhibit A, other than changes in its ownership of Common Stock.

 

(b)  Investor
Cooperation. The Investor agrees to cooperate with the Company as reasonably requested by the Company in connection with the
preparation and filing of any amendments and supplements to any Registration Statement or New Registration Statement hereunder.

 

5.
Expenses of Registration.

 

All
reasonable expenses of the Company, other than sales or brokerage commissions and fees and disbursements of counsel for the Investor,
incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without
limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees and disbursements of counsel
for the Company, shall be paid by the Company.

 

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6.
Indemnification.

 

(a)  To
the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, each
Person, if any, who controls the Investor, the members, the directors, officers, partners, employees, members, managers, agents,
representatives of the Investor and each Person, if any, who controls the Investor within the meaning of the Securities Act or
the Exchange Act (each, an “Indemnified Person”), against any losses, claims, damages, liabilities, judgments,
fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement (with the consent of the Company,
such consent not to be unreasonably withheld) or reasonable expenses, (collectively, “Claims”) reasonably incurred
in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the
foregoing by or before any court or governmental, administrative or other regulatory agency or body or the SEC, whether pending
or threatened, whether or not an indemnified party is or may be a party thereto (“Indemnified Damages”), to
which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect
thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in the Shelf
Registration Statement, any New Registration Statement or any post-effective amendment thereto or in any filing made in connection
with the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction in which
Registrable Securities are offered (“Blue Sky Filing”), or the omission or alleged omission to state a material
fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged
untrue statement of a material fact contained in the final Prospectus or the omission or alleged omission to state therein any
material fact necessary to make the statements made therein, in light of the circumstances under which the statements therein
were made, not misleading, (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any
other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer
or sale of the Registrable Securities pursuant to the Shelf Registration Statement or any New Registration Statement or (iv) any
material violation by the Company of this Agreement (the matters in the foregoing clauses (i) through (iv) being, collectively,
“Violations”).  The Company shall reimburse each Indemnified Person promptly as such expenses are incurred
and are due and payable, for any reasonable legal fees or other reasonable expenses incurred by them in connection with investigating
or defending any such Claim.  Notwithstanding anything to the contrary contained herein, the indemnification agreement contained
in this Section 6(a): (A) shall not apply to a Claim by an Indemnified Person arising out of or based upon a Violation
which occurs in reliance upon and in conformity with information furnished in writing to the Company by the Investor or such Indemnified
Person expressly for use in connection with the preparation of the Registration Statement, any New Registration Statement, the
Prospectus or any such amendment thereof or supplement thereto, if such in each case if the foregoing was timely made available
by the Company; (B) with respect to any superseded prospectus, shall not inure to the benefit of any such Person from whom the
Person asserting any such Claim purchased the Registrable Securities that are the subject thereof (or to the benefit of any other
Indemnified Person) if the untrue statement or omission of material fact contained in the superseded prospectus was corrected
in the revised prospectus, as then amended or supplemented, if such revised prospectus was timely made available by the Company
pursuant to Section 3(c) or Section 3(e), and the Indemnified Person was promptly advised in writing not to use
the incorrect prospectus prior to the use giving rise to a violation; (C) shall not be available to the extent such Claim is based
on a failure of the Investor to deliver, or to cause to be delivered, the prospectus made available by the Company, if such prospectus
was theretofore made available by the Company pursuant to Section 3(c) or Section 3(e); and (D) shall not apply
to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which
consent shall not be unreasonably withheld.  Such indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by the Investor pursuant
to Section 8.

 

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(b)  In
connection with the Shelf Registration Statement any New Registration Statement or Prospectus, the Investor agrees to indemnify,
hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each
of its directors, each of its officers who signed the Shelf Registration Statement or signs any New Registration Statement, each
Person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act (collectively and together
with an Indemnified Person, an “Indemnified Party”), against any Claim or Indemnified Damages to which any
of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages
arise out of or are based upon any Violation, in each case to the extent, and only to the extent, that such Violation occurs in
reliance upon and in conformity with written information about the Investor set forth on Exhibit A attached hereto or updated
from time to time in writing by the Investor and furnished to the Company by the Investor expressly for inclusion in the Shelf
Registration Statement or Prospectus or any New Registration Statement or from the failure of the Investor to deliver or to cause
to be delivered the prospectus made available by the Company, if such prospectus was timely made available by the Company pursuant
to Section 3(c) or Section 3(e); and, subject to Section 6(d), the Investor will reimburse any legal or other
expenses reasonably incurred by them in connection with investigating or defending any such Claim; provided, however,
that the indemnity agreement contained in this Section 6(b) and the agreement with respect to contribution contained in
Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written
consent of the Investor, which consent shall not be unreasonably withheld; provided, further, however, that
the Investor shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified Damages as does not
exceed the net proceeds to the Investor as a result of the sale of Registrable Securities pursuant to such Registration Statement.
 Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified
Party and shall survive the transfer of the Registrable Securities by the Investor pursuant to Section 8.

 

(c)  Promptly
after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action
or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party
shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the
indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate
in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume
control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the
Indemnified Party, as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall
have the right to retain its own counsel with the fees and expenses to be paid by the indemnifying party, if, in the reasonable
opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified
Party and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified
Person or Indemnified Party and any other party represented by such counsel in such proceeding. The Indemnified Party or Indemnified
Person shall cooperate with the indemnifying party in connection with any negotiation or defense of any such action or claim by
the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party
or Indemnified Person which relates to such action or claim.  The indemnifying party shall keep the Indemnified Party or
Indemnified Person fully apprised as to the status of the defense or any settlement negotiations with respect thereto.  No
indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its written consent,
provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent.  No indemnifying
party shall, without the consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into
any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff
to such Indemnified Party or Indemnified Person of a release from all liability in respect to such claim or litigation.  Following
indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or
Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has
been made.  The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement
of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under
this Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend such action.

 

d.  The
indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of
the investigation or defense, as and when bills are received or Indemnified Damages are incurred.  Any Person receiving a
payment pursuant to this Section 6 which person is later determined to not be entitled to such payment shall return such
payment to the person making it.

 

e.  The
indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party
or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject
to pursuant to the law.

 

    	 	9	 

     

    

 

7.
Contribution.

 

To
the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make
the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest
extent permitted by law; provided, however, that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any seller of Registrable Securities
who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited
in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities.

 

8.
Assignment of Registration Rights.

 

The
Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investor;
provided, however, that any transaction, whether by merger, reorganization, restructuring, consolidation, financing or otherwise,
whereby the Company remains the surviving entity immediately after such transaction shall not be deemed an assignment.  The
Investor may not assign its rights under this Agreement without the prior written consent of the Company, other than to an affiliate
of the Investor controlled by Jonathan Cope or Josh Scheinfeld, in which case the assignee must agree in writing to be bound by
the terms and conditions of this Agreement.

 

9.
Amendment of Registration Rights.

 

No
provision of this Agreement may be amended or waived by the parties from and after the date that is one Business Day immediately
preceding the initial filing of the Initial Prospectus Supplement with the SEC. Subject to the immediately preceding sentence,
no provision of this Agreement may be (i) amended other than by a written instrument signed by both parties hereto or (ii) waived
other than in a written instrument signed by the party against whom enforcement of such waiver is sought. Failure of any party
to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall
not operate as a waiver thereof.

 

10.
Miscellaneous.

 

(a)  Notices.
Any notices, consents or other communications required or permitted to be given under the terms of this Agreement must be in writing
and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
(provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); (iii)
upon receipt, when sent by electronic message (provided the recipient responds to the message and confirmation of both electronic
messages are kept on file by the sending party); or (iv) one (1) Business Day after timely deposit with a nationally recognized
overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers
for such communications shall be:

 

If
to the Company:

 

Actinium
Pharmaceuticals, Inc.

275
Madison Ave. 7th Floor

New
York, NY 10016

Telephone:646.677.3870

E-mail:
soloughlin@actinium.com

Attention:
Steve O’Loughlin, Principal Financial Officer

 

    	 	10	 

     

    

 

With
a copy (which shall not constitute notice) to:

The
Matt Law Firm, PLLC

1701
Genesee Street

Utica,
NY 13501

Telephone:
315.235.2299

Facsimile:
315.624.7359

E-mail:tslusarczyk@
mattlawfirm.com

Attention:
Thomas R. Slusarczyk

 

If
to the Investor:

 

Lincoln
Park Capital Fund, LLC

440
North Wells, Suite 410

Chicago,
IL 60654

Telephone:312.822.9300

Facsimile:312.822.9301

E-mail:jscheinfeld@lpcfunds.com/jcope@lpcfunds.com

Attention:Josh
Scheinfeld/Jonathan Cope

 

With
a copy (which shall not constitute notice) to:

 

K&L
Gates, LLP

200
South Biscayne Boulevard

Suite
3900

Miami,
Florida 33131

Telephone:305.539.3300

Facsimile:
305.358.7095

E-mail:
clayton.parker@klgates.com/matthew.ogurick@klgates.com

Attention:Clayton
E. Parker, Esq./Mathew Ogurick, Esq.

 

or
at such other address and/or facsimile number and/or to the attention of such other person as the recipient party has specified
by written notice given to each other party at least one (1) Business Day prior to the effectiveness of such change.  Written
confirmation of receipt (A) given by the recipient of such notice, consent or other communication, (B) mechanically or electronically
generated by the sender’s facsimile machine containing the time, date, and recipient facsimile number, (C) electronically
generated by the sender’s electronic mail containing the time, date and recipient email address or (D) provided by a nationally
recognized overnight delivery service, shall be rebuttable evidence of receipt in accordance with clause (i), (ii), (iii) or (iv)
above, respectively.  Any party to this Agreement may give any notice or other communication hereunder using any other means
(including messenger service, ordinary mail or electronic mail), but no such notice or other communication shall be deemed to
have been duly given unless it actually is received by the party for whom it is intended.

 

(b)  No
Waiver No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any
other right, power or privilege.

 

    	 	11	 

     

    

 

(c)  Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed
by the internal laws of the State of Illinois, without giving effect to any choice of law or conflict of law provision or rule
(whether of the State of Illinois or any other jurisdictions) that would cause the application of the laws of any jurisdictions
other than the State of Illinois.  Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the County of Cook, in the State of Illinois for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert
in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.
 Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit,
action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees
that such service shall constitute good and sufficient service of process and notice thereof.  Nothing contained herein shall
be deemed to limit in any way any right to serve process in any manner permitted by law.  If any provision of this Agreement
shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability
of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in
any other jurisdiction.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY
TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY.

 

(d)  Integration.
This Agreement, the Purchase Agreement and the other Transaction Documents constitute the entire understanding among the
parties hereto with respect to the subject matter hereof and thereof.  There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein and therein.  This Agreement, the Purchase Agreement
and the other Transaction Documents supersede all other prior oral or written agreements between the Investor, the Company, their
affiliates and persons acting on their behalf with respect to the subject matter hereof and thereof.

 

(e)  No
Third Party Benefits. Subject to the requirements of Section 8, this Agreement shall inure to the benefit of and be
binding upon the permitted successors and assigns of each of the parties hereto.

 

(f)  Headings.
The headings in this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this
Agreement.

 

(g)  Counterparts.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a
facsimile or pdf (or other electronic reproduction of a) signature shall be considered due execution and shall be binding upon
the signatory thereto with the same force and effect as if the signature were an original, not a facsimile or pdf (or other electronic
reproduction of a) signature.

 

(h)  Each
party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents as the other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(i)  The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no
rules of strict construction will be applied against any party.

 

(j)  This
Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not
for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

*
* * * * *

    	 	12	 

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be duly executed as of day and year first above
written.

 

	 	THE COMPANY:
	 	 	 
	 	ACTINIUM PHARMACEUTICALS, INC.
	 	 	 
	 	By:	/s/ Sandesh Seth
	 	Name:	Sandesh Seth
	 	Title: 	Chairman and Chief Executive Officer
	 	 	 
	 	INVESTOR:
	 	 	 
	 	LINCOLN PARK CAPITAL FUND, LLC
	 	BY: LINCOLN PARK CAPITAL, LLC
	 	 	 
	 	By: 	/s/
    Jonathan Cope
	 	Name:	Jonathan Cope
	 	Title:	Managing Member

 

    	 	13	 

     

    

 

EXHIBIT
A

 

Information
About The Investor Furnished To The Company By The Investor

Expressly
For Use In Connection With The Registration Statement and Prospectus

 

Information
With Respect to Lincoln Park Capital

 

Immediately
prior to the date of the Purchase Agreement, Lincoln Park Capital Fund, LLC, beneficially owned 164,835 shares of Common Stock.
Josh Scheinfeld and Jonathan Cope, the Managing Members of Lincoln Park Capital, LLC, the manager of Lincoln Park Capital Fund,
LLC, are deemed to be beneficial owners of all of the Common Stock owned by Lincoln Park Capital Fund, LLC. Messrs. Cope and Scheinfeld
have shared voting and investment power over the shares being offered under the prospectus supplement filed with the SEC in connection
with the transactions contemplated under the Purchase Agreement. Lincoln Park Capital, LLC is not a licensed broker dealer or
an affiliate of a licensed broker dealer.WELLS FARGO & COMPANY 8-K

 

Exhibit 4.1

 

[Face
of Note]

 

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

	CUSIP NO. 95001BAF1	FACE AMOUNT: $________
	REGISTERED NO. ___	 

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES S

 

Due
Nine Months or More From Date of Issue

 

Principal
at Risk Securities Linked to the Lowest Performing of the

S&P 500® Index and the EURO STOXX 50® Index due October 20, 2021

 

 

WELLS
FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Maturity Payment
Amount (as defined below) on the Stated Maturity Date (as defined below), unless this Security is automatically called prior to
the Stated Maturity Date as provided below under “Automatic Call,” 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 Call Settlement Date (as
defined below), if any. The “Initial Stated Maturity Date” shall be October 20, 2021. 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.”

Automatic
Call

If
the Closing Level (as defined below) of the Lowest Performing Index (as defined below) on any of the semi-annual Calculation Days
(as defined below) from April 2019 to April 2021,

    	 	 	 

    	 

    

inclusive,
is greater than or equal to its Starting Level (as defined below), this Security will be automatically called by the Company,
and on the related Call Settlement Date the Holder hereof will receive the Call Price (as defined below) plus a final Contingent
Coupon Payment. Unless the Company defaults in the payment of the Call Price plus the final Contingent Coupon Payment, this Security
will cease to be outstanding on such Call Settlement 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 Call Settlement Date. The Holder hereof will
not receive any notice from the Company in the event this Security is automatically called pursuant to the terms hereof. The “Call
Price” is equal to the Face Amount of this Security. The “Call Settlement Date” for a Calculation
Day shall be three Business Days after such Calculation Day, as such Calculation Day may be postponed as provided herein. If a
Calculation Day is postponed with respect to one or both Indices, the related Call Settlement Date will be three Business Days
after the last Calculation Day as postponed.

Payment
of Contingent Coupon Payments, the Maturity Payment Amount and the Call Price

On
each semi-annual Contingent Coupon Payment Date, the Company shall pay a Contingent Coupon Payment if, and only if, the Closing
Level of the Lowest Performing Index 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 2. 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 both Indices, the related Contingent Coupon Payment Date
will be three Business Days after the last Calculation Day as postponed. The “Contingent Coupon Rate” is 12.80%
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

    	 	2	 

     

    

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 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 Call 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 Call 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 Call Price and Contingent Coupon Payments

If
this Security is not automatically called prior to the Stated Maturity Date as provided above under “Automatic Call,”
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 (as defined below): 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:

 

	 	Face
    Amount  x	Performance
        Factor of the Lowest Performing

        Index
        on the Final Calculation Day
	 

 

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 S&P 500 Index and the EURO STOXX 50 Index.

The
“Pricing Date” shall mean October 15, 2018.

    	 	3	 

     

    

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 both Indices as provided herein).

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 S&P 500 Index is 2750.79, its Closing Level on the Pricing Date, and
with respect to the EURO STOXX 50 Index is 3210.37, 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 S&P 500 Index is 2338.1715, which is equal to 85% of its Starting
Level, and with respect to the EURO STOXX 50 Index is 2728.8145, which is equal to 85% of its Starting Level.

The
“Downside Threshold Level” with respect to the S&P 500 Index is 1925.553, which is equal to 70% of its
Starting Level, and with respect to the EURO STOXX 50 Index is 2247.259, which is equal to 70% 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 15th day of each April and October, commencing April 2019 and ending
April 2021, and the Final Calculation Day. If any such day is not a Trading Day with respect to either 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 October 15, 2021. 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

    	 	4	 

     

    

originally
scheduled Calculation Day and a Market Disruption Event occurs or is continuing with 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, 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, 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 one 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 the other Index if such other Index is not affected by a Market Disruption Event on such day.

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of January 24, 2018 between the Company and
the Calculation Agent, as amended from time to time.

“Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among
other things, the determination of whether this Security will be automatically called prior to stated maturity and whether a Contingent
Coupon Payment will be made, the Call 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 means a day, as determined by the Calculation Agent, on
which (i) the Relevant Stock Exchanges with respect to each security underlying the S&P 500 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

    	 	5	 

     

    

publish
the level of the EURO STOXX 50 Index and (ii) each Related Futures or Options Exchange is scheduled to be open for trading for
its regular trading session.

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

    	 	6	 

     

    

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.

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 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

 

    	 	7	 

     

    

 

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 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:

 

(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

 

    	 	8	 

     

    

 

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 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

 

 

    	 	9	 

     

    

 

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

●

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 this Security will be automatically called prior to stated maturity and whether a Contingent
Coupon Payment will be made, the Call Price, if any, and the Maturity Payment Amount, if any. In addition, the Calculation Agent
will

    	 	10	 

     

    

(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.

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 October 20, 2021. Except as set forth above under
“Automatic Call,” this Security is not subject to redemption prior to October 20, 2021. 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 & COMPANY
	 	 	 
	 	By:	 
	 	 	 
	 	 	Its:
	 	 	 
	 	Attest:	 
	 	 	 
	 	 	Its:

 

 

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

This is one of the Securities of the

series designated therein described

in the within-mentioned Indenture.

 

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

 

 

    	 	12	 

     

    

 

[Reverse
of Note]

 

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES S

 

Due
Nine Months or More From Date of Issue

 

Principal
at Risk Securities Linked to the Lowest Performing of the

S&P 500® Index and the EURO STOXX 50® Index due October 20, 2021

 

 

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

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

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

Modification
and Waivers 

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

    	 	13	 

     

    

the
time Outstanding affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under
the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Solely for the purpose
of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant
to the Indenture has been given or taken by the Holders of Outstanding Securities in the requisite aggregate principal amount,
the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face
Amount” hereof. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

Defeasance

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

Authorized
Denominations

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

Registration
of Transfer

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

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

    	 	14	 

     

    

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

Prior
to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

Obligation
of the Company Absolute

No
reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the Contingent Coupon Payments, if any, and the Maturity Payment Amount or
the Call 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 Call 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, whether by virtue of any constitution, statute or rule of law, or by the enforcement
of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration
for the issuance hereof, expressly waived and released.

Defined
Terms

All
terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless
otherwise defined in this Security.

Governing
Law

This
Security shall be governed by and construed in accordance with the law of the State of New York, without regard to principles
of conflicts of laws.

    	 	15	 

     

    

 

ABBREVIATIONS 

 

The
following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written
out in full according to applicable laws or regulations:

	TEN COM	--	as tenants in common
	 	 	 
	TEN ENT	--	as tenants by the entireties
	 	 	 
	JT TEN	--	as joint tenants with right
	 	 	of survivorship and not
	 	 	as tenants in common

 

	UNIF GIFT MIN ACT --	 	 Custodian 	 
	 	(Cust)	 	(Minor)

 

	Under Uniform Gifts to Minors Act	 
	 	 
	 	 
	(State)	 

 

Additional abbreviations
may also be used though not in the above list.

 

FOR VALUE RECEIVED,
the undersigned hereby sell(s) and transfer(s) unto

 

	Please Insert Social Security or	 
	Other Identifying Number of Assignee
	 	 
	 	 

 

 

	 
	 
	 

(Please
print or type name and address including postal zip code of Assignee)

 

    	 	16	 

     

    

 

the
within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and appoint __________________ attorney to
transfer the said Security on the books of the Company, with full power of substitution in the premises.

 

 

Dated: _________________________

 

	 	 
	 	 

 

 

NOTICE: The signature to this assignment
must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement
or any change whatever.

 

 

    	 	17

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