Document:

Form of Note

 Exhibit 4.1 
 [Face of Note] 
  

			
	CUSIP NO. 94974BFB1	 	PRINCIPAL AMOUNT: $
	REGISTERED NO.	 	

 WELLS FARGO & COMPANY 

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

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

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

This Security is not a deposit or other obligation of a depository institution and is not insured by the Federal Deposit Insurance
Corporation, the Deposit Insurance Fund or any other governmental agency. 
  

					
			
	ORIGINAL ISSUE DATE: February 27, 2012	  	ISSUE PRICE: 100%	  	STATED MATURITY DATE: February 27, 2017
			
	BASE RATE: LIBOR	  	INITIAL INTEREST RATE: Three-month LIBOR plus 1.100%, determined two London Banking Days prior to February 27, 2012	  	INITIAL INTEREST PAYMENT DATE: May 27, 2012
			
	INTEREST PAYMENT DATES: Each February 27, May 27, August 27, and November 27, commencing May 27, 2012, and at maturity	  	INTEREST DETERMINATION DATES: Second London Banking Day prior to each Interest Reset Date	  	CALCULATION DATES: See below
			
	MAXIMUM INTEREST RATE: N/A	  	MINIMUM INTEREST RATE: N/A	  	INTEREST RESET PERIOD: Quarterly
			
	INTEREST RESET DATES: Each February 27, May 27, August 27, and November 27, commencing May 27, 2012 and ending November 27, 2016	  	INITIAL INTEREST RESET DATE: May 27, 2012	  	SPREAD MULTIPLIER: N/A
			
	SPREAD: +110 basis points	  	INDEX MATURITY: Three months	  	REGULAR RECORD DATES: The fifteenth calendar day, whether or not a Business Day, prior to the Interest Payment Date.
			
	 DESIGNATED CMT MATURITY INDEX

AND DESIGNATED REUTERS PAGE
 (Only applicable if
the Base Rate is CMT): N/A
	  	 INDEX CURRENCY
 (Only
applicable if the Base Rate is LIBOR): U.S. Dollars
	  	CALCULATION AGENT: Wells Fargo Bank, N.A.

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

         ̈ 100%

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

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

         ̈ 100%

         ̈ Other

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

        x U.S. $1,000

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

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

 WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of
Delaware (hereinafter called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, the principal
sum of             ($            ) on the Stated Maturity Date shown above (except to the extent redeemed or repaid prior to
such date) and to pay interest, if any, on the Interest Payment Dates specified above, commencing with the Initial Interest Payment Date specified above following the Original Issue Date specified above, and at Maturity, on the principal amount
hereof, at a rate per annum equal to the Initial Interest Rate specified above until the Initial Interest Reset Date specified above following the Original Issue Date specified above and thereafter at the rate per annum specified above, as
determined by the Calculation Agent in accordance with the provisions on the reverse hereof under the heading “Determination of CD Rate”, “Determination of Commercial Paper Rate”, “Determination of EURIBOR”,
“Determination of Federal Funds Rate”, “Determination of Federal Funds (Open) Rate”, “Determination of LIBOR”, “Determination of Prime Rate”, “Determination of Treasury Rate” or “Determination
of CMT Rate,” as applicable. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date next preceding such Interest Payment Date. Interest payable upon Maturity will be paid to the Person to whom principal is payable. The Regular Record Date for an Interest
Payment Date shall be the fifteenth calendar day, whether or not a Business Day, prior to such Interest Payment Date. 
 If an
Interest Payment Date falls on a day that is not a Business Day, other than an Interest Payment Date that is also the date of Maturity, such Interest Payment Date will be postponed to the following day that is a Business Day, except that, if the
Base Rate specified above is LIBOR or EURIBOR and such following Business Day is in the next calendar month, such Interest Payment Date shall be the immediately preceding day that is a Business Day. If the date of Maturity would fall on a day that
is not a Business Day, the payment of principal and any premium and interest shall be made on the next Business Day, with the same force and effect as if made on the due date, and no additional interest shall accrue on the amount so payable for the
period from and after such date of Maturity. For purposes of this Security, “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required
by law or regulation to close in New York or London. 

  
 2 

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

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

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

  
 3 

 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 4 

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

 

					
	WELLS FARGO & COMPANY
	By:	 	 
		 	 
		 	Its:	 	 

 [SEAL] 
  

					
	Attest:	 	 
		 	 
		 	Its:	 	 
		 		 	

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

in the within-mentioned Indenture. 
 CITIBANK,
N.A., 
     as Trustee 

			
		
	By:	 	 
		 	Authorized Signature

 OR 
 WELLS FARGO BANK, N.A., 
     as Authenticating Agent for the Trustee

  

			
		
	By:	 	 
		 	Authorized Signature

  
 5 

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

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

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

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

  
 6 

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

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

  

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

  

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

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

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

  
 7 

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

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

  

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

Determination of CD Rate 

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

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

 

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

 

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

  

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

  
 8 

 Determination of Commercial Paper Rate 

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

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

  

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

  

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

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

 

					
	 Money Market Yield =  
	  	D x 360	  	x 100
	  	360 – (D x M)	  

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

  
 9 

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

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

  

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

 

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

 “Euro-Zone”
means the region comprising member states of the European Union that have adopted the single currency in accordance with the relevant treaty of the European Union, as amended. 

  
 10 

 Determination of Federal Funds Rate 

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

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

  

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

  

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

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

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

  

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

  
 11 

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

  

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

Determination of LIBOR 

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

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

  

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

  
 12 

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

 

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

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

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

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

  

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

  
 13 

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

 

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

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

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

  

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

  

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

  
 14 

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

  

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

  

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

  

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

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

 

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

 where “D” refers to the applicable per annum rate for Treasury Bills quoted on a bank discount basis,
“N” refers to 365 or 366, as the case may be, and “M” refers to the actual number of days in the Interest Period for which interest is being calculated. 
 Determination of CMT Rate 
 If the Base Rate specified on the face hereof is
the CMT Rate, the interest rate per annum determined with respect to any Interest Determination Date specified on the face hereof shall equal the rate displayed on the Designated CMT Reuters Page, as defined below, under the caption “. . .
Treasury Constant Maturities . . . Federal Reserve Board Release H.15 . . . Mondays Approximately 3:45 p.m.,” under the column for the Designated CMT Maturity Index, as defined below, for: 

  
 15 

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

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

  

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

  

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

  
 16 

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

 

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

  

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

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

Events of Default 
 If an
Event of Default, as defined in the Indenture, with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the
Indenture. 
 Modification and Waivers 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities
of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected, acting together as
a class. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together as a class, on

  
 17 

 
behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences
may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Security. 
 Defeasance and Covenant Defeasance 

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

  
 18 

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

Authorized Denominations 

Unless otherwise provided on the face hereof, this Security is issuable only in registered form without coupons in denominations of $1,000
or integral multiples of $1,000 in excess thereof. 
 Registration of Transfer 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis,
Minnesota, a new Security or Securities of this series in authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided
therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 
 If this Security is a Global Security (as specified above), this Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is
unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a qualified successor depositary is not appointed
within 90 days after the Company receives 

  
 19 

 
such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form or
elects to terminate the book-entry system through the Depositary and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable
pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, bearing interest at the same rate, having the same date of issuance, redemption provisions, Stated Maturity Date and other terms and of
authorized denominations aggregating a like amount. 
 If this Security is a Global Security (as specified above), this Security
may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the
Depositary or a nominee of such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders
hereof for any purpose under the Indenture. 
 Prior to due presentment of this Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor
any such agent shall be affected by notice to the contrary. 
 Obligation of the Company Absolute 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security and except that in the
event the Company deposits money or Eligible Instruments as provided in Articles 4 and 15 of the Indenture, such payments will be made only from proceeds of such money or Eligible Instruments. 

No Personal Recourse 
 No
recourse shall be had for the payment of the principal of or the interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any
incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 
 Defined Terms 
 All terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined in this Security. 
 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. 

  
 20 

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

ELECTS TO EXERCISE SUCH RIGHT 
  

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

  
 21 

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

  
 22 

 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)

  
 23 

 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. 

  
 24Fourth Amendment to Collaboration Agreement

 Exhibit 10.1(iv) 
 [ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the
Securities Exchange Act of 1934, as amended. 
 FOURTH AMENDMENT TO COLLABORATION AGREEMENT 

BETWEEN 

ONYX PHARMACEUTICALS, INC. AND BAYER CORPORATION 
 This Fourth Amendment to the Collaboration Agreement (the “Fourth Amendment”) is dated October 11, 2011 (the “Effective Date of the Fourth Amendment”) by and between
ONYX PHARMACEUTICALS, Inc., a Delaware corporation having its principal place of business in South San Francisco, California (“Onyx”) and BAYER HEALTHCARE LLC, a Delaware company having its principal place of business in Tarrytown,
New York, as successor-in-interest to BAYER CORPORATION (“Bayer”). Bayer and Onyx may be referred to herein individually as “Party,” or collectively, as the “Parties.” 

RECITALS 
 WHEREAS, Onyx and Bayer (successor-in-interest to Miles Inc.) entered into a Collaboration Agreement dated April 22, 1994, as amended on April 24, 1996 (the “First
Amendment”), on February 1, 1999 (the “Second Amendment”) and on March 6, 2006 pursuant to the U.S. Co-Promotion Agreement (the “Co-Promotion Agreement”) (such agreement as amended by the First
Amendment, Second Amendment and Co-Promotion Agreement being referred to herein as the “Collaboration Agreement”); and 
 WHEREAS, in connection with their entry into a Settlement Agreement in the case of Onyx v. Bayer, and an Agreement Regarding Regorafenib (the “Regorafenib
Agreement”), Onyx and Bayer desire to amend and modify the terms of the Collaboration Agreement so as to: (i) establish effective governance of the collaboration; (ii) improve efficiency of sharing of information regarding the
collaboration; (iii) provide a mechanism for the independent development of sorafenib for new indications; and (iv) clarify the nature of the Parties’ collaboration. 

NOW THEREFORE, in consideration of the covenants contained in this Fourth Amendment, the Parties
agree as follows: 
 1. Capitalized Terms Previously Defined. 

(a) Capitalized terms used but not defined herein shall have the same meanings given to them in the Collaboration Agreement.

 (b) Section 1.3 is hereby deleted in its entirety and replaced with the following: 

1.3 “Affiliate” means, with respect to a Party, any entity that directly or indirectly Owns, is
Owned by, or is under common Ownership with such Party. As used in this Section 1.3, “Owns” or “Ownership” means direct or indirect 

  
 1. 

 
possession of at least 50% of the outstanding voting securities of a corporation or a comparable equity interest in any other type of entity, or, where the laws of the jurisdiction in which such
entity operates prohibits the ownership by a Party of 50%, such ownership shall be at the maximum level of ownership allowed by such jurisdiction. 
 (c) The definition of “[ * ] Product” set forth in the Co-Promotion Agreement is hereby deleted in its entirety and replaced with the following: 

“[ * ] Product” means any [ * ] product having the [ * ] as the Co-Promotion Collaboration Product and
that is intended as a [ * ] for, and [ * ] for, the Co-Promotion Collaboration Product, [ * ]. 
 (d) The definition of
“Governmental or Regulatory Authority” set forth in the Co-Promotion Agreement is hereby deleted in its entirety and replaced with the following: 
 “Governmental or Regulatory Authority” means any supra-national, federal, national, state, regional, local, municipal, provincial or other governmental authority of any nature (including
any governmental division, prefecture, subdivision, department, agency, bureau, branch, office, commission, council, court, arbitral body or other tribunal), including the FDA and the EMA. 

2. Additional Defined Terms. The Collaboration Agreement is hereby amended to add the following additional defined terms:

 1.57 “Adulterated” has the meaning set forth in the FD&C Act. 

1.58 “Advocating Party” has the meaning set forth in Section 12.5(b). 

1.59 “Alliance Steering Committee” or “ASC” has the meaning set forth in Section
3.7. 
 1.60 “Approved Indication” has the meaning set forth in Section 12.5(a).

 1.61 “Approved Product” means sorafenib in any pharmaceutical formulation or dosage that has
received Regulatory Approval in the United States. 
 1.62 “Change of Control” means,
with respect to a particular Party: (a) the sale to one or more Third Parties of all or substantially all of such Party’s assets; (b) a merger, reorganization or consolidation involving such Party and one or more Third Parties in
which the voting securities of such Party outstanding immediately prior thereto cease to represent at least fifty percent (50%) of the combined voting power of the surviving entity immediately after such merger, reorganization or consolidation;
or (c) the acquisition by one or more Third Parties acting in concert of more than fifty percent (50%) of the voting equity securities of such Party as a result of a single transaction or a series of related transactions. 

  
 2. 

[ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 1.63 “CMC Information” means Information related to the
chemistry, manufacturing and controls of the Approved Product, as specified by the FDA or EMA. 
 1.64
“Commercially Reasonable Efforts” has the meaning set forth in the Co-Promotion Agreement. 

1.65 “Contract Year” means a 12-month period commencing as of January 1 and ending as of
December 31. For the purposes of this Agreement, the first Contract Year shall commence on the Effective Date of the Fourth Amendment and end on December 31 of the same calendar year. 

1.66 “Current Price” has the meaning set forth in Section 12(b) of this Fourth Amendment.

 1.67 “Develop” or “Development” means all non-clinical, preclinical
and clinical development activities for the Approved Product, including all clinical testing and studies of the Approved Product, toxicology studies, manufacture and distribution of the Approved Product for use in clinical trials (including placebos
and comparators), statistical analyses, and the preparation, filing and prosecution of any Drug Approval Application, as well as all regulatory activities related to any of the foregoing.  

1.68 “Drug Approval Application” means an application to the FDA or EMA for approval to market the
Approved Product in a Separate Indication. For clarity, Drug Approval Application (a) includes any and all Marketing Authorisation Applications in the EU, New Drug Applications in the United States, and all supplements to any of the foregoing
and (b) excludes any and all Price Approvals. 
 1.69 “EMA” means the European
Medicines Agency or any successor entity. 
 1.70 “Executive Committee” or “EC”
means the committee that was originally organized as the Joint Research and Development Committee or JRDC and has been renamed the Executive Committee. 

1.71 “FD&C Act” means the United States Federal Food, Drug and Cosmetic Act, as amended.

 1.72 “FDA” means the United States Food and Drug Administration or any successor entity.

  
 3. 

[ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 1.73 “FTE” means the equivalent of a full time
individual’s work for a twelve (12) month period (based on a full-time equivalent year of [ * ]). FTE efforts shall not include the work of general corporate or administrative personnel. 

1.74 “GMPs” means the standards relating to the then-current Good Manufacturing Practices for fine
chemicals, active pharmaceutical ingredients, intermediates, bulk products or finished pharmaceutical products set forth (i) in 21 U.S.C. 351(a)(2)(B), in FDA regulations at 21 C.F.R. Parts 210 and 211 and in The Rules Governing Medicinal
Products in the European Community, Volume IV, Good Manufacturing Practice for Medicinal Products, each as may be amended from time to time or (ii) in guidelines promulgated by the International Conference on Harmonization with respect to the
manufacture of active pharmaceutical ingredients and finished pharmaceuticals, as may be amended from time to time. 
 1.75 “Guiding Principles” has the meaning set forth in Section 3(a) of this Fourth Amendment. 

1.76 “Listed Commercial Information” means with respect to any Collaboration Product, the
following categories of information: (a) market insights including primary research studies and findings, competitive assessments, secondary data sources and syndicated reports by tumor type; (b) medical information including medical
information letters, summaries of unsolicited requests and appropriate reports, publication plans, posters, data and slides generated by a Party; (c) ongoing and tracking of IIS/IST information; (d) managed care and payer strategy plans;
(e) marketing and brand plans by key markets, (f) sales targeting and data management including sales training materials, detailing information for the United States, sales reports by region and comparison with plan and targeting;
(g) execution including metrics of and key execution/annual goals of key promotional activities (e.g. Speaker programs, Congress plans); and (h) health economics and value dossiers. 

1.77 “Listed Patent” means any patent or patent application listed in Exhibit F.

 1.78 “Listed Trial” has the meaning set forth in Section 12.5(a). 

1.79 “Misbranded” has the meaning set forth in the FD&C Act. 

1.80 “Non-Advocating Party” has the meaning set forth in Section 12.5(b). 

1.81 “Original Price” has the meaning set forth in Section 12(b) of this Fourth Amendment.

  
 4. 

[ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 1.82 “Pharmacovigilance Agreement” means that
certain agreement between the Parties entitled “Procedures for Exchange of Pharmacovigilance Data Regarding Sorafenib” dated June 21, 2005, as amended on April 27, 2007 and May 16, 2007. 

1.83 “Price Approval” means any and all governmental approvals, agreements, determinations or
decisions establishing prices that can be charged and/or reimbursed for a Collaboration Product in a regulatory jurisdiction where a Governmental or Regulatory Authority approves or determines the price and/or reimbursement of pharmaceutical
products. 
 1.84 “Proposed New Indication Study” shall have the meaning set forth
in Section 12.5(b). 
 1.85 “Regorafenib Product” shall have the same meaning as the term
“Product” as defined in the Regorafenib Agreement.  
 1.86 “Separate Development
Costs” means, with respect to a particular Separate Indication, the actual and direct costs and expenses reasonably incurred after the Effective Date of the Fourth Amendment by the applicable Advocating Party and its Affiliates or for its
account, as calculated in accordance with, if Onyx is the Advocating Party, United States generally accepted accounting principles consistently applied or, if Bayer is the Advocating Party, international financial reporting standards consistently
applied, that are specifically identifiable or reasonably and consistently allocable to the Development of the Approved Product for such Separate Indication (but excluding all Listed Trials, if any, for such Separate Indication) and that are
directed to obtaining approval from the FDA and/or EMA of a Drug Approval Application for the Approved Product for such Separate Indication. The Separate Development Costs shall include amounts, without mark-up, that the Advocating Party pays to
Third Parties involved in such Development work, and all internal costs incurred by the Advocating Party and costs reasonably incurred by Bayer for services requested by Onyx (if Onyx is the Advocating Party) in connection with such Development
work. Separate Development Costs shall include the following to the extent that the necessary information or data is not in Bayer’s possession or Control (if Bayer is the Advocating Party) or provided to Onyx by Bayer (if Onyx is the Advocating
Party): (a) all pre-clinical costs, such as costs for toxicology, pharmacokinetics, pharmacological studies specifically directed to the Separate Indication; (b) costs of clinical trials (other than Listed Trials) of the Approved Product
for the Separate Indication, including ethics committee fees, investigators’ fees, investigators’ meeting costs, hospital fees, fees for clinical research organizations’ services; (c) costs of manufacturing or procuring the
Approved Product, comparators and placebos, as applicable, for use in Development activities directed toward the Separate Indication, as well as the direct costs and expenses of disposal of drugs and other supplies used in such

  
 5. 

[ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 
Development; (d) regulatory expenses, including FDA and EMA filing fees, relating to Development activities for the purpose of obtaining approval by the FDA or EMA of a Drug Approval
Application for the Approved Product for the Separate Indication; and (e) other costs and expenses that meet the criteria set forth above. Separate Development Costs shall specifically exclude [ * ] as well as [ * ]. In calculating the Separate
Development Costs, the Advocating Party’s FTE efforts shall be calculated based upon the Advocating Party’s actual costs for such FTEs. 
 1.87 “Separate Indication” has the meaning set forth in Section 12.5(b). 
 1.88 “Specifications” means those specifications then in effect that establish the criteria that the Approved Product must satisfy in order to be released for commercial sale in
the United States. 
 1.89 “Specified Molecule” means (a) any molecule whose
chemical structure is (i) [ * ] of a Listed Patent and (ii) is [ * ] claimed in any claim pending at any time ([ * ]) in any Listed Patent or (b) any [ * ] of a molecule described in subsection (a). 

1.90 “Specified Product” means any product that (a) is approved in oncology, (b) is not
a Collaboration Product or Regorafenib Product and (c) is a pharmaceutical form or dosage of a Specified Molecule. 
 1.91 “Supply COGS” shall mean, for Approved Product supplied by Bayer pursuant to Section 12.5(c)(i), [ * ] per tablet supplied. Such per-tablet charge shall be adjusted as
follows: commencing [ * ] and for each Contract Year thereafter, inflation/deflation variances equal to the corresponding increase or decrease in the United States Producer’s Price Index, Pharmaceutical Preparations Manufacturers (US BLS Ref.
#pcu325412325412; http://data.bls.gov/cgi-bin/surveymost), or the equivalent standard, as published by the Bureau of Labor Statistics of the United States Department of Labor from the annual index value most recently available as of
the Effective Date of the Fourth Amendment to the annual index value most recently available as of the most recent January (aggregated and applied on a cumulative basis). 

1.92 “United States” shall mean the United States of America, its territories and possessions.

 1.93 “Valid Claim” means a claim of an issued and unexpired patent, which has not been
held invalid or unenforceable by a patent office, court or other governmental agency of competent jurisdiction, which holding is unappealable or unappealed within the time allowed for appeal, and which has not been admitted to be invalid by the
owner through disclaimer or otherwise. 

  
 6. 

[ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 3. Reconstitution of Executive Committee and its Subcommittees. 

(a) The Parties hereby agree to use diligent, good faith efforts to establish and maintain, throughout the term of the
Collaboration Agreement, a productive working relationship between the Parties, through the ASC, EC and the subcommittees of the EC, where each of the Parties (i) provide each other with complete, accurate and timely information regarding their
activities and plans pursuant to the Collaboration Agreement and the Co-Promotion Agreement and regarding activities and plans of, and communications with, Third Parties (including key opinion leaders, principal investigators of
investigator-sponsored studies or trials, and advisors) regarding any Collaboration Product, (ii) promptly respond to all reasonable inquiries of the other Party for additional information with respect thereto, (iii) fully discuss all
concerns of the Party with respect thereto, and (iv) make and implement decisions in accordance with the decision-making processes in the Collaboration Agreement and the Co-Promotion Agreement (including with respect to the Co-Development Plan
and Marketing Plan and the budgets therefor) that facilitate, and if possible optimize, the continued development and commercialization of the Collaboration Products and optimization of brand profit through the optimization of Marketing Profit and
product development investments (collectively the “Guiding Principles”). Without limiting the foregoing, each Party agrees to diligently pursue the goal of providing the other Party with the information described in (i) above
promptly after it is generated or becomes known to such Party and not materially later than such information is first provided to employees of such Party with responsibility for the development or commercialization (as applicable) of the
Collaboration Products. For clarity, a Party’s failure to comply with the Guiding Principles shall not, by itself, be considered a breach of the Collaboration Agreement for which the other Party may obtain damages or any other remedy pursuant
to Article 25 of the Collaboration Agreement, but such failure shall be brought to the attention of the ASC and the ASC shall be responsible for devising mechanisms for monitoring and ensuring such Party’s compliance with the Guiding
Principles. 
 (b) Within 7 days after the Effective Date of the Fourth Amendment, each Party shall identify each
individual who will represent it (until replaced as contemplated by the Collaboration Agreement or by the applicable committee, subcommittee or working group charter) as a member of the Executive Committee, a subcommittee of the EC, or a working
group. Unless the ASC decides otherwise, the subcommittees of the EC shall be the Joint Development Committee (“JDC”), Joint Finance Committee (“JFC”), Joint Marketing Committee (“JMC”), Joint
Global ISS Steering Committee (“GISC”), and Intellectual Property Committee (“IPC”, which subcommittee will exist solely for the purposes of sharing intellectual property information and discussing intellectual
property matters and will not have any decision-making authority), and the Life Cycle Management Committee (“LCM”) shall be a working group that reports to both the JDC and the JMC. The Executive Committee shall meet within 30 days
after the Effective Date of the Fourth Amendment to provide guidance and expectations to each subcommittee and working group. Each subcommittee and working group shall, to the extent possible, be the decision-making body with respect to the
decisions within the EC’s authority that are delegated by the EC to such subcommittee or by the EC to the applicable subcommittee and by such subcommittee to such working group. Each of the JDC, JFC and JMC may, at its discretion, delegate
portions of its responsibilities to a working group. Each 

  
 7. 

[ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 
subcommittee and working group shall meet within 45 days after the Effective Date of the Fourth Amendment and thereafter in accordance with its charter, but not less frequently than once per
calendar quarter, with the expectation that it will provide an oral or written report at each quarterly meeting of its relevant governing body. Each subcommittee and working group shall use diligent, good faith efforts to agree upon, and formally
document in a written charter within the 90-day period after the Effective Date of the Fourth Amendment, its responsibilities, operating procedures and priorities, which shall be consistent with the terms of the Collaboration Agreement and the
Co-Promotion Agreement and shall be designed to implement the Guiding Principles. If a working group has not adopted a charter by the end of such 90-day period, then such matter shall be referred to the relevant subcommittee, and if the relevant
subcommittee cannot resolve such matter, the relevant subcommittee shall refer such matter to the EC, and the EC shall promptly meet with the goal of adopting such charter within 30 days of such referral. If a subcommittee has not adopted a charter
by the end of such 90-day period, then such matter shall be referred to the EC, and the EC shall promptly meet with the goal of adopting such charter within 30 days of such referral. The EC shall adopt a strategy for the future development and
competitive positioning of each Collaboration Product within three months after the Effective Date of the Fourth Amendment and shall update it at least once every six months. If the EC does not meet any such deadline, then the matter shall be
referred to the ASC and the ASC shall promptly meet with the goal of adopting or updating such strategy within 30 days of such referral. 
 4. Global Amendments to Address Renaming of Joint Research and Development Committee. All references to “Joint Research and Development Committee” and “JRDC” throughout the
Collaboration Agreement, except in Section 1.69, are hereby replaced by “Executive Committee” and “EC”, respectively. 
 5. Amendment to Section 3.1. Section 3.1 of the Collaboration Agreement is hereby deleted in its entirety and replaced with the following: 

3.1 Executive Committee. The collaboration between Bayer, Onyx, and their respective Affiliates under this
Agreement and the Co-Promotion Agreement shall be managed by an Executive Committee in a manner that is consistent with the Guiding Principles and strategic direction provided by the Alliance Steering Committee. The size of the EC may be determined
from time to time; initially it shall consist of eight members, four each appointed by Onyx and Bayer. Members of the EC shall be composed of senior officers or representatives of each Party authorized to make decisions with respect to matters
within the scope of the EC’s authority, which authority is set forth in Section 3.3 and described in greater detail, with respect to Co-Promotion, in Section 3.1 of the Co-Promotion Agreement. An alternate member designated by a Party
may serve temporarily in the absence of a permanent member designated by such Party. Each Party shall appoint and replace its representatives to the EC, in its discretion as appropriate during the term of this Agreement. The EC shall operate by
consensus. Any deadlock shall be referred to the Alliance Steering Committee pursuant to Article 25 of this Agreement. 

  
 8. 

[ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 6. Amendment to Section 3.3. The following is hereby added to the end of
Section 3.3 of the Collaboration Agreement: 
 The EC shall also have: the responsibilities set forth in Section 3.1 of
this Agreement; responsibility for reviewing the Parties’ progress (including with respect to filings for Regulatory Approval and supplements thereto) and comparing it with the applicable plan; responsibility for discussing new data and
competitive threats; responsibility for reviewing (but not approving) the annual marketing plan (including the budget therefor) and lifecycle plan for commercializing each Collaboration Product outside the United States and Japan. Promptly following
Bayer’s submission of a marketing plan to its senior management for review, Bayer will present each such marketing plan to the EC in a level of detail suitable for Onyx to understand and provide comments upon the proposed global plan for such
Collaboration Product. Bayer will provide the EC with the following information for top markets and the regions to the extent reasonable and extractable from standard systems and templates and within Bayer’s Control and any additional
information reasonably requested by Onyx’s EC representatives for the purpose of evaluating such marketing plan: 
 (i) Actual year-to-date gross sales and Net Sales, commercial costs and margin, both globally and by top markets in Euros; 

(ii) Final forecast for current year sales, commercial costs and margin; 

(iii) Estimated ex-US sales, commercial costs and commercial margin plan figures; 

(iv) manufacturer selling price (MSP) by country in preceding year; 

(v) marketing costs (internal and external) and advertising & promotion costs for top markets and regions;

 (vi) available market research data on patient penetration, duration of therapy, and market share in
comparison with other products in the same therapeutic space; 
 (vii) overall strategy for global business for
such Collaboration Product; and 
 (viii) analyses of the top markets, including overall plan, challenges,
opportunities, and competitive landscape from both commercial and clinical development perspectives. 
 For the purpose of this
Section 3.3, “top markets” means the top 10 markets for the applicable Collaboration Product. For the purpose of clarification, this Section 3.3 shall not require Bayer to provide the EC any bidding or discount information or
future pricing information, in each case with respect to a Collaboration Product. 

  
 9. 

[ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 7. Addition of New Section 3.7. The following Section 3.7 is hereby added
to the Collaboration Agreement: 
 3.7 Alliance Steering Committee. Commencing on the Effective Date of
the Fourth Amendment, the strategic direction of the collaboration between the Parties under this Agreement and the Co-Promotion Agreement shall be managed by, and all disputes arising under this Agreement shall be submitted for attempted resolution
to, a committee known as the “Alliance Steering Committee” or “ASC”. The ASC shall consist of two members, the Chief Executive Officer of Onyx and the Chief Executive Officer of Bayer HealthCare AG, who shall serve as joint
chairs of the ASC. The ASC shall meet and attempt in good faith to promptly resolve all disputes arising under this Agreement as described in Article 25. In addition to such meetings, the ASC shall meet at least once per Contract Year in late June
or early July to discuss and agree upon the strategic direction and priorities of the Parties’ efforts pursuant to this Agreement and the Co-Promotion Agreement. The ASC shall strive to operate by consensus, provided that in the event of a
dispute between the members of the ASC, either member of the ASC may refer such dispute to arbitration in accordance with Section 25.1. Notice of such meetings shall be given 30 days in advance to each member, stating the date, time and place
of such meeting and describing the proposed agenda of items to be discussed at such meeting. Either Party may place items on the proposed agenda. Responsibility for arranging meetings will alternate between the Parties, with Onyx having
responsibility for the first meeting, and either Party may invite other employees to participate in such meetings (which individuals will not be included in the determination for consensus of the ASC), provided that an executive session comprised of
only the two members of the ASC shall be required. The ASC may conduct meetings in person or by telephone, video or Internet-enabled conference, provided that at least one strategic meeting (as opposed to those dispute resolution meetings held
pursuant to Article 25) per Contract Year shall be held in person. The ASC shall keep minutes reflecting actions taken at meetings, which minutes shall be reviewed and approved by both members within 10 days after the applicable meeting and
shall be promptly distributed to all members of the EC. The ASC may act without a meeting if prior to such action a written consent thereto is signed by both members. The ASC may amend or expand upon the foregoing procedures for its internal
operation by unanimous written consent. 
 8. Addition of New Section 4.7. The following Section 4.7 is hereby
added to the Collaboration Agreement: 
 4.7 Specified Product Royalty. If Bayer or its Affiliate or
licensee sells any Specified Product during the period commencing on the Effective Date 

  
 10.

 [ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 
of the Fourth Amendment and ending, [ * ], Bayer shall pay royalties to Onyx on such sales in accordance with the terms of Sections 4.1 ([ * ]) and 4.4 through 4.9 of the Regorafenib Agreement as
if such Specified Product were a Product (as defined in the Regorafenib Agreement). The Parties intend that this provision shall survive any expiration or termination of the Collaboration Agreement. 

9. Amendment to Section 11.6. Section 11.6 of the Collaboration Agreement is amended to add the following to the end of
such section: “Notwithstanding anything to the contrary in this Section 11.6, the Parties agree that [ * ] shall be the designated Party for [ * ] that are part of the Co-Development Plan, subject to the treatment of Co-Development Costs
as set forth in Section 11.7.” 
 10. Amendment to Section 11.10. Section 11.10 of the Collaboration
Agreement is amended to add the following to the end of such section: 
 The Parties hereby affirm the Parties’ co-ownership
of, and equal rights of access to, the information and database described in this Section 11.10. In furtherance thereof, within 120 days after the Effective Date of the Fourth Amendment, Bayer, with the cooperation of Onyx, will establish a
shared electronic collaboration space that enables each Party (through representatives reasonably designated by such Party) to access, and provide access to, the information and documents described in this Section 11.10, to the extent legally
permitted, including presentations, data and reports regarding Collaboration Products, correspondence with regulatory authorities with respect to Collaboration Products and Listed Commercial Information. Such electronic collaboration space shall be
comparable (including in terms of scope, timeliness and extent of information shared, ease of use, accessibility) to other electronic collaboration spaces that Bayer has with other major collaborators, shall use existing infrastructure and report
templates and shall be compatible with widely used software and hardware. Each Party shall post non-public data from the ongoing development and commercialization (including safety monitoring) of Collaboration Products to such electronic
collaboration space on a regular and continuing basis; provided, that (a) the frequency of such posting may be adjusted by consent of the EC, and (b) in the absence of any such consent, each Party shall post such non-public data at the
same time and in the same format as made available to such Party’s internal project leadership team. In the event that Bayer fails to establish the database and electronic workspace within the timeframes provided above, the person designated by
each Party to be responsible for such establishment shall provide a written report to the ASC regarding the reasons for such delay, the corrective actions being undertaken and the anticipated schedule for the availability of the database and
electronic workspace. Such persons shall update such report every two weeks until the database and electronic workspace has been established. Any failure to comply with the obligations set forth in this Section 11.10 shall be referred the EC
and, if not remedied within 10 days of such referral, referred to the ASC and not subject to arbitration pursuant to Section 25.1. 

  
 11.

 [ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 11. Addition of New Section 12.5. The following Section 12.5 is hereby
added to the Collaboration Agreement: 
 12.5 Separate Development of the Approved Product for New Indications.

 (a) As of the Effective Date of the Fourth Amendment, the Approved Product has received Regulatory
Approval for renal cell carcinoma and hepatocellular carcinoma as further described in the package insert for the Approved Product (each, an “Approved Indication”) and the Parties are currently performing, pursuant to the
Co-Development Plan, the clinical trials described in Exhibit G (each such trial, a “Listed Trial”). Unless the Parties agree otherwise in writing, the Parties shall conduct and co-fund the Listed Trials and all additional
Co-Development activities agreed upon by the Parties and directed to obtaining Regulatory Approval in accordance with Article 11. 
 (b) After a JDC discussion in which no agreement is reached regarding further Co-Development of a Collaboration Compound pursuant to Article 11, if either Party wishes to conduct and/or fund such
additional clinical development activities that are not already set forth in the Co-Development Plan and that are directed to an indication that is not an Approved Indication (each of the foregoing activities, a “Proposed New Indication
Study”), such Party (hereinafter referred to as the “Advocating Party”) shall present to the other Party’s EC representatives the proposed trial design, business case, budget and timeline for such Proposed New
Indication Study. The EC shall discuss such Proposed New Indication Study at its next meeting, whether regularly scheduled or specially requested, and the Advocating Party shall provide, within [ * ] after such EC meeting (or such longer period of
time as agreed upon in writing by the Parties), any additional information reasonably requested by the other Party’s EC representatives prior to or during such EC meeting. If within [ * ] after the EC meeting at which a particular Proposed New
Indication Study is discussed (or such longer period of time as agreed upon in writing by the Parties) (i) the other Party notifies the Advocating Party in writing that the other Party wishes to co-fund such Proposed New Indication Study on the
terms (including design and budget) proposed by the Advocating Party or (ii) the Parties agree in writing upon the terms (including design and budget) under which they will co-fund such Proposed New Indication Study, then the Co-Development
Plan shall be amended to include such Proposed New Indication Study and the Parties shall conduct and fund such Proposed New Indication Study in accordance with Article 11. If by the [ * ] after the EC meeting at which a particular Proposed New
Indication Study is discussed (or such longer period of time as agreed upon in writing by the Parties) (1) the other Party has not notified the Advocating Party in writing that the other Party wishes to co-fund such Proposed New Indication
Study on the terms (including design and budget) proposed by the Advocating Party and (2) the Parties have not agreed in writing upon the terms (including design and budget) under which they will co-fund such Proposed New Indication Study, then
the 

  
 12.

 [ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 
other Party shall be deemed to have consented to the Advocating Party’s independent performance of such Proposed New Indication Study, the indication to which such Proposed New Indication
Study is directed shall be deemed to be a “Separate Indication,” the other Party shall be deemed the “Non-Advocating Party” with respect thereto, and the Advocating Party may conduct, in its sole discretion and at
its sole cost (subject to Section 12.5(e)), Development activities (other than any applicable Listed Trials) with respect to the Approved Product for such Separate Indication and may apply for and obtain approval of a Drug Approval Application
for the Approved Product in the Separate Indication in accordance with this Section 12.5. If the Non-Advocating Party believes, based upon reasonable medical or scientific grounds, that the Proposed New Indication Study or Separate Indication [
* ], it shall bring this concern to the attention of the Advocating Party within the [ * ] period described above and the Parties shall discuss through the EC before the Advocating Party commences such Development activities. If the Non-Advocating
Party still believes after such discussion that, based upon reasonable medical or scientific grounds, the Proposed New Indication Study or Separate Indication [ * ], then the Advocating Party may only proceed with such Development activities if [ *
] and the Advocating Party indemnifies the Non-Advocating Party for Losses resulting directly from the Advocating Party’s performance of such Development activities, except to the extent that such Losses result from the negligence of the
Non-Advocating Party or actions of claims referred to under Section 21.3 (which are treated thereunder) and provided that the Non-Advocating Party complies with the notice, control of defense and cooperation obligations set forth in
Section 27.1; under such circumstance, [ * ]. Such indemnity will not extend to Losses resulting from Bayer’s commercialization of the Approved Product based upon such Development activities. If requested by Onyx, Bayer shall file the Drug
Approval Application, and Bayer shall own such Drug Approval Application. For clarity, the Non-Advocating Party’s decision not to co-fund a particular Proposed New Indication Study shall not convert the Approved Product to a Royalty-Bearing
Product; the Approved Product’s status as a Collaboration Product and as a Co-Promotion Collaboration Product (pursuant to the Co-Promotion Agreement) shall not be altered in any way by this Section 12.5. Notwithstanding
Section 4.3(a), the Advocating Party may grant licenses to Third Parties under its Information and Patents exclusively licensed to the Non-Advocating Party pursuant to Section 4.1 or 4.2 provided that such license is granted to a Third
Party that is performing Development activities on the Advocating Party’s behalf with respect to the Approved Product and the applicable Separate Indication and such license is limited to such performance. 

  
 13.

 [ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 (c) If Onyx is the Advocating Party for a particular Separate Indication,
Bayer shall have the following obligations with respect to Onyx’s Development of, and procurement of Regulatory Approval for, such Separate Indication: 
 (i) As set forth in greater detail in this Section 12.5(c)(i), Bayer shall supply primary packed unlabeled Approved Product to Onyx, pursuant to purchase orders placed by Onyx and accepted by Bayer,
at a cost equal to the Supply COGS for such Approved Product. Onyx shall provide Bayer with a [ * ] rolling forecast of its anticipated requirements for Approved Product for Development activities for those Separate Indications for which it is the
Advocating Party and shall provide Bayer with an updated forecast once per [ * ]. Provided that Onyx’s purchase order for Approved Product does not exceed its forecast for the applicable month by more than [ * ] or require delivery less than [
* ] after the date of such purchase order, Bayer shall be deemed to have accepted such purchase order. All other Onyx purchase orders shall be deemed accepted by Bayer if Bayer does not reject such purchase order within [ * ] after the date of such
purchase order. Bayer shall deliver to Onyx, FCA (Incoterms 2010) from its storage facility nearest to Onyx, on the delivery date specified in the applicable accepted purchase order, the quantity of Approved Product set forth in such purchase order,
together with a Certificate of Analysis for such Approved Product. Onyx will arrange for and be responsible for the cost of all freight, insurance charges, taxes, import and export duties, inspection fees and other charges applicable to the
transport of Approved Product delivered by Bayer hereunder. Bayer represents, warrants and covenants to Onyx that the Approved Product delivered to Onyx pursuant to this Section 12.5(c)(i): (A) will, at the time of delivery, conform to the
Specifications and have a minimum shelf-life of [ * ], (B) will remain in compliance with the Specifications throughout its shelf-life, provided that it is stored in strict compliance with the applicable long term storage conditions, and it is
not tampered with, damaged, modified, mishandled or used in a manner other than as intended, and (C) will have been manufactured by Bayer in conformity with GMPs and will not be Adulterated or Misbranded. If Bayer breaches the representation,
warranty and covenant set forth in the previous sentence (the “Product Warranty”) with respect to any quantity of Approved Product, then Onyx shall not be obligated to pay for such quantity of Approved Product and Bayer shall, at
Onyx’s request, promptly replace (at no additional cost to Onyx if Onyx paid Bayer’s invoice with respect to the non-conforming Approved Product) such quantity of non-conforming Approved Product with the same quantity of Approved Product
that does conform with the Product Warranty. [ * ] Bayer shall provide Onyx, no earlier than the applicable delivery date for such Approved Product, with an invoice for Approved Product delivered by Bayer pursuant to this Section 12.5(c)(i);
such invoice shall set forth an amount equal to the Supply COGS multiplied by the number of tablets of Approved Product included in such delivery. Provided that the Approved Product conforms to the Product Warranty, Onyx shall pay such invoice
within [ * ] of its receipt of such invoice. Promptly after the Effective Date of the Fourth Amendment, the Parties shall negotiate in good faith and enter into a mutually agreed quality agreement with respect to Bayer’s supply of Approved
Product pursuant to this Section 12.5(c)(i). Such quality agreement shall contain standard, commercially reasonable terms and conditions for agreements of such type, including rights for 

  
 14.

 [ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 
Onyx to review Bayer’s manufacturing records. Bayer shall supply to Onyx placebo matched to the Approved Product pursuant to terms and conditions similar to the terms and conditions set
forth in this Section. 
 (ii) At the request and sole cost and expense of Onyx, Bayer shall facilitate
Onyx’s performance of Development activities with respect to the applicable Separate Indication and Onyx’s preparation of a Drug Approval Application with respect to such Separate Indication, as reasonably necessary to materially
facilitate Onyx’s performance and preparation. Such facilitation shall include providing Onyx with access to, and rights of reference to, Bayer’s regulatory filings and approvals of the Approved Product on a worldwide basis. Bayer shall
also provide Onyx with timely, complete and accurate CMC Information for inclusion in such Drug Approval Application and any other regulatory filings with the FDA or EMA that require manufacturing-related information. At Onyx’s sole cost and
expense, Bayer shall apply for and take, as Onyx’s agent, all legal actions requested by Onyx that are necessary to materially facilitate conducting Development with respect to the applicable Separate Indication and for obtaining approval of
the Drug Approval Application for the Product in the applicable Separate Indication. Except with respect to materials that, as between the Parties, only Bayer can prepare, Onyx shall prepare for submission by Bayer all materials to be provided to an
applicable Governmental or Regulatory Authority and such materials shall comply with the legal requirements of such applicable Governmental or Regulatory Authority, and in the case of any filing for territories other than the U.S. and the European
Union, with Bayer’s written guidelines provided reasonably in advance of Onyx’s commencement of Development activities with respect to such Separate Indication in such territory. At Onyx’s request, and at Onyx’s sole cost and
expense, Bayer shall prepare and submit to the applicable Governmental or Regulatory Authority all other materials necessary to obtain approval of such Drug Approval Application. Bayer shall own, and hold for the benefit of Onyx, such Drug Approval
Application. Bayer will keep Onyx fully informed regarding the status of such Drug Approval Application, including by providing Onyx with copies of all documents filed with, and documents, correspondence and other communications received from, the
applicable Governmental or Regulatory Authority with respect thereto. Bayer shall provide Onyx with prompt notice of any meeting, teleconference or other interaction with the applicable Governmental or Regulatory Authority with respect thereto and
shall facilitate Onyx’s participation in such meetings, teleconferences and interactions. 
 (iii) At
Onyx’s request, and at Onyx’s sole cost and expense, Bayer shall (A) provide Onyx with access, through the shared database established pursuant to Section 11.10, to Information in Bayer’s Control that is necessary for Onyx
to develop the Approved Product for such Separate Indication and to prepare Drug Approval Application(s) with respect to such Separate Indication, (B) use good faith and Commercially Reasonable Efforts to provide

  
 15.

 [ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 
Onyx with Information in Bayer’s Control that would materially facilitate Onyx’s development of the Approved Product for such Separate Indication, including Information about preferred
formulations, and preparation of Drug Approval Application(s) with respect to such Separate Indication, including copies of correspondence with the FDA, EMA and other regulatory authorities and (C) introduce Onyx to, and materially facilitate
Onyx’s interactions with, key opinion leaders, potential clinical trial principal investigators, representatives of patient advocacy groups, vendors of development services, and persons responsible for granting pricing approvals or making
reimbursement or formulary decisions, in each case only for external contacts with whom Bayer has a relationship with respect to the Approved Product. The foregoing Information delivery obligations shall include making available Bayer personnel
during normal business hours for reasonable time periods for consultation by Onyx either by telephone or email or at Bayer facilities (without a travel obligation on the part of Bayer). 

(d) The Advocating Party shall comply with the Information sharing obligations set forth in this Agreement (including
Sections 11.10 and 17.1) and the Co-Promotion Agreement (including Section 7.3) and the Pharmacovigilance Agreement with respect to non-public Information arising from activities performed pursuant to this Section 12.5. Notwithstanding
anything to the contrary in this Agreement (including Section 11.11), Co-Promotion Agreement or Pharmacovigilance Agreement, if the Non-Advocating Party uses (other than for internal use) any Information disclosed by the Advocating Party with
respect to such Separate Indication or includes any such Information in any filings or communications with the FDA, EMA or other regulatory authorities, the Non-Advocating Party shall pay the Advocating Party’s Separate Development Costs with
respect to such Separate Indication in accordance with Section 12.5(e); provided, however, that the Non-Advocating Party may file required safety information with the applicable regulatory authorities in accordance with Section 17.1
without paying such Separate Development Costs. 
 (e) Bayer shall promptly inform Onyx upon the first approval
of a Drug Approval Application by the FDA or the EMA with respect to a particular Separate Indication and the Advocating Party shall provide the Non-Advocating Party with an invoice setting forth, in United States Dollars, [ * ] of the Separate
Development Costs with respect to such Separate Indication, together with reasonable supporting documentation of such Separate Development Costs, provided that if such first approval was obtained in the United States, the amount of
such invoice shall be [ * ] of the Separate Development Costs unless, at the time of the first dosing of a patient in the first clinical trial for such Separate Indication, the United States regulatory regime had changed to require Price Approval
prior to the commercial launch of a human pharmaceutical in a new indication (it being agreed that Price Approval is not required in the United States as of the Effective Date of this Fourth Amendment). If such first approval was

  
 16.

 [ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 
either (i) obtained with the EMA or (ii) obtained in the United States and the United States regulatory regime had changed prior to the first dosing of a patient in the first
clinical trial for such Separate Indication to require Price Approval, then the Non-Advocating Party shall pay to the Advocating Party an additional [ * ] of the Separate Development Costs with respect to the Separate Indication upon the earlier of
(X) Price Approval is obtained in the jurisdiction (European Union or U.S. as the case may be) where the first approval of a Drug Approval Application was obtained or (Y) approval, including Price Approval if required, has been obtained in
the other jurisdiction (e.g., if the first approval is obtained with the EMA and, prior to Price Approval in the European Union, approval is obtained in the United States and no Price Approval is then required in the United States). In all cases in
which a payment is conditioned upon Price Approval, if Price Approval is required in the European Union, the Non-Advocating Party's obligation to pay [ * ] of the Separate Development Costs shall be conditioned upon Price Approval being granted in [
* ] major countries of the European Union. In the case that Bayer is the Non-Advocating Party, Bayer's obligation to pay Onyx the Separate Development Costs shall, in the case of costs for services provided by Bayer, be [ * ] of the costs
representing services provided by Bayer to Onyx. The Non-Advocating Party shall have the right to audit such Separate Development Costs in a manner consistent with Section 17.2. The Non-Advocating Party shall pay to the Advocating Party, in
United States Dollars, the amount invoiced within [ * ] after the receipt of the invoice (or each invoice, in the case of multiple payments). Upon such approval, the Parties shall commercialize the Approved Product for the Separate Indication in
accordance with Articles 13 and 14 and the Co-Promotion Agreement and shall share the Marketing Profit (or Loss) with respect thereto in accordance with Section 16.1 and the Co-Promotion Agreement. Without limiting the generality of the
foregoing, Bayer shall use Commercially Reasonable Efforts to (i) obtain approval of the Drug Approval Application and Price Approval (if any) of the Approved Product for such Separate Indication in the United States, the major countries of the
EU, [ * ] within [ * ] after first receipt of approval of the Drug Approval Application of the Approved Product for such Separate Indication from the FDA or EMA (as the case may be), and (ii) launch the Approved Product for such Separate
Indication in all markets in which approval of the Drug Approval Application of the Approved Product for such Separate Indication is obtained within a time period that is consistent with similar product approvals (including Price Approval) and
launches in such markets. In the event Onyx disputes whether Bayer has exercised Commercially Reasonable Efforts to obtain Price Approval in a given territory, Onyx may refer such dispute to arbitration in accordance with Section 25.1 and, in
the event it is determined that Bayer failed to use Commercially Reasonable Efforts to obtain Price Approval, Onyx shall be entitled to receive the additional payment as if Price Approval had been obtained. 

(f) The Advocating Party shall own the entire, right, title and interest in and to any all Information (including data),
whether or not patentable, that is 

  
 17.

 [ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 
generated, discovered, developed, identified, made or conceived by or on behalf of the Advocating Party or its Affiliates or their respective employees, agents or contractors in the course of
conducting any Development of a Separate Indication, together with all Patents, trademarks, copyrights and other intellectual property rights therein (collectively, “Separately Developed IP”). The Advocating Party shall have the
right to use, transfer, sell, license, pledge and otherwise exploit its Separately Developed IP for any purpose subject to the license granted in Section 4.2. For purposes of this Section 12.5, “Product-Specific Invention”
means any invention within a Party’s Separately Developed IP, the practice of which necessarily includes the Collaboration Product, including composition of matter or method of treatment claims. The rights and obligations set forth in
Section 12.5(g), rather than the rights and obligations set forth in Article 20, shall apply to all Separately Developed IP. 
 (g) The Advocating Party shall disclose to the IPC all Separately Developed IP of such Advocating Party that it believes to be patentable. The IPC shall discuss the most advantageous procedures for
obtaining patent protection for each such Separately Developed IP. The Parties shall comply with all such procedures agreed upon by the IPC. In the event that the IPC does not agree upon such procedures within [ * ] after the Advocating Party’s
disclosure of a particular Separately Developed IP, the Advocating Party has the first right to prepare, file, prosecute (including any reissues, re-examinations, post-grant proceedings, requests for patent term extensions, supplementary protection
certificates, interferences, and defense of oppositions) and maintain any Patent directed to such Separately Developed IP worldwide, at its own expense. If the Advocating Party determines that it will not file, in even one country any Patents
directed to a Product-Specific Invention, it shall notify the Non-Advocating Party in writing sufficiently in advance so the Non-Advocating Party may, at its cost, assume the responsibility for the filing, in the Non-Advocating Party’s name,
prosecution or maintenance of Patents directed to such Product-Specific Invention. (For clarity, the Non-Advocating Party’s rights in this sentence will not apply to the situation where Advocating Party determines to file in one or more
countries, but not in other countries.) At the Non-Advocating Party’s request and cost, the Advocating Party will execute any documents necessary to effectuate transfer of title to the Patents directed to such Product-Specific Invention, and
will promptly transfer to Non-Advocating Party all documents and information necessary to file, prosecute, maintain, and enforce such Patent(s) and patent application(s). The Non-Advocating Party hereby grants to the Advocating Party, effective upon
such transfer of title, a non-exclusive, fully paid, perpetual, irrevocable, non-transferrable (except for permitted assignment under Section 28.1) worldwide license to practice such transferred Product-Specific Invention. If the Advocating
Party declines to file in a particular country a Patent directed to a Product-Specific Invention for which the Advocating Party is pursing patent protection in one or more other countries or if the Advocating Party decides to cease the prosecution
or maintenance of such a Patent in a particular country, it shall notify the Non-

  
 18.

 [ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 
Advocating Party in writing sufficiently in advance so the Non-Advocating Party may, at its cost, assume the responsibility for the filing, in the Advocating Party’s name, prosecution or
maintenance of Patents directed to such Product-Specific Invention. In the case of other inventions within the Separately Developed IP (that are not Product-Specific Inventions), Advocating Party will disclose the invention to the IP committee, as
discussed above, but the Non-Advocating Party will have no right to file, prosecute or obtain assignment of any Patent to any such inventions. 
 (h) In the event that one Party (the “Terminating Party”) decides that it wishes to end its participation in or funding of a clinical trial being co-funded pursuant to the Co-Development
Plan, it shall notify the other Party (the “Non-Terminating Party”) in writing, the date of such written notice being the “Termination Date”. If the Non-Terminating Party notifies the Terminating Party within [ * ]
thereafter that it wishes to continue such trial without the Terminating Party, then the Parties will decide upon a reasonable plan for transitioning on-going trial-related activities to the Non-Terminating Party while minimizing disruption and
delay, and the post-Termination Date conduct of such trial by or on behalf of the Non-Terminating Party shall be subject to the rights and obligations set forth in this Section 12.5 as if the Non-Terminating Party were the Advocating Party and
the post-Termination Date conduct of such trial were Development of a Separate Indication. For clarity, the Non-Terminating Party’s right to reimbursement pursuant to Section 12.5(e) shall be solely with respect to Separate Development
Costs incurred by the Non-Terminating Party after the Termination Date. Notwithstanding anything to the contrary contained herein, [ * ] shall not [ * ] or [ * ], unless the [ * ] that it is [ * ]. 

(i) In the event that the Non-Terminating Party continues a trial without the Terminating Party as set forth in subsection
(h) above, then the Terminating Party shall reimburse the Non-Terminating Party for [ * ] of the Co-Development Costs incurred by the Non-Terminating Party (not including amounts previously reimbursed by the Terminating Party pursuant to
Section 11.7) prior to the Termination Date; provided, however, that the Terminating Party shall not be obligated to pay such Co-Development Costs if the Terminating Party determines, using good faith and commercially reasonable
discretion, that [ * ]. If the Non-Terminating Party disputes whether [ * ], the Non-Terminating Party may refer such dispute to arbitration in accordance with Section 25.1(b), to resolve whether such risks or issues existed and whether the
Terminating Party owes the Non-Terminating Party [ * ] of the Co-Development Costs incurred by the Non-Terminating Party. 

12. Nexavar Royalties for Sales in Japan. 
  

	 	(a)	Within three (3) business days after the Effective Date of the Fourth Amendment, Bayer shall pay one hundred and sixty million United States dollars
(US$160,000,000) to Onyx. Such payment shall be nonrefundable and noncreditable. 

  
 19.

 [ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	(b)	On or before each of the following dates, Bayer shall make a nonrefundable, noncreditable payment to Onyx of up to five million United States dollars
(US$5,000,000), which amount shall be determined as described in this subsection (b): (i) ninety (90) days after the earlier of (1) the first date after the Effective Date of the Fourth Amendment on which the Japanese Ministry of
Health, Labor and Welfare issues a decision regarding the reimbursement price for sorafenib in Japan or (2) December 31, 2011, (ii) the first anniversary of the date described in the previous subsection (i), and (iii) the second
anniversary of the date described in the previous subsection (i). Bayer shall provide Onyx with prompt written notice of any decision regarding the reimbursement price for sorafenib issued by the Japanese Ministry of Health, Labor and Welfare, after
the Effective Date of the Fourth Amendment and on or before the second anniversary of the date of such decision; such notice shall provide a copy of such decision and, to the extent not specified in such decision, the date of implementation of the
new reimbursement price specified in such decision. The amount of each payment made pursuant to this subsection (b) shall be based upon the percentage decrease, if any, between the reimbursement price for sorafenib in effect in Japan as of the
Effective Date of the Fourth Amendment, as established by the Japanese Ministry of Health, Labor and Welfare (the “Original Price”) and the reimbursement price for sorafenib in effect in Japan on the due date of such payment, as
established by the Japanese Ministry of Health, Labor and Welfare (such price, the “Current Price”). If the Current Price as of the applicable payment date is the same as or more than the Original Price, then Bayer shall pay five
million United States dollars (US$5,000,000) to Onyx on such payment date. If the Current Price as of the applicable payment date is [ * ] or less of the Original Price, then no payment shall be due on the applicable payment date. If the Current
Price as of the applicable payment date is less than the Original Price but more than [ * ] of the Original Price, then Bayer shall pay to Onyx on such payment date, an amount equal to five million United States dollars (US$5,000,000) minus [ * ]
for each full one percent (1%) by which the Current Price has decreased from the Original Price and by a pro-rated amount thereof for each decrease of less than one percent (1%). For example, if there was a price decrease of [ * ] percent prior
to the first payment date, Bayer would make a payment to Onyx under this Section 12(b)(i) of [ * ], plus two subsequent payments on the next two anniversaries of such initial payment. However if there is an additional price decrease of [ * ]
percent any time prior to the next payment then the subsequent payments to Onyx would be reduced by [ * ]. 

  
 20.

 [ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	(c)	In consideration of (i) the amounts paid by Bayer pursuant to subsections (a) and (b) above and (ii) the other modifications to the
Collaboration Agreement, effective upon Onyx’s receipt of the payment set forth in subsection (a) and contingent upon Onyx’s timely receipt of the payments set forth in subsection (b), Section 16.2(b) of the Collaboration
Agreement is amended to insert the following new sentence at the end of such Section 16.2(b): 

“Notwithstanding the foregoing, Bayer shall not have any obligation to make any royalty payments to Onyx pursuant to this
Section 16.2(b) on account of any Net Sales received by Bayer or its Affiliates or sublicensees on or after January 1, 2012 for the sales of sorafenib solely for use in Japan.” 

13. Alignment of Sales Representatives and MSLs. The Parties agree that, unless otherwise agreed by the EC, each Co-Promotion
Program approved after the Effective date of the Fourth Amendment shall assign each Party’s sales representatives and MSLs solely to the territories covered by such Party. 

14. Amendment to Section 17.2. Section 17.2 of the Collaboration Agreement is hereby deleted in its entirety and
replaced with the following: 
 17.2 Records. Each Party shall keep or cause to be kept such records as
are required to determine (a) in a manner consistent with generally accepted accounting principles in the United States the sums or credits due under this Agreement, including, but not limited to, Allowable Expenses, Co-Development Costs, sales
of Royalty-Bearing Products, Cost of Goods Sold, and Collaboration Revenues and (b) amounts to be listed in tax returns required to be filed by the Tax Partnership and the methods by which such amounts were calculated by the TMP (including
assessments of different tax treatments and the risks and benefits associated therewith and the basis for choosing a particular tax treatment). Bayer, as the TMP, shall also keep records of all correspondence received from, or documents filed with,
any tax authority with respect to the Tax Partnership. At the request (and expense) of either Party, the other Party and its sublicensees shall permit the requesting Party or an independent certified public accountant appointed by such Party and
reasonably acceptable to the other Party, at reasonable times during reasonable business hours and upon reasonable notice, to examine those records as may be necessary or reasonably useful to: 

(i) determine, with respect to any calendar year ending not more than three years prior to such Party’s request (but
only once for each calendar year), the correctness of any report or payment made under this Agreement; 
 (ii)
determine, with respect to the then current tax year and any other tax year which is open for review at the time of such Party’s request, by the United States Internal Revenue Service or any foreign equivalent thereof, the correctness of any
draft or filed Tax Partnership tax return; or 

  
 21.

 [ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 (iii) obtain information as to the royalty payable for any calendar year.

 For clarity, the Party being audited shall promptly provide reasonable access to records reasonably requested by the auditing
Party for the purposes described in (i)-(iii) above, including records in sufficient detail to determine the appropriate allocation of FTEs and other costs charged to the collaboration. 

Any such examination shall be subject to Article 22. Results of any such examination shall be made available to both Parties. The Party
requesting the audit shall bear the full cost of the performance of any such audit, unless such audit discloses a variance of more than five percent (5%) from the amount of the original report, royalty or payment calculation. In such case, the
Party being audited shall bear the full cost of the performance of such audit. 
 This Section 17.2, as revised by the
Fourth Amendment, shall apply to all audits for the 2010 calendar year and all subsequent years. The JFC shall agree upon procedures for conducting audits that are compatible with applicable law. The Parties agree to discontinue any audits ongoing
as of the Effective Date of the Fourth Amendment with respect to amounts paid pursuant to Section 11.7 with respect to Co-Development Costs incurred in 2008 or 2009, and the only amounts owed on account of such audits are as set forth in
Section 15 of this Fourth Amendment. 
 15. Audit Payment. Onyx’s audit of amounts paid by Bayer pursuant to
Section 16.1 of the Collaboration Agreement with respect to 2008 revealed [ * ]. [ * ] shall pay such amount to [ * ] within three (3) business days after the Effective Date of the Fourth Amendment. 

16. Amendment to Section 23.3(b). Section 23.3(b) of the Collaboration Agreement is hereby deleted in its entirety and
replaced with the following: 
 (b) TMP shall prepare and submit drafts of all Tax Partnership returns to
the Parties as soon as reasonably practical in advance of the due date, but not less than 30 days in advance of the due date, to permit review by the Parties prior to filing. If a Party disagrees with the proposed treatment of an item on the return
prepared by the TMP, the Parties shall promptly seek to resolve the disagreement through good faith discussions. If the dispute cannot be so resolved, the Parties shall engage the services of a mutually agreeable nationally recognized law or
accounting firm to resolve the matter. The firm’s decision on such matter shall be binding on the Parties. Such firm’s fee shall be borne equally by the Parties. If the dispute has not been resolved by the due date of the particular
return, the TMP shall timely file the particular return and the content of the return as filed shall be determined by the TMP in its sole discretion. Upon resolution of the dispute 

  
 22.

 [ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 
between the Parties, if such resolution provides for the reporting of any item which is inconsistent with the manner in which such item was reported on the return as filed by the TMP, the TMP
shall prepare and file an amended return using the agreed basis of reporting. TMP may file such requests for extensions of time to file any returns as it deems appropriate. 
 17. Deletion of Section 24.4. Section 24.4 of the Collaboration Agreement is hereby deleted in its entirety and replaced with “{This Section has been intentionally deleted.}”
All references to Section 24.4 in the Collaboration Agreement and Co-Promotion Agreement (including the reference in Section 10.4 of the Co-Promotion Agreement) are hereby deleted. 

18. Amendment to Section 25.1. Section 25.1 of the Collaboration Agreement is hereby deleted in its entirety and
replaced with the following: 
 25.1 Disputes. 

(a) The Parties recognize that disputes as to certain matters may from time to time arise during the term of this
Agreement which relate to either Party’s rights and/or obligations hereunder. The Parties shall follow the procedures set forth in this Article 25 to facilitate the resolution of disputes arising under this Agreement in an expedient manner by
mutual cooperation and to attempt to avoid arbitration between the Parties. Any disputes among the members of the EC, or other disputes among the Parties, that cannot be resolved by good faith negotiation within thirty (30) days after referral
thereto, shall be referred, by written notice from either Party to the other, to the ASC. The ASC shall meet as soon as possible, and not more than thirty (30) days after such notice is received, and shall make diligent, good faith efforts to
resolve such dispute in a manner that is consistent with the terms of this Agreement and the principles underlying such terms and that balances the legitimate interests of both Parties. 

(b) In the event that the members of the ASC are not able to resolve such dispute during such meeting, the ASC shall meet
in person at least one more time during the 60-day period after such notice is received, and if the ASC has not resolved such dispute by the end of such 60-day period (or any mutually agreed extension thereof), either Party may submit such dispute
(including whether a dispute is subject to arbitration) to an arbitration proceeding to be conducted in San Francisco, California before a panel of three (3) neutral arbitrators, which shall be selected as follows within thirty (30) days
from the request for arbitration: Bayer shall select one arbitrator, Onyx shall select one arbitrator, and Bayer and Onyx shall seek to agree on the selection of the third arbitrator; provided that if Bayer and Onyx fail to agree on such third
arbitrator within such thirty (30)-day period, then the arbitrators designated by Onyx and Bayer shall select the third arbitrator within fifteen (15) days. Judgment on the award may be entered in any court having jurisdiction. The arbitration
shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules & Procedures, except that 

  
 23.

 [ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 
the Parties expressly agree that any arbitration pursuant to this paragraph shall be a “baseball-style” arbitration governed by Rule 33 of the JAMS Comprehensive Arbitration
Rules & Procedures (effective October 1, 2010). Each Party shall bear its own costs and expenses in connection with a dispute brought under this Section 25.1, provided that Bayer and Onyx shall share equally in the costs of the
arbitration panel and any fee imposed by JAMS. Notwithstanding any Rule to the contrary, the Parties expressly agree to the following discovery procedures for any arbitration initiated pursuant to this paragraph: the Parties shall be entitled to
take discovery within the scope provided for in the JAMS Comprehensive Arbitration Rules & Procedures. With respect to limits on the type and amount of discovery, each Party shall be entitled to [ * ]. The arbitrator may allow discovery
beyond these limits upon a showing a good cause. 
 (c) Without modifying the agreement set forth in
Section 25.1(b), the Parties intend that in the event of an operational dispute under this Agreement, the Parties shall seek to resolve their differences through an expedited determination by a neutral expert who has no affiliation whatsoever
with either Party. The exact process and scope of such expert determination shall be determined by the Parties at that time (or from time to time in the event of multiple referrals to such an expert). In the absence of mutual agreement to pursue
such an expedited expert determination, the rules of Section 25.1(b) shall apply. No written statement of reasons shall accompany the arbitration decision unless both Parties agree that such a statement is necessary. To the extent non-monetary
relief is an issue in the arbitration, each Party shall submit its proposal regarding non-monetary relief, and the arbitration panel shall choose between the Parties’ proposals. 

19. Addition of New Section 26.4. The following Section 26.4 is hereby added to the Collaboration Agreement: 

26.4 Additional Representation and Warranty. Bayer hereby represents and warrants to Onyx that the Original Price is [ * ].

 20. Addition of New Section 26.5. The following Section 26.5 is hereby added to the Collaboration Agreement:

 26.5 In the event a Party or its Affiliates (or any successor entity thereto) obtains ownership of or license to a Specified
Product as a result of a Change of Control of such Party, such Party shall promptly and in a reasonable period of time divest such Specified Product to a Third Party. 
 21. Amendment to Section 28.1(b). Section 28.1(b) of the Collaboration Agreement is hereby deleted in its entirety and replaced with the following: 

(b) Neither Onyx nor Bayer may assign its rights or obligations under this Agreement or its ownership interest in
Onyx Patents or Bayer Patents, respectively, or in Patents owned jointly by Onyx and Bayer to a non-Affiliate 

  
 24.

 [ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 
without the prior written consent of the other Party, except that either Onyx or Bayer may assign this Agreement and its Patents in connection with any merger, consolidation, or sale of all or
substantially all of its assets. 
 22. Amendment to Section 28.7. Section 28.7 of the Collaboration Agreement
is hereby deleted in its entirety and replaced with the following: 
 28.7 Notices. All notices hereunder
shall be in writing and shall be deemed given if delivered personally or by facsimile transmission (receipt verified), telexed, mailed by registered or certified mail (return receipt requested), postage prepaid, or sent by express courier service,
to the Parties at the following addresses (or at such other address for a party as shall be specified by like notice; provided, that notices of a change of address shall be effective only upon receipt thereof): 

If to Onyx, addressed to: 
 Onyx Pharmaceuticals, Inc. 
 249 E. Grand Avenue 

South San Francisco, CA 94080 
 Attention: Chief Executive Officer 
 Telephone: (650) 266-0000 

Facsimile: (650) 266-0100 
 With a copy to: 
 Cooley LLP 

3175 Hanover Street 
 Palo Alto, CA 94304 
 Attention: Robert L. Jones, Esq. 

Telephone: (650) 843-5000 
 Facsimile: (650) 849-7400 
 If to Bayer, addressed to: 

Bayer HealthCare LLC 
 555 White Plains Road 
 Tarrytown, NY 10591 

Attention: Sr. VP and General Counsel 
 Facsimile: (914) 366-1784 
 With a copy to: 

Bayer HealthCare Pharmaceuticals Inc. 

  
 25.

 [ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 340 Changebridge Road 

Montville, NJ 

Attention: Global Head of Oncology 
 Facsimile: (973) 487-2929 
 23. Certain Financial and Accounting
Matters. Effective as of [ * ], the Parties have agreed to the following with regard to the application of Cost of Goods Sold, Distribution Costs, Allowable Co-Promotion Expenses and Co-Promotion Overheads: 

(a) Section 1.13 (the definition of “Cost of Goods Sold”) shall be interpreted to include the following methodology for
the calculation of Cost of Goods Sold effective for all Cost of Goods Sold incurred by Bayer from and after [ * ] with respect to the Approved Product: 
 (i) Rest of World Cost of Goods Sold (“ROW COGS”) represents Cost of Goods for the Approved Product outside the United States as calculated by Bayer’s cost accounting systems. The
“standard unit cost of Collaboration Products in final therapeutic form”, as defined in Section 1.13, shall include for ROW COGS such costs as handling, freight, insurance, customs duty, and other such charges required to transport
the Approved Product from its final manufacturing location to the countries where it is sold. (Transportation within countries is a component of Distribution Costs, as described below.) ROW COGS as a component of Allowable Expenses (as
defined in Section 1.5) will be [ * ]. The ROW COGS [ * ] will be [ * ], based on [ * ]. By way of example, [ * ] will be [ * ]. 
 (ii) US Cost of Goods Sold (“US COGS”) as defined in Article I of the Co-Promotion Agreement shall be determined using the following methodology effective from and after [ * ]:

 (A) [ * ]. 
 (B) “US COGS” will be fixed at be [ * ] per tablet for the calendar year beginning [ * ], with no retrospective change to US COGS for calendar year [ * ]. Such per-tablet charge shall be
adjusted as follows: commencing [ * ] and for each Contract Year thereafter, inflation/deflation variances equal to the corresponding increase or decrease in the United States Producer’s Price Index, Pharmaceutical Preparations Manufacturers
(US BLS Ref. #pcu325412325412; http://data.bls.gov/cgi-bin/surveymost), or the equivalent standard, as published by the Bureau of Labor Statistics of the United States Department of Labor from the annual index value most recently
available as of the Effective Date of the Fourth Amendment to the annual index value most recently available as of the most recent January (aggregated and applied on a cumulative basis). 

(iii) Puerto Rico Cost of Goods Sold in each year will be the same as US COGS, as calculated in accordance with US Co-Promotion
Agreement. 
 (b) Distribution Costs shall include, in addition to the costs described in Section 1.21, costs
incurred by Bayer or for its account in connection with the freight, insurance, packaging, and distribution of the Approved Product to a Third Party in ROW countries, which shall be equal to [ * ] of Net Sales of the Approved Product during calendar
year [ * ]. This charge will be [ * ] on an annual basis beginning for the [ * ]. 

  
 26.

 [ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 (c) Allowable Expenses for the ROW includes “ROW Marketing Costs,”
which is defined as costs incurred by Bayer in the marketing, selling, and distribution of the Approved Product in ROW regions. It shall include the ROW P&L reporting categories of: 

[ * ] 
 (d)
Overhead costs are not sharable collaboration expenses outside the United States. Examples of such overhead expenses, which are to be paid solely by Bayer, may include, but are not limited to, [ * ]. 

(e) Allowable Co-promotion Expenses for the United States includes “Sales Force Expense.” The definition
of Sales Force Expense in Article I of the Co-Promotion Agreement is hereby amended to include meeting and convention planning to the extent such costs are reasonably allocable to the Approved Product and substantive contemporaneous
documentation of the basis for allocation is available. 
 (f) A general principle on treatment of shared costs is that cost
allocations to the Approved Product should be based on a justifiable and supportable allocation methodology. This would apply to cost items such as conventions that support Bayer’s Oncology franchise or pharmaceutical business, or to Marketing
Services functions that also support other products or product candidates in the Bayer portfolio. Data supporting cost allocations to an Approved Product are to be documented and retained. 

24. Mutual Authority. Bayer and Onyx each represents and warrants to the other that: (a) it has the authority and right to
enter into and perform this Fourth Amendment; (b) this Fourth Amendment is a legal and valid obligation binding upon it and is enforceable in accordance with its terms, subject to applicable limitations on such enforcement based on bankruptcy
laws and other debtors’ rights; and (c) its execution, delivery and performance of this Fourth Amendment shall not conflict in any material fashion with the terms of any other agreement or instrument to which it is or becomes a Party or by
which it is or becomes bound, nor violate any law or regulation of any court, governmental body or administrative or other agency having authority over it. 
 25. Full Force and Effect of Agreement. The Collaboration Agreement, as modified by the First Amendment, the Second Amendment, the Co-Promotion Agreement and this Fourth Amendment, constitutes the
entire agreement of the Parties on the subject matter hereof. The Collaboration Agreement, as modified hereby, remains in full force and effect. 
 REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 

  
 27.

 [ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the Effective Date.

  

									
	ONYX PHARMACEUTICALS, INC.	 		 	BAYER HEALTHCARE LLC
					
	By:	 	 /s/ N. Anthony Coles
	 		 	By:	 	 /s/ R. Scott Meece

					
	Name:	 	N. Anthony Coles	 		 	Name:	 	R. Scott Meece
					
	Title:	 	President & CEO	 		 	Title:	 	General Counsel + Sr. Vice President

 SIGNATURE PAGE TO FOURTH AMENDMENT TO COLLABORATION AGREEMENT 

  
 [ * ] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 EXHIBIT F 
 Listed Patents 
 [ * ] 

  
 [ * ] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 EXHIBIT G 
 Listed Trials 
 [ * ] 

  
 [ * ] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

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