Document:

Medium-Term Notes

 Exhibit 4.1 

[Face of Note] 

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

			
	CUSIP NO. 94986RAB7	  	FACE AMOUNT: $                    
	REGISTERED NO.     	  	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes Linked to a Global Equity Basket 

due December 17, 2012 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Redemption
Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, on the Stated Maturity Date. The “Initial Stated Maturity Date”
shall be December 17, 2012. If no Market Disruption Event (as defined below) occurs or is continuing with respect to a Basket Component (as defined below) on the scheduled Calculation Day (as defined below), the Initial Stated Maturity Date
will be the “Stated Maturity Date.” If a Market Disruption Event occurs or is continuing with respect to a Basket Component on the scheduled Calculation Day, the “Stated Maturity Date” shall be the later of
(i) three Business Days (as defined below) after the postponed Calculation Day with respect to such Basket Component (or, if the Calculation Day is postponed with respect to more than one Basket Component, three Business Days after the latest
postponed Calculation Day) and (ii) the Initial Stated Maturity Date. This Security shall not bear any interest. 
 Any
payments on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the
Company for such purpose. 
 “Face Amount” shall mean, when used with respect to this Security, the amount set
forth on the face of this Security as its “Face Amount.” 

 Determination of Redemption Amount 

The “Redemption Amount” of this Security will equal: 

 

	 	•	 	 If the Ending Level is greater than the Starting Level, the lesser of: 

 

	 	(i)	the Face Amount plus: 

  

																	
		 	[	 	Face Amount x	  	
[
	 	 Ending Level – Starting Level

Starting Level
	 	]	  	x Participation Rate	 	]	 	; and

  

	 	(ii)	the Capped Value; 

  

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

  

	 	•	 	 If the Ending Level is less than the Threshold Level: Face Amount minus: 

 

							
	[	 	Face Amount x	    	 Threshold Level – Ending Level

Starting Level
	 	
]

“Basket” shall mean a basket comprised of the following Basket Components, with the return of each Basket Component
having the weighting noted parenthetically: S&P 500 Index (40%); MSCI EAFE Index (30%); Russell 2000 Index (20%); and MSCI Emerging Markets Index (10%). 

“Basket Component” shall mean each of the S&P 500 Index, MSCI EAFE Index, Russell 2000 Index, and MSCI Emerging
Markets Index. 
 The “Pricing Date” shall mean June 11, 2010. 

The “Starting Level” is 100. 

The “Ending Level” will be calculated based on the weighted returns of the Basket Components and will be equal to the
product of (i) 100 and (ii) an amount equal to 1 plus the sum of: (A) 40% of the Component Return of the S&P 500 Index; (B) 30% of the Component Return of the MSCI EAFE Index; (C) 20% of the Component Return of the
Russell 2000 Index; and (D) 10% of the Component Return of the MSCI Emerging Markets Index. 
 The “Component
Return” of a Basket Component will be equal to: 
 Final Component Level – Initial Component Level

 Initial Component Level 
  

 2 

 where, 
  

	 	•	 	 the “Initial Component Level” is the Closing Level of such Basket Component on the Pricing Date; and 

 

	 	•	 	 the “Final Component Level” will be the Closing Level of such Basket Component on the Calculation Day. 

The “Closing Level” of a Basket Component on any Trading Day means the Closing Level of such Basket Component as reported
by the Index Sponsor of such Basket Component on such Trading Day. 
 The Initial Component Levels of the Basket Components are
as follows: S&P 500 Index (1091.60); MSCI EAFE Index (1362.60); Russell 2000 Index (649.00); and MSCI Emerging Markets Index (917.18). 

The “Capped Value” is 125% of the Face Amount of this Security. 

The “Threshold Level” will be equal to 80% of the Starting Level. 

The “Participation Rate” is 100%. 

“Index Sponsor” shall mean Standard & Poor’s, a division of the McGraw Hill Companies, Inc., MSCI Inc. or
Frank Russell Company, doing business as Russell Investment Group, as applicable. 
 “Business Day” shall mean
a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York or Minneapolis, Minnesota. 

A “Trading Day” with respect to a Basket Component means a day, as determined by the Calculation Agent, on which
(i) the Relevant Exchanges (as defined below) with respect to the securities underlying the Basket Component are open for trading for their regular trading sessions and (ii) the exchanges on which futures or options contracts related to
such Basket Component or successor thereto, if applicable, are traded, are open for trading for their respective regular trading sessions. 

The “Calculation Day” shall be December 10, 2012 or, if such day is not a Trading Day, the next succeeding Trading
Day. The Calculation Day is subject to postponement due to the occurrence of a Market Disruption Event. If a Market Disruption Event occurs or is continuing with respect to a Basket Component on the Calculation Day, such Calculation Day for such
Basket Component will be postponed to the first succeeding Trading Day on which a Market Disruption Event for such Basket Component has not occurred and is not continuing. If such first succeeding Trading Day has not occurred as of the eighth
scheduled Trading Day after the scheduled Calculation Day for such Basket Component, that eighth scheduled Trading Day shall be deemed the Calculation Day. If the Calculation Day has been postponed eight scheduled

  

 3 

 
Trading Days after the scheduled Calculation Day for such Basket Component and such eighth scheduled Trading Day is not a Trading Day, or if a Market Disruption Event occurs or is continuing with
respect to the Basket Component on such eighth scheduled Trading Day, the Calculation Agent will determine the Closing Level of such Basket Component on such eighth scheduled Trading Day in accordance with the formula for and method of calculating
the Closing Level of such Basket Component last in effect prior to commencement of the Market Disruption Event, using the closing price (or, with respect to any of the relevant securities, if such date is not a Trading Day or a Market Disruption
Event has occurred, its good faith estimate of the closing price that would have prevailed for such securities) on such date of each security most recently included in such Basket Component. Notwithstanding a postponement of a Calculation Day for a
particular Basket Component due to a Market Disruption Event with respect to such Basket Component, the originally scheduled Calculation Day will remain the Calculation Day for any Basket Component not affected by a Market Disruption Event. See
“—Market Disruption Events.” 
 “Calculation Agent Agreement” shall mean the Calculation Agent
Agreement dated as of June 18, 2010 between the Company and the Calculation Agent, as amended from time to time. 

“Calculation Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company
providing for, among other things, the determination of the Ending Level and the Redemption Amount, which term shall, unless the context otherwise requires, include its successors under such Calculation Agent Agreement. The initial Calculation Agent
shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time to time after the initial issuance this Security without the consent of the Holders of this Security
and without notifying the Holders of this Security. 
 Discontinuance Of A Basket Component; Alteration Of Method Of Calculation 

 If an Index Sponsor discontinues publication of a Basket Component, and such Index Sponsor or another entity publishes a
successor or substitute equity index that the Calculation Agent determines, in its sole discretion, to be comparable to such Basket Component (a “Successor Equity Index”), then, upon the Calculation Agent’s notification of that
determination to the Trustee and the Company, the Calculation Agent will substitute the Successor Equity Index as calculated by the relevant Index Sponsor or any other entity and calculate the Ending Level as described above. Upon any selection by
the Calculation Agent of a Successor Equity Index, the Company will cause notice to be given to Holders of this Security. 
 In
the event that an Index Sponsor discontinues publication of a Basket Component and the Calculation Agent does not select a Successor Equity Index, the Calculation Agent will compute a substitute level for such Basket Component in accordance with the
procedures last used to calculate such Basket Component before any discontinuance. If a Successor Equity Index is selected or the Calculation Agent calculates a level as a substitute for a Basket Component, the Successor Equity Index or level will
be used as a substitute for such Basket Component for all purposes, including the purpose of determining whether a Market Disruption Event exists. 
  

 4 

 If at any time an Index Sponsor makes a material change in the formula for or the method of
calculating a Basket Component, or in any other way materially modifies such Basket Component so that such Basket Component does not, in the opinion of the Calculation Agent, fairly represent the level of such Basket Component had those changes or
modifications not been made, then, from and after that time, the Calculation Agent will, at the close of business in New York, New York, on the date that the Closing Level of such Basket Component is to be calculated, make any adjustments as, in the
good faith judgment of the Calculation Agent, may be necessary in order to arrive at a value of an equity index comparable to such Basket Component as if those changes or modifications had not been made, and calculate the level of such Basket
Component with reference to such equity index, as so adjusted. Accordingly, if the method of calculating a Basket Component is modified so that the level of such Basket Component is a fraction or a multiple of what it would have been if it had not
been modified, then the Calculation Agent will adjust such Basket Component in order to arrive at a level of such Basket Component as if it had not been modified. 

Market Disruption Events 

A “Market Disruption Event” means, with respect to a Basket Component, any of the following events as determined by the
Calculation Agent in its sole discretion: 
  

	 	(A)	A material suspension or material limitation of trading in the securities which then comprise 20% or more of the level of such Basket Component or any Successor Equity
Index has been imposed by the Relevant Exchanges on which those securities are traded, at any time during the one-hour period preceding the Close of Trading on such day, whether by reason of movements in price exceeding limits permitted by those
Relevant Exchanges or otherwise. 

  

	 	(B)	A material suspension or material limitation of trading has occurred on that day, in each case during the one-hour period preceding the Close of Trading in options or
futures contracts related to such Basket Component or any Successor Equity Index, on the primary exchange or quotation system on which those options or futures contracts are traded, whether by reason of movements in price exceeding levels permitted
by the exchange, the quotation system or otherwise. 

  

	 	(C)	Any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market
values for, the securities that then comprise 20% or more of the level of such Basket Component or any Successor Equity Index, at any time during the one-hour period that ends at the Close of Trading on that day. 

 

	 	(D)	Any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market
values for, the futures or options contracts relating to such Basket Component or any Successor Equity Index on the primary exchange or quotation system on which those futures or options contracts are traded, at any time during the one-hour period
that ends at the Close of Trading on that day. 

  

 5 

	 	(E)	The closure of the Relevant Exchanges on which the securities that then comprise 20% or more of the level of such Basket Component or any Successor Equity Index are
traded or the primary exchange or quotation system on which futures or options contracts relating to such Basket Component or any Successor Equity Index are traded prior to its scheduled Close of Trading unless the earlier closing time is announced
by the Relevant Exchanges, the primary exchange or the quotation system, as applicable, at least one hour prior to the earlier of (1) the actual closing time for the regular trading session on the Relevant Exchanges, the primary exchange or the
quotation system, as applicable, and (2) the submission deadline for orders to be entered into the relevant exchanges, the primary exchange or the quotation system, as applicable, for execution at the close of trading on that day.

 For purposes of determining whether a Market Disruption Event has occurred: 

 

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

  

	 	(2)	“Close of Trading” means in respect of any Relevant Exchange, primary exchange or quotation system, the scheduled weekday closing time on a day on
which such Relevant Exchange, primary exchange or quotation system is scheduled to be open for trading for its respective regular trading session, without regard to after hours or any other trading outside the regular trading session hours; and

  

	 	(3)	“Relevant Exchange” for any security (or any combination thereof then underlying a Basket Component or any Successor Equity Index) means the primary
exchange or quotation system on which such security is traded, as determined by the Calculation Agent. 

 Calculation Agent

 The Calculation Agent will determine the Redemption Amount and the Ending Level. In addition, the Calculation Agent
will (i) determine if adjustments are required to the Closing Level of a Basket Component under the circumstances described in this Security, (ii) if publication of a Basket Component is discontinued, select a Successor Equity Index or, if
no Successor Equity Index is available, determine the Closing Level of such Basket Component under the circumstances described in this Security, and (iii) determine whether a Market Disruption Event has occurred. 

The Company covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which shall be a
broker-dealer, bank or other financial institution) with respect to this Security. 
  

 6 

 All determinations made by the Calculation Agent with respect to this Security will be at
the sole discretion of the Calculation Agent and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holders of this Security. All percentages and other amounts resulting from any calculation
with respect to this Security will be rounded at the Calculation Agent’s discretion. 
 Tax Considerations 

The Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be deemed to
have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States federal income tax purposes to characterize and treat this Security as a pre-paid derivative contract in respect of the
Basket. 
 Redemption and Repayment 

This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to
December 17, 2012. This Security is not entitled to any sinking fund. 
 Acceleration 

If an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Redemption Amount
(calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture
will be equal to the Redemption Amount hereof calculated as provided herein as though the date of acceleration was the Calculation Day; provided, however, if such date is not a Trading Day or if a Market Disruption Event has occurred or is
continuing on that day, the Calculation Day will be postponed as provided herein. 
  

 
 Reference is
hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or
its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[The remainder of this page has been left intentionally blank] 

 

 7 

 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 described
 in the
within-mentioned Indenture.
	  		 		 		 		 	
						
	 CITIBANK, N.A.,
as Trustee
	  		 		 		 		 	
				
	By:	 	  
	 		 	
		 	Authorized Signature	  		  		 		 		 		 	
								
		 	 OR
	  		  		 		 		 		 	
							
	 WELLS FARGO BANK, N.A.,
as Authenticating Agent for the Trustee
	  		  		 		 		 		 	
				
	By:	 	  
	 		 	
		 	Authorized Signature	  		  		 		 		 		 	

  

 8 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes Linked to a Global Equity Basket 

due December 17, 2012 

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 K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more foreign or composite currencies. The
amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures of
economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series may mature at different times, be redeemable
at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies. 

Article Sixteen of the Indenture shall not apply to this Security. 

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

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

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the 
  

 9 

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

Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture,
relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein, shall not
apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Authorized
Denominations 
 This Security is issuable only in registered form without coupons in denominations of $1,000 or any
amount in excess thereof which is an integral multiple of $1,000. 
 Registration of Transfer 

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

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

 10 

 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 Redemption Amount at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 

No Personal Recourse 

No recourse shall be had for the payment of the Redemption Amount, or for any claim based hereon, or otherwise in respect hereof, or based
on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 Defined Terms 

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

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

 11 

 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)

  

 12 

 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. 
  

 13AMEND. NO. 1 TO AMEND. AND RESTATED DECLARATION OF TRUST OF THE CO-REGISTRANT

 Exhibit 4.2.1 

AMENDMENT NO. 1 TO THE 

AMENDED AND RESTATED 

DECLARATION OF TRUST AND TRUST AGREEMENT 

OF 
 DB
G10 CURRENCY HARVEST MASTER FUND 
 This Amendment No. 1 (“Amendment No. 1”) to the Amended and
Restated Declaration of Trust and Trust Agreement, dated as of September 12, 2006 (the “Declaration of Trust”), of DB G10 Currency Harvest Master Fund (the “Fund”) by and between DB Commodity Services LLC (the
“Managing Owner”) and Wilmington Trust Company. 
 WHEREAS, the Managing Owner has deemed it advisable
for the Fund to amend the Declaration of Trust to memorialize changes in certain allocation provisions disclosed in the Declaration of Trust as previously agreed to by the Fund and the Managing Owner; 

WHEREAS, the Managing Owner wishes to amend the Declaration of Trust pursuant to Section 11.1(b)(iii) thereof to give effect
to the foregoing. 
 NOW, THEREFORE, in consideration of the premises and of other good and valuable consideration, the
receipt and sufficiency of all of which are hereby acknowledged, the Declaration of Trust is amended as follows: 
  

	 	1.	Section 6.3 of the Declaration of Trust shall be amended and replaced in its entirety as follows: 

“SECTION 6.3 Daily Allocations. All allocations to Shareholders of items included within the Trust’s
Profits and Losses attributable daily shall be allocated solely among the Shareholders recognized as shareholders as of the close of business each Business Day, as follows: 

(a) For purposes of maintaining the Capital Accounts and in determining the rights of the Shareholders among themselves,
except as otherwise provided in this Article VI, each item of income, gain, loss and deduction shall be allocated among Shareholders in accordance with their respective Percentage Interests. 

(b) Any item of loss or deduction otherwise allocated to the Managing Owner pursuant to Section 6.3(a) which is in
excess of such Managing Owner’s positive Adjusted Capital Account balance (following adjustment to reflect the allocation of all other items for such period) shall instead be allocated to the other Shareholders in accordance with their
respective Percentage Interests to the extent such item of loss or deduction exceeds such Managing Owner’s Adjusted Capital Account balance; provided that the allocation of any such item to such other Shareholders shall only be made hereunder
to the extent the allocation would not result in or increase a negative balance in the Adjusted Capital Account of such other Shareholder. If such an allocation occurs, items of income or gain that would otherwise be allocated to the Managing Owner
equal to the amount of such allocated loss or deduction will be allocated to the other Shareholders in accordance with their Percentage Interests as quickly as possible. 

 (c) If any Shareholder unexpectedly receives any adjustments, allocations or
distributions described in Treasury Regulation sections 1.704-1(b)(ii)(d)(4), (5) or (6), items of Trust income and gain shall be specially allocated to such Shareholder in an amount and manner sufficient to eliminate a deficit in its Adjusted
Capital Account created by such adjustments, allocations or distributions as quickly as possible. This section 6.3(c) is intended to constitute a “qualified income offset” within the meaning of Treasury Regulation section
1.704-1(b)(2)(ii)(d). 
 (d) Notwithstanding any other provision of this Trust Agreement, upon or prior to the
issuance of additional Shares, the Managing Owner shall have the sole and complete discretion, without the approval of any other Shareholder, to amend any provision of this Article VI in any manner, as is necessary, appropriate or advisable to
comply with any current or future provisions of the Code or the Treasury Regulations or to implement the terms and conditions of any Shares.” 
  

	 	2.	This Amendment No. 1 to the Declaration of Trust shall be governed by, and construed in accordance with, the laws of the State of Delaware.

 Remainder of page left blank intentionally. 

 

 2 

 IN WITNESS WHEREOF, this Amendment No. 1 has been executed
for and on behalf of the undersigned as of the 26th day of
December, 2007. 
  

					
	 DB COMMODITY SERVICES LLC,

as Managing Owner

		
	By:	 	/s/ Kevin Rich
		 	Name: 	 	Kevin Rich
		 	Title:	 	 Director and
 Chief
Executive Officer

		
	By:	 	/s/ Gregory Collett
		 	Name:	 	Gregory Collett
		 	Title:	 	Chief Operating Officer

 Acknowledged:

 WILMINGTON TRUST COMPANY, not in its 

individual capacity but solely as Trustee 
 of
the Fund 
  

					
		
	By:	 	/s/ James A. Hanley
		 	Name:	 	James A. Hanley
		 	Title:	 	Assistant Vice President

  

 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]