Document:

Amended and Restated Bylaws of the Company

 Exhibit 4.4 
 BARNWELL INDUSTRIES, INC. 
 –A Delaware Corporation– 
 BY-LAWS 
 AMENDED AND
RESTATED 
 (As of October 1, 1991) 
 As Amended December 12, 2007 
 ARTICLE I 
 Meetings of Stockholders 
 Section 1.1. Annual Meetings. The annual
meeting of the stockholders for the election of directors and for the transaction of such other business as may properly come before such meeting shall be held within the month of March in each year on such date and at such time and place, within or
without the State of Delaware, as may be designated by the Board of Directors. 
 Section 1.2. Special Meetings. Special meetings of the stockholders may be called by the Board of Directors, the Chairman of the Board, if any, the Vice Chairman, if any, the President, the Secretary or at the request of the
holders of at least 10% of the shares of the Corporation then issued and outstanding and entitled to vote for the election of directors. Any such meeting shall be held on such date and .at such time and place, within or without the State of Delaware, as may be designated by the person or persons calling such meeting. 
 Section 1.3. Notice of Meetings; Waiver of Notice. 
 (a) Notice of Meetings. Whenever stockholders are required or permitted to take any action at a meeting, a written notice of the meeting shall be given by mail, facsimile, telegram, cable or personal delivery
by or at the direction of the Chairman of the Board, if any, the Vice Chairman, if any, the President, any Vice President, the Secretary, any Assistant Secretary or other persons calling the meeting, and shall state the place, date and hour of the
meeting and, in the case of a special meeting, the purpose or purposes for which the meeting is called. Unless otherwise provided by law, the written notice of any meeting shall be given not less than 10 nor more than 60 days before the date of the
meeting to each stockholder entitled to vote at such meeting. If mailed, such notice shall be directed to each stockholder at his address as it appears on the records of the Corporation. 
 (b) Waiver of Notice. Whenever notice is required to be given to the stockholders under any provision of law, the Certificate of Incorporation of
the Corporation or these By-laws, a written waiver signed by a stockholder entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a stockholder at a meeting shall constitute a waiver
of notice of such meeting, except when the stockholder 

 
attends such meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of business because the meeting is not
lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders need be specified in any written waiver of notice unless so required by the Certificate of Incorporation of
the Corporation. 
 Section 1.4. Quorum. The presence at any meeting, in person or by proxy, of the holders of record of a
majority of the shares then issued and outstanding and entitled to vote shall be necessary and sufficient to constitute a quorum for the transaction of business, except as otherwise provided by law or the Certificate of Incorporation of the
Corporation. 
 Section 1.5. Adjournments. In the absence of a quorum, a majority in interest of the stockholders entitled to
vote, present in person or by proxy at a meeting, or, if no stockholder entitled to vote is present in person or by proxy, any officer entitled to act as chairman or secretary of such meeting, may adjourn the meeting to another time or place.

 When a meeting is adjourned to another time or place, notice need not be given of the adjourned meeting if the time and place thereof are
announced at the meeting at which the adjournment is taken. At the adjourned meeting the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, or if after the
adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. 
 Section 1.6. Organization. The Chairman of the Board, or, if there is no Chairman or in his absence or disability, the Vice Chairman, if any,
the President or any Vice President, or, in the absence of all of them, a chairman appointed by the stockholders, shall act as chairman of all meetings of stockholders. The Secretary or, in his absence or disability, any Assistant Secretary, or, in
the absence of both of them, a Secretary appointed by the chairman of the meeting, shall act as secretary at all meetings of stockholders. 
 Section 1.7. Voting. Unless otherwise provided in the Certificate of Incorporation of the Corporation or required by law, each stockholder shall be entitled to one vote for each share of capital stock held by such stockholder
which is registered in his name on the record date for the meeting. Unless otherwise provided in the Certificate of Incorporation, directors shall be elected by a plurality of the votes of the shares present in person or represented by proxy at the
meeting and entitled to vote on the election of directors. Except as otherwise provided by law, in all other matters the affirmative vote of a majority of the shares present in person or represented by proxy at the meeting and entitled to vote on
the subject matter shall be the act of the stockholders. Voting, including voting for the election of directors, need not be by written ballot. 
 Section 1.8. Proxies. Each stockholder entitled to vote at a meeting of stockholders or to express consent or dissent to corporate actions in writing may authorize another person or persons to act for him by proxy, but no such
proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A duly executed proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an
interest sufficient in law to support an irrevocable power. 
  

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 Section 1.9. Voting by Fiduciaries and
Pledgors. Persons holding stock in a fiduciary capacity shall be entitled to vote the shares so held, and persons whose stock is pledged shall be entitled to vote, unless in the transfer by the pledgor on the books of the Corporation, he has
expressly. empowered the pledgee to vote thereon, in which case only the pledgee or his proxy may represent said stock and vote thereon. 

Section 1.10. Stockholder List. The officer who has charge of the stock ledger of the Corporation shall prepare and make, at least 10 days
before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address and number of shares registered in the name of each stockholder. Such list shall be
open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours for a period of at least 10 days prior to the meeting, either at a place within the city where the meeting is to be held, which place
shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the entire time thereof, and may be
inspected by any stockholder who is present. 
 Section 1.11. Inspectors of Election. In advance of any stockholders’
meeting, the Board of Directors shall appoint one or more inspectors to act at the meeting and make a written report thereof. The Board of Directors may designate one or more persons as alternate inspectors to replace any inspector who fails to act.
If no inspector or alternate is able to act at a meeting of stockholders, the person presiding at the meeting shall appoint one or more inspectors to act at the meeting. Each inspector, before entering upon the discharge of his duties, shall take
and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the best of his ability. 
 Section 1.12. Fixing the Record Date. So that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action
in writing without a meeting, or to receive payment of any dividend or other distribution or allotment of any rights, or to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action,
the Board of Directors may fix in advance a record date, which shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and (i) in the case of a meeting, shall not be more than 60 nor less than 10
days before the date of such meeting, or (ii) in the case of a written consent, shall not exceed by more than 10 days the date upon which the resolution fixing the record date is adopted by the Board, or (iii) in the case of any other
action, shall not be more than 60 days prior to such action. Only those stockholders of record on the date so fixed shall be entitled to any of the foregoing rights, notwithstanding the transfer of any stock on the books of the Corporation after any
such record date fixed by the Board of Directors. 
  

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 ARTICLE II 
 Consent of Stockholders In Lieu of Meeting 
 Unless otherwise provided in the Certificate of Incorporation, any
action required by law or these By-laws to be taken at any annual or special meeting of stockholders of the Corporation may be taken without a meeting, without prior notice and without a vote if a consent or consents in writing, setting forth the
action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and
voted and shall be delivered to the Corporation as required by law. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not so consented in
writing. 
 ARTICLE III 
 Board of Directors 
 Section 3.1. Number. The Board of Directors shall consist of not less than three nor more
than fifteen directors, as fixed from time to time by resolution of either the Board of Directors or the stockholders in accordance with applicable law (each being subject to any subsequent resolutions of either of them). 
 Section 3.2. Election and Term of Office. Directors shall be elected at the annual meeting of the stockholders, except as provided in
Sections 3.3 or 3.11 of these By-laws. Each director (whether elected at an annual meeting or to fill a vacancy or otherwise) shall hold office until his successor shall have been duly elected and qualified or until his earlier death, resignation or
removal in the manner hereinafter provided. 
 Section 3.3. Vacancies and Additional Directorships. Unless otherwise provided in
the Certificate of Incorporation of the Corporation, vacancies and newly created directorships resulting from any increase in the authorized number of directors elected by all of the stockholders having the right to vote as a single class may be
filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director. Unless otherwise provided in the Certificate of Incorporation of the Corporation, when one or more directors shall resign from the
Board, effective at a future date, a majority of the directors then in office, including those who have so resigned, shall have power to fill such vacancy or vacancies, the vote thereon to be effective upon the effectiveness of such resignation or
resignations. 
 Section 3.4. Meetings. 
 (a) Regular Meetings. The Board of Directors may by resolution provide for the holding of regular meetings for the organization of the Corporation, for the election of officers and for the transaction of such
other business as may properly come before the meeting, and may fix the times and places at which such meetings shall be held. Notice of regular meetings shall not be required to be given, provided that whenever the time or place of regular meetings
shall be fixed or changed, notice of such action shall be given promptly by mail, 

  

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facsimile, telegram, radio, cable, telephone or personal delivery to each director who shall not have been present at the meeting at which such action was
taken, addressed, sent, delivered or communicated to him at his residence or usual place of business. 
 (b) Special Meetings. Special
meetings of the Board of Directors may be called by or at the direction of the Chairman of the Board, if any, the Vice Chairman, if any, the President, or a majority of the directors then in office, except that when the Board of Directors consists
of one director, then such director may call a special meeting. Except as otherwise required by law, notice of each special meeting shall be mailed to each director, addressed to him at his residence or usual place of business, at least five days
before the day on which such meeting is to be held, or shall be sent to him at such place by facsimile, telegram, radio or cable, or telephoned or delivered to him personally, not later than 24 hours before the day on which such meeting is to be
held. Such notice shall state the time and place of such meeting, but need not state the purpose thereof, unless otherwise required by law, the Certificate of Incorporation of the Corporation or these By-laws. 
 (c) Waiver of Notice. Whenever notice is required to be given to the directors under any provision of law, the Certificate of Incorporation of the
Corporation or these By-laws, a written waiver, signed by the director entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a director at a meeting shall constitute a waiver of
notice of such meeting, except when a director attends a meeting for the express purpose of objecting at the beginning of the meeting to the transaction of business because the meeting is not lawfully called or convened. Neither the business to be
transacted at, nor the purpose of, any regular or special meeting of the directors need be specified in any written waiver of notice unless so required by the Certificate of Incorporation of the Corporation. 
 (d) Participation by Conference Call. Members of the Board of Directors may participate in any meeting of the Board by means of conference
telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation shall constitute presence in person at the meeting. 
 Section 3.5. Quorum; Voting. Unless the Certificate of Incorporation of the Corporation provides otherwise, at each regular meeting of the
Board of Directors one-half of the total number of members of the Board of Directors but not less than two directors, and at each special meeting of the Board of Directors, one-third of the total number of members of the Board of Directors but not
less than two directors shall constitute a quorum for the transaction of business, except that when the Board consists of only one director, then one director shall constitute a quorum. Unless otherwise required by the Certificate of Incorporation
of the Corporation or these By-laws, a vote of the majority of the directors present at any meeting at which a quorum is present shall be the act of the Board. 
 Section 3.6. Adjournments. A majority of the directors present, whether or not a quorum is present, may adjourn any meeting to another time and place. Notice of any adjournment of a meeting of the Board of
Directors to another time or place shall be given to the directors who were not present at the time of the adjournment and, unless such time and place are announced at such meeting, to the directors who were present. 
  

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 Section 3.7. Organization. The Chairman of the Board, or if there is no Chairman or in his
absence or disability, the Vice Chairman, if any, the President, or any Vice President, or in the absence of all of them, a chairman appointed by the directors present at such meeting, shall act as chairman at meetings of directors. The Secretary,
or in his absence or disability, any Assistant Secretary, or in the absence of all of them, a secretary appointed by the chairman of the meeting, shall act as secretary at all meetings of the Board of Directors. 
 Section 3.8. Action of Board Without Meeting. Any action required or permitted to be taken at any meeting of the Board of Directors may be
taken without a meeting if all members of the Board consent thereto in writing and such writing or writings are filed with the minutes of proceedings of the Board. 
 Section 3.9. Manner of Acting. A member of the Board of Directors shall, in the performance of his duties, be fully protected in relying in good faith upon the records of the Corporation and upon such
information, opinions, reports or statements presented to the Corporation by any of the Corporation’s officers or employees, or committees of the Board, or by any other person as to matters the director reasonably believes are within such other
person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Corporation. 
 Section 3.10. Resignation of Directors. Any director may resign at any time upon giving written notice of such resignation to the Board of Directors, the Chairman of the Board, if any, the Vice Chairman, if any, the President,
any Vice President or the Secretary. Unless otherwise specified in such notice, such resignation shall take effect upon receipt thereof by the Board of Directors or any such officer, and acceptance of such resignation shall not be necessary to make
it effective. 
 Section 3.11. Removal of Directors. At any meeting of the stockholders duly called as provided in these By-laws,
any director or directors may be removed from office, either with or without cause, as provided by law. At such meeting, a successor or successors may be elected by a plurality of the votes cast, or if any such vacancy is not so filled, it may be
filled by the directors as provided in Section 3.3 of these By-laws. 
 Section 3.12. Compensation of Directors. Directors
may receive such reasonable compensation for their services as directors, whether in the form of salary or a fixed fee for attendance at meetings, with expenses, if any, as the Board of Directors may from time to time determine. Nothing contained
herein shall be construed to preclude any director from serving the Corporation in any other capacity and receiving compensation therefor. 
 ARTICLE IV 
 Committees of the Board 
 Section 4.1. Designation and Powers. The Board of Directors may, by a resolution passed by a majority of the entire Board of Directors, designate one or more committees, each committee to consist of one or
more of the directors of the Corporation. Any such committee, to the extent provided in such resolution and permitted by law, shall have and 

  

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may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the
seal of the Corporation to be affixed to all papers which may require it; provided, however, that no such committee shall have the power or authority to (i) amend the Certificate of Incorporation of the Corporation, except as
permitted by law, (ii) adopt an agreement of merger or consolidation, (iii) recommend to the stockholders the sale, lease or exchange of all or substantially all of the Corporation’s property or assets, (iv) recommend to the
stockholders a dissolution of the Corporation, or a revocation of a dissolution, or (v) amend the By-laws of the Corporation. Any such committee, to the extent provided in such resolution, shall have the power and authority to (i) declare
a dividend, (ii) authorize the issuance of stock, or (iii) adopt a certificate of ownership and merger as permitted by law. 
 Section 4.2. Term of Office. The term of office of the members of each committee shall be as fixed from time to time by the Board of Directors, subject to these By-laws; provided, however, that any committee member
who ceases to be a member of the Board of Directors shall ipso facto cease to be a member of any committee thereof. 
 Section 4.3. Alternate Members and Vacancies. The Board of Directors may designate one or more directors as alternate members of any committee who, in the order specified by the Board of Directors, may replace any absent or
disqualified member at any meeting of the committee. If at a meeting of any committee one or more of the members thereof should be absent or disqualified, and if either the Board of Directors has not so designated any alternate member or members or
the number of absent or disqualified members exceeds the number of alternate members who are present at such meeting, then the member or members of such committee (including alternates) present at any meeting and not disqualified from voting,
whether or not he or they constitute a quorum, may unanimously appoint another director to act at the meeting in the place of any such absent or disqualified member. If any vacancy shall occur in any committee by reason of death, resignation,
disqualification, removal or otherwise, the remaining member or members of such committee, so long as a quorum is present, may continue to act until such vacancy is filled by the Board of Directors. 
 Section 4.4. Meetings. Meetings of a committee may be called by the Chairman of the Board or the President of the Corporation or by any
member of the committee on not less than one day’s notice, which notice may be written or oral. Any member of a committee may waive notice of any meeting and no notice of any meeting need be given to any member thereof who attends the meeting.
The notice of a meeting need not state the business proposed to be transaction at the meeting. Each committee shall fix its own rules of procedure, and shall meet where and as and upon such notice as provided by such rules or by resolution of the
Board of Directors so long as the same are not inconsistent with these By-Laws. Each committee shall keep regular minutes of its proceedings and all actions by each committee shall be reported to the Board of Directors at its next regular meeting
succeeding any such action. Members of any committee designated by the Board may participate in a meeting of the committee by means of conference telephone or similar communications equipment by means of which all persons participating in the
meeting can hear each other, and such participation shall constitute presence in person at the meeting. 
  

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 Section 4.5. Quorum; Voting. At each meeting of any committee the presence of a majority of
the total number of its members then in office shall constitute a quorum for the transaction of business; except that when a committee consists of one member, then one member shall constitute a quorum. A vote of the majority of committee members
present at any meeting of a committee at which a quorum is present shall be the act of such committee. 
 Section 4.6.
Adjournments. A majority of the members of a committee present, whether or not a quorum is present, may adjourn any meeting of such committee to another place and time. 
 Section 4.7. Action of Committee Without Meeting. Any action required or permitted to be taken at any meeting of any committee designated by
the Board of Directors may be taken without a meeting if all members of such committee consent thereto in writing and such writing or writings are filed with the minutes of the proceedings of such committee. 
 Section 4.8. Manner of Acting. A member of any committee designated by the Board of Directors shall, in the performance of his duties, be
fully protected in relying in good faith upon the records of the Corporation and upon such information, opinions, reports or statements presented to the Corporation by any of the Corporation’s officers or employees, or other committees of the
Board of Directors, or by any other person as to matters the member reasonably believes are within such other person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Corporation.

 Section 4.9. Resignation of Committee Members. Any member of a committee may resign at any time by giving written notice of
such resignation to the Board of Directors, the Chairman of the Board, if any, the Vice Chairman, if any, the President, any Vice President or the Secretary. Unless otherwise specified in such notice, such resignation shall take effect upon receipt
thereof by the Board of Directors or any such officer, and acceptance of such resignation shall not be necessary to make it effective. 
 Section 4.10. Removal of Committee Members. Any member of any committee may be removed with or without cause at any time by the Board of Directors. 
 Section 4.11. Compensation of Committee Members. Committee members may receive such reasonable compensation for their services as committee members, whether in the form of salary or a fixed fee for
attendance at meetings, with expenses, if any, as the Board of Directors may from time to time determine. Nothing contained herein shall be construed to preclude any committee member from serving the Corporation in any other capacity and receiving
compensation therefor. 
 ARTICLE IVA 
 Executive and Compensation Committees of the Board 
 Section 4.1A. Executive Committee.
The Board of Directors may, by a resolution passed by a majority of the entire Board of Directors, designate an Executive Committee (and may discontinue the same at any time) to consist of two or more of the directors of the Corporation. The members
shall be appointed by the Board and shall hold office during 

  

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the pleasure of the Board. The Executive Committee shall have and may exercise all the powers of the Board of Directors (when the Board is not in session) in
the management of the business and affairs of the Corporation (and may authorize the seal of the Corporation to be affixed to all papers which may require it), except that the Executive Committee shall have no power (a) to elect directors;
(b) to alter, amend or repeal these By-Laws or any resolution or resolutions of the directors designating an Executive Committee; or (c) to appoint any member of the Executive Committee. Regular meetings of the Executive Committee shall be
held at such time and place as the Committee may determine, and special meetings may be called at any time by any officer or any member of the Committee. Notice of each meeting of the Executive Committee shall be given (or waived) in the same manner
as notice for a director’s meeting, and a majority of the members of the Executive Committee shall constitute a quorum for the transaction of business. 
 Section 4.2A. Compensation Committee. The Board of Directors may, by a resolution passed by a majority of the entire Board of Directors, designate a Compensation Committee (and may discontinue the same at
any time) to consist of two or more of the directors of the Corporation. The members shall be appointed by the Board and shall hold office during the pleasure of the Board. The Compensation Committee shall have, and may exercise, any and all of the
following powers of the Board of Directors: (a) to determine compensation to be payable to officers and key employees of subsidiaries of the Corporation, and the terms and conditions attendant thereto; (b) to determine the terms and
conditions of, and to authorize employment contracts with officers and key employees of the Corporation, and officers and key employees of subsidiaries of the Corporation; (c) to determine the bonuses and fringe benefits, if any, that shall be
granted to officers and key employees of the Corporation, and to determine the terms and conditions of any loans to be granted. 
 ARTICLE
V 
 Officers 
 Section 5.1. Officers. The officers of the Corporation shall be a Chairman of the
Board (if elected by the Board of Directors), a Vice Chairman of the Board (if elected by the Board of Directors), a President, one or more Vice Presidents (if elected by. the Board of Directors), a Secretary, a Treasurer, and such other officers as may be appointed in accordance with the provisions of Section 5.3 of these By-laws. The Chairman of the Board of Directors and the
President shall be chosen from among the Board of Directors of the Corporation, but the other officers need not be members of such Board of the Corporation. 
 Section 5.2. Election, Term of Office and Qualifications. Each officer (except such officers as may be appointed in accordance with the provisions of Section 5.3 of these By-laws) shall be elected or
appointed by a majority of the Board of Directors present at any meeting at which such election is held. Unless otherwise provided in the resolution of election, each officer (whether elected at the first meeting of the Board of Directors after the
annual meeting of stockholders or to fill a vacancy or otherwise) shall hold his office until the first meeting of the Board of Directors after the next annual meeting of stockholders and until his successor shall have been elected and qualified, or
until his earlier death, resignation or removal. 
  

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 Section 5.3. Subordinate Officers and Agents. The Board of Directors may from time to time
appoint other officers or agents (including, without limitation, one or more Assistant Vice Presidents, one or more Assistant Secretaries and one or more Assistant Treasurers), to hold office for such periods, have such authority and perform such
duties as are provided in these By-laws or as may be provided in the resolutions appointing them. The Board of Directors may delegate to any officer or agent the power to appoint any such subordinate officers or agents and to prescribe their
respective terms of office, authority and duties. 
 Section 5.4. The Chairman of the Board. The Chairman of the Board shall be
elected by the Board of Directors. He shall preside at all meetings of the Board of Directors and stockholders and shall see that all orders and resolutions of the Board of Directors are carried into effect. Subject to the direction of the Board of
Directors, he shall have general charge of the business, affairs and property of the Corporation and general supervision over its officers and agents. He may sign (which signature may be a facsimile signature), with any other officer thereunto duly
authorized, certificates representing stock of the Corporation, the issuance of which shall have been duly authorized, and may sign (which signature may be a facsimile signature) and execute, in the name and on behalf of the Corporation, deeds,
mortgages, bonds, contracts, agreements and other instruments and documents duly authorized by the Board of Directors, except where the signing and execution thereof shall be expressly delegated by the Board of Directors to another officer or agent.
From time to time the Chairman shall report to the Board of Directors all matters within his knowledge which the interests of the Corporation may require to be brought to the attention of the directors. He shall also have such other powers and
perform such other duties as may from time to time be prescribed by the Board of Directors or these By-laws. 
 Section 5.5. The Vice
Chairman. At the request of the Chairman of the Board, if there is one, or in his absence or disability, the Vice Chairman, if there is one, shall perform all the duties of the Chairman of the Board and, when so acting, shall have all the powers
of and be subject to all the restrictions on the Chairman of the Board. The Vice Chairman may sign (which signature may be a facsimile signature), with any other officer thereunto duly authorized, certificates representing stock of the Corporation,
the issuance of which shall have been duly authorized, and may sign (which signature may be a facsimile signature) and execute, in the name and on behalf of the Corporation, deeds, mortgages, bonds, contracts, agreements and other instruments and
documents duly authorized by the Board of Directors, except where the signing and execution thereof shall be expressly delegated by the Board of Directors to another officer or agent. The Vice Chairman shall also have such other powers and perform
such other duties as may from time to time be prescribed by the Board of Directors, the Chairman of the Board or these By-laws. 
 Section 5.6. The President. If there is no Chairman of the Board or Vice Chairman, or at the request of the Chairman of the Board or the Vice Chairman, or, in the absence or disability of the Chairman of the Board and the Vice
Chairman, the President shall be the chief executive officer of the Corporation. Subject to the authority and direction of the Chairman of the Board and the Vice Chairman, if any, and the Board of Directors, the President shall have all the powers
of and be subject to all the restrictions on the Chairman of the Board, and shall have charge of the day to day supervision of the business, affairs and property of the Corporation. The President may sign (which signature may be a facsimile
signature), with any 

  

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other officer thereunto duly authorized, certificates representing stock of the Corporation, the issuance of which shall have been duly authorized, and may
sign (which signature may be a facsimile signature) and execute, in the name and on behalf of the Corporation, deeds, mortgages, bonds, contracts, agreements and other instruments and documents duly authorized by the Board of Directors, except where
the signing and execution thereof shall be expressly delegated by the Board of Directors to another officer or agent. The President shall also have such other powers and perform such other duties as may from time to time be prescribed by the Board
of Directors, the Chairman of the Board, the Vice Chairman or these By-laws. 
 Section 5.7. Vice Presidents. At the request of
the President, or in his absence or disability, the Vice President designated by the Board of Directors shall perform all the duties of the President and, when so acting, shall have all the powers of and be subject to all the restrictions on the
President. Any Vice President may also sign (which signature may be a facsimile signature), with any other officer thereunto duly authorized, certificates representing stock of the Corporation, the issuance of which shall have been duly authorized,
and may sign (which signature may be a facsimile signature) and execute, in the name and on behalf of the Corporation, deeds, mortgages, bonds, contracts, agreements and other instruments and documents duly authorized by the Board of Directors,
except where the signing and execution thereof shall be expressly delegated by the Board of Directors to another officer or agent. Each Vice President shall have such other powers and perform such other duties as may from time to time be prescribed
by the Board of Directors, the Chairman of the Board, the Vice Chairman, the President or these By-laws. 
 Section 5.8. The
Secretary. The Secretary shall 
 (a) record all the proceedings of meetings of the stockholders, the Board of Directors,
and any committees thereof in a book or books to be kept for that purpose; 
 (b) cause all notices to be duly given in
accordance with the provisions of these By-laws and as required by law; 
 (c) whenever any committee shall be appointed
pursuant to a resolution of the Board of Directors, furnish the chairman of such committee with a copy of such resolution; 
 (d) be custodian of the records and the seal of the Corporation, and cause such seal to be affixed to (or a facsimile to be reproduced on) all certificates representing stock of the Corporation prior to the issuance thereof and all
instruments the execution of which in the name and on behalf of the Corporation and under its seal shall have been duly authorized; 
 (e) see that the lists, books, reports, statements, certificates and other documents and records required by law are properly kept and filed; 
 (f) have charge of the stock and transfer books of the Corporation, and exhibit such books at all reasonable times to such persons as are entitled by law to have access thereto; 
  

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 (g) sign (which signature may be a facsimile signature), with any other officer thereunto
duly authorized, certificates representing stock of the Corporation, the issuance of which shall have been duly authorized, and sign (which signature may be a facsimile signature) and execute, in the name and on behalf of the Corporation,
instruments and documents duly authorized by the Board of Directors, except where the signing and execution thereof shall be expressly delegated by the Board of Directors to another officer or agent; and 
 (h) in general, perform all duties incident to the office of Secretary and have such other powers and perform such other duties as may
from time to time be prescribed by the Board of Directors, the Chairman of the Board, the Vice Chairman, the President or these By-laws. 
 Section 5.9. Assistant Secretaries. At the request of the Secretary, or in his absence or disability, the Assistant Secretary designated by the Secretary, the Board of Directors, the Chairman of the Board, the Vice Chairman, or
the President, shall perform all the duties of the Secretary, and, when so acting, shall have all the powers of and be subject to all the restrictions on the Secretary. Each Assistant Secretary shall have such other powers and perform such other
duties as may from time to time be prescribed by the Board of Directors, the Chairman of the Board, the Vice Chairman, the President, the Secretary or these By-laws. 
 Section 5.10. The Treasurer. The Treasurer shall 
 (a) have charge of and
supervision over and be responsible for the funds, securities, receipts and disbursements of the Corporation; 
 (b) cause the moneys and other valuable effects .of the Corporation to be deposited in the name and to the credit of the Corporation in such banks or trust companies, or with such bankers or other depositaries, as shall be selected
in accordance with Section 7.3 of these By-laws, or to be otherwise dealt with in such manner as the Board of Directors may direct from time to time; 
 (c) cause the funds of the Corporation to be disbursed by checks or drafts upon the authorized depositaries of the Corporation, and cause to be taken and preserved proper vouchers for all moneys disbursed; 

(d) render to the Board of Directors, the Chairman of the Board, if any, the Vice Chairman, if any, and/or the President, whenever
requested, a statement of the financial condition of the Corporation and of all of his transactions as Treasurer; 
 (e) cause
to be kept at the Corporation’s principal office correct books of account of all of the Corporation’s business and transactions and such duplicate books of account as he shall determine and, upon application, cause such books or duplicates
thereof to be exhibited to any director; 
 (f) be empowered, from time to time, to require from the officers or agents of the
Corporation reports or statements giving such information as he may desire or deem appropriate with respect to any or all financial transactions of the Corporation; 
  

 –12– 

 (g) sign (which signature may be a facsimile signature), with any other officer thereunto
duly authorized, certificates representing stock of the Corporation, the issuance of which shall have been duly authorized, and sign (which signature may be a facsimile signature) and execute, in the name and on behalf of the Corporation,
instruments and documents duly authorized by the Board of Directors, except where the signing and execution thereof shall be expressly delegated by the Board of Directors to another officer or agent; and 
 (h) in general, perform all duties incident to the office of Treasurer and have such other powers and perform such other duties as may
from time to time be prescribed by the Board of Directors, the Chairman of the Board, the Vice Chairman, the President or these By-laws. 
 Section 5.11. Assistant Treasurer. At the request of the Treasurer, or in his absence or disability, the Assistant Treasurer designated by the Treasurer, the Board of Directors, the Chairman of the Board, if any, the Vice
Chairman, if any, or the President shall perform all the duties of the Treasurer, and, when so acting, shall have all the powers of and be subject to all the restrictions on the Treasurer. Each Assistant Treasurer shall have such other powers and
perform such other duties as may from time to time be prescribed by the Board of Directors, the Chairman of the Board, the Vice Chairman, the President, the Treasurer or these By-laws. 
 Section 5.12. Resignations. Any officer may resign at any time by giving written notice of such resignation to the Board of Directors, the
Chairman of the Board, the Vice Chairman, the President, any Vice President or the Secretary. Unless otherwise specified in such written notice, such resignation shall take effect upon receipt thereof by the Board of Directors or any such officer,
and the acceptance of such resignation shall not be necessary for it to be effective. 
 Section 5.13. Removal. Any officer
specifically designated in Section 5.1 of these By-laws may be removed with or without cause at any meeting of the Board of Directors by the affirmative vote of a majority of the directors then in office. Any officer or agent appointed pursuant
to the provisions of Section 5.3 of these By-laws may be removed with or without cause at any meeting of the Board of Directors by the affirmative vote of a majority of the directors present at such meeting or at any time by any superior
officer or agent upon whom such power of removal shall have been conferred by the Board of Directors. 
 Section 5.14. Vacancies. Any vacancy in any office (whether by reason of death, resignation, removal, disqualification or otherwise) shall be filled for the unexpired portion of .the term in the manner prescribed by these By-laws for regular elections or appointments to such office. 
 Section 5.15. Compensation. The salaries of the officers of the Corporation shall be fixed from time to time by the Board of Directors,
except that the Board of Directors may delegate to any person the power to fix the salaries or other compensation of any officers or 

  

 –13– 

 
agents appointed pursuant to the provisions of Section 5.3 of these By-laws. No officer shall be prevented from receiving such salary by reason of the
fact that he is also a director of the Corporation. 
 Section 5.16. Bonding. The Corporation may secure the fidelity of any or
all of its officers or agents by bond or otherwise. 
 ARTICLE VI 
 Indemnification 
 The Corporation shall indemnify, in the manner and to the
fullest extent permitted by applicable law, any person (or the estate of any person) who was or is a party to, or is threatened to be made a party to, any threatened, pending or completed action, suit or proceeding, whether or not by or in the right
of the Corporation, and whether civil, criminal, administrative, investigative or otherwise, by reason of the fact that such person is or was a director, officer, employee, fiduciary or agent of the Corporation, or is or was serving at the request
of the Corporation as a director, officer, trustee, fiduciary, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding. To the extent and in the manner provided by applicable law, any such expenses may be paid by the Corporation in advance of the final
disposition of such action, suit or proceeding. Unless otherwise permitted by applicable law, the indemnification provided for herein shall be made only as authorized in the specific case upon a determination, made in the manner provided by
applicable law, that indemnification of such director, officer, employee or agent is proper in the circumstances. The Corporation may, to the fullest extent permitted by applicable law, purchase and maintain insurance on behalf of any person who is
or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against
any liability which may be asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the Corporation would have the power to indemnify him against such liability under applicable law. The
indemnification and advancement of expenses provided for herein shall not be deemed to limit the right of the Corporation to indemnify or make advances to any other person for any expenses (including attorneys’ fees), judgments, fines or other
amounts to the fullest extent permitted by applicable law, nor shall they be deemed exclusive of any other rights to which any person seeking indemnification or advancement of expenses may be entitled under any agreement, vote of stockholders or
disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office. 
  

 –14– 

 ARTICLE VII 
 Execution of Instruments and 
 Deposit of Corporate Funds 
 Section 7.1. Execution of Instruments Generally. Subject to the approval of the Board of Directors, the Chairman of the Board, the Vice
Chairman, the President, any Vice President, the Secretary or the Treasurer may enter into any contract or execute and deliver any instrument in the name and on behalf of the Corporation. The Board of Directors may authorize any officer or officers
or agent or agents to enter into any contract or execute and deliver any instrument in the name and on behalf of the Corporation, and such authorization may be general or confined to specific instances. 
 Section 7.2. Borrowing. No loans or advances shall be obtained or contracted for, by or on behalf of the Corporation, and no negotiable paper
shall be issued in the name of the Corporation, unless and except as authorized by the Board of Directors. Such authorization may be general or confined to specific instances. Any officer or agent of the Corporation thereunto so authorized may
obtain loans and advances for the Corporation, and in connection with such loans and advances may make, execute and deliver promissory notes, bonds or other evidences of indebtedness of the Corporation. Any officer or agent of the Corporation so
authorized may pledge, hypothecate or transfer as security for the payment of any and all loans, advances, indebtedness and liabilities of the Corporation any and all stocks, bonds, other securities and other personal property at any time held by
the Corporation, and to that end may endorse, assign and deliver the same and do every act and thing necessary or proper in connection therewith. 
 Section 7.3. Deposits. All funds of the Corporation not otherwise employed shall be deposited from time to time to its credit in such banks or trust companies or with such bankers or other depositaries as the Board of Directors
may select, or as may he selected by any officer or officers or agent or agents authorized to do so by the Board of Directors. Endorsements for deposit to the credit of the Corporation in any of its duly authorized depositaries shall be made in such
manner as the Board of Directors may from time to time determine. 
 Section 7.4. Checks, Drafts, Etc. All checks, drafts or
other orders for the payment of money, and all notes or other evidences of indebtedness issued in the name of the Corporation, shall be signed by such officer or officers or agent or agents of the Corporation, and in such manner, as from time to
time shall be determined by the Board of Directors. 
 Section 7.5. Proxies. Proxies to vote with respect to shares of stock of
other corporations owned by or standing in the name of the Corporation may be executed and delivered from time to time on behalf of the Corporation by the Chairman of the Board, the Vice Chairman, the President, or any Vice President, or by any
other person or persons thereunto authorized by the Board of Directors. 
  

 –15– 

 ARTICLE VIII 
 Stock 
 Section 8.1. Certificates of Stock. Shares of capital stock of the Corporation
may be certificated or uncertificated, as provided under the Delaware General Corporation Law. Each stockholder, upon written request to the transfer agent or registrar of the Corporation, shall be entitled to a certificate of the capital stock of
the Corporation in such form as may from time to time be prescribed by the Board of Directors. Each certificate shall bear the Corporation seal and shall be signed by the Chairman of the Board, the Vice Chairman, the President or any Vice President
and by the Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary. The Corporation seal and the signatures by Corporation officers may be facsimiles if the certificate is manually countersigned by an authorized person on
behalf of a transfer agent or registrar other than the Corporation or its employee. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed on the certificate shall have ceased to be an officer,
transfer agent or registrar before the certificate is issued, it may be issued by the Corporation with the same effect as if the officer, transfer agent or registrar were the officer, transfer agent or registrar at the time of its issue. Every
certificate for shares of stock which are subject to any restriction on transfer and every certificate issued when the Corporation is authorized to issue more than one class or series of stock shall contain a legend with respect thereto as is
required by law. The Corporation shall be permitted to issue fractional shares. 
 Section 8.2. Regulations. Upon the surrender
to the Corporation or the transfer agent of the Corporation of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignation or authority to transfer, the Corporation shall issue a new certificate or evidence of
the issuance of uncertificated shares to the stockholder entitled thereto, cancel the old certificate and record the transaction upon the Corporation’s books. Upon the surrender of any certificate for transfer of stock, the certificate shall at
once be conspicuously marked on its face “Cancelled” and filed with the permanent stock records of the Corporation. Upon the receipt of proper transfer instructions from the registered owner of uncertificated shares, the uncertificated
shares shall be cancelled and new equivalent uncertificated shares or certificated shares shall be issued to the stockholder entitled thereto and the transaction shall be recorded upon the Corporation’s books. If the Corporation has a transfer
agent or registrar acting on its behalf, the signature of any officer or representative thereof may be in a facsimile. The Board of Directors may make such rules and regulations consistent with any governing statute as it may deem expedient
concerning the issue, transfer and registration of stock (whether certificated or uncertificated) and concerning stock issued, transferred or registered in lieu or replacement of any lost, stolen, destroyed or mutilated certificates of stock.

 Section 8.3. Transfer Agent and Registrar. The Board of Directors may appoint a transfer agent or transfer agents and a
registrar or registrars of transfers for any or all classes of the capital stock of the Corporation, and may require stock certificates of any or all classes to bear the signature of either or both. 
 Section 8.4. Registered Holders. The Corporation shall be entitled to treat the person in whose name any share of stock or any warrant, right
or option is registered as the owner thereof for all purposes and shall not be bound to recognize any equitable or other claim 

  

 –16– 

 
to, or interest in, such share, warrant, right or option on the part of any other person, whether or not the Corporation shall have notice thereof, save as
may be expressly provided otherwise by the laws of the State of Delaware. No transfer of stock shall be valid as against the Corporation, its stockholders and creditors for any purpose until it shall have been entered in the stock book by an entry
showing from and to whom transferred, save as expressly provided otherwise by the laws of the State of Delaware. 
 ARTICLE IX

 Corporate Seal 
 The corporate seal shall be circular in form, shall bear the name of the Corporation and words and figures denoting its organization under the laws of the State of Delaware and the year thereof, and otherwise shall be in such form as shall
be approved from time to time by the Board of Directors. 
 ARTICLE X 
 Fiscal Year 
 The fiscal year of the Corporation shall begin on the first day of
October in each year or such other day as the Board of Directors may determine by resolution. 
 ARTICLE XI 
 Amendments 
 In addition to the
provisions, if any, in the Certificate of Incorporation of the Corporation relating to the amendment of the Corporation’s By-laws, the By-laws of the Corporation may be amended or repealed, and new By-laws may be made and adopted, by a majority
of the votes cast at any annual or special stockholders’ meeting by holders of outstanding shares of stock of the Corporation entitled to vote thereon. 
  

 –17–Fifth Supplemental Indenture dated as of August 19, 2008

 Exhibit 4.1 
 WELLS FARGO & COMPANY 
 AND 
 THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION 
 Trustee

  
  
 FIFTH SUPPLEMENTAL INDENTURE 
 Dated as of
August 19, 2008 
 to 
 INDENTURE 
 Dated as of August 1, 2005 
  
  
 Junior Subordinated Debt Securities 

 TABLE OF CONTENTS 
  

			
	 	  	Page
	 ARTICLE ONE DEFINITIONS
	  	1
		
	 Section 101. Definitions
	  	1
		
	 ARTICLE TWO TERMS OF SERIES OF DEBT SECURITIES
	  	8
		
	 Section 201. Terms of the Junior Subordinated Debentures
	  	8
		
	 ARTICLE THREE MISCELLANEOUS
	  	15
		
	 Section 301. Trust Indenture Act
	  	15
	 Section 302. Effect of Headings
	  	15
	 Section 303. Successors and Assigns
	  	15
	 Section 304. Separability
	  	16
	 Section 305. Benefit of Fifth Supplemental Indenture
	  	16
	 Section 306. Governing Law
	  	16
	 Section 307. No Representations by Trustee
	  	16
	 Section 308. Amendments
	  	16
	 Section 309. Waiver of Jury Trial
	  	16

  

 i 

 FIFTH SUPPLEMENTAL INDENTURE, dated as of August 19, 2008, between WELLS FARGO & COMPANY, a
Delaware corporation (hereinafter called the “Company”) having its principal place of business at 420 Montgomery Street, San Francisco, California 94163, and THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION (as successor in
interest to J.P. Morgan Trust Company, N.A.), not in its individual capacity but solely as trustee under the Indenture referred to herein and under this Fifth Supplemental Indenture (hereinafter called the “Trustee”), having its Corporate
Trust Office at 2 North LaSalle, Suite 1020, Chicago, IL 60602. 
 RECITALS OF THE COMPANY 
 The Company and the Trustee have heretofore executed and delivered a certain Indenture, dated as of August 1, 2005 (the “Indenture”),
providing for the issuance from time to time of Debt Securities; 
 Section 901 of the Indenture provides that a supplemental indenture
may be entered into by the Company and the Trustee without the consent of any Holders to establish the form or terms of Debt Securities of any series as permitted by Sections 201 and 301 of the Indenture; 
 The Company and the Trustee have heretofore executed and delivered the First Supplemental Indenture dated as of December 5, 2006, the Second
Supplemental Indenture dated as of May 25, 2007, the Third Supplemental Indenture dated as of March 12, 2008 and the Fourth Supplemental Indenture dated as of May 19, 2008 establishing the form and terms of certain Debt Securities;

 Pursuant to Sections 201 and 301 of the Indenture, the Company desires to provide for the establishment of a new series of Debt
Securities under the Indenture, the form and substance of such Debt Securities and the terms, provisions and conditions thereof to be set forth as provided in the Indenture and this Fifth Supplemental Indenture; and 
 The conditions set forth in the Indenture for the execution and delivery of this Fifth Supplemental Indenture have been satisfied and all things
necessary have been done to make this Fifth Supplemental Indenture a valid agreement of the Company, in accordance with its terms, and a valid amendment of, and supplement to, the Indenture. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the Debt Securities of the series established by this Fifth Supplemental Indenture by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate
benefit of all Holders of such Debt Securities, that the Indenture is supplemented and amended, to the extent and for the purposes expressed herein, as follows: 
 ARTICLE ONE 
 DEFINITIONS 
 Section 101. Definitions. For all purposes of this Fifth Supplemental Indenture, except as otherwise expressly provided or unless the
context otherwise requires, (i) references to any Article, Section or subdivision thereof are references to an Article, Section or other subdivision of this Fifth Supplemental Indenture and (ii) capitalized terms not otherwise defined
herein shall have the meanings set forth in the Indenture and the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular: 
 “Administrative Trustees” has the meaning set forth in Section 201(a). 

 “APM Commencement Date” means, with respect to any Deferral Period, the earlier of
(i) the first Interest Payment Date following the commencement of such Deferral Period on which the Company pays any current interest on the Junior Subordinated Debentures and (ii) the conclusion of 20 consecutive Interest Periods
following the commencement of such Deferral Period. 
 “Bankruptcy Event” means any of the events set forth in
Section 501(2) or (3) of the Indenture. 
 “Business Day” means any day, other than a Saturday, Sunday or other
day on which banking institutions in New York, New York, Minneapolis, Minnesota or Wilmington, Delaware are authorized or required by law or executive order to remain closed. 
 “Calculation Agent” means Wells Fargo Bank, National Association, or any other firm appointed by the Company, acting as calculation
agent for the Junior Subordinated Debentures. 
 “Capital Securities” has the meaning set forth in the Trust Agreement.

 “Capital Stock” for any entity means any and all shares, interests, rights to purchase, warrants, options, participations
or other equivalents of or interests in (however designated) shares issued by that entity. 
 “Common Equity Issuance Cap”
has the meaning set forth in Section 201(j)(1). 
 “Current Stock Market Price” of the Common Stock on any date shall
mean (i) the closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported
in composite transactions by the New York Stock Exchange or, if the Common Stock is not then listed on the New York Stock Exchange, as reported by the principal U.S. securities exchange on which the Common Stock is traded, (ii) if the
Common Stock is not listed on any U.S. securities exchange on the relevant date, the last quoted bid price for the Common Stock in the over-the-counter market on the relevant date as reported by the National Quotation Bureau or similar organization,
or (iii) if the Common Stock is not so quoted, the average of the mid-point of the last bid and ask prices for the Common Stock on the relevant date from each of at least three nationally recognized independent investment banking firms selected
by the Company for this purpose. 
 “Deferral Period” means each period beginning on an Interest Payment Date with respect
to which the Company elects pursuant to Section 201(g) to defer all or part of any interest payment and ending on the earlier of (i) the conclusion of 40 consecutive Interest Periods following such Interest Payment Date and (ii) the
next Interest Payment Date on which the Company has paid the deferred amount, all deferred amounts with respect to any subsequent period and all other accrued interest on the Junior Subordinated Debentures. 
 “Distribution Date” has the meaning set forth in the Trust Agreement. 
 “Eligible Proceeds” means, with respect to any Interest Payment Date, the net proceeds (after underwriters’ or placement
agents’ fees, commissions or discounts and other expenses relating to the issuance or sale) the Company has received during the 180-day period prior to such Interest Payment Date from the issuance or sale of Common Stock or Qualifying Warrants
up to the Maximum Share Number or Qualifying Preferred Stock up to the Preferred Stock Issuance Cap to Persons that are not Subsidiaries. 
  

 2 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Federal Reserve” means the Board of Governors of the Federal Reserve System, together with the Federal Reserve Bank of San Francisco,
California, or any successor federal bank regulatory agency having primary jurisdiction over the Company. 
 “Guarantee” has
the meaning set forth in Section 201(a). 
 “Intent-Based Replacement Disclosure” means, as to any Qualifying Preferred
Stock, that the issuer has publicly stated its intention, either in the prospectus or other offering document under which such securities were initially offered for sale or in filings with the Commission made by the issuer under the Exchange Act,
prior to or contemporaneously with the issuance of such securities, that to the extent that the Qualifying Preferred Stock provides the issuer with rating agency equity credit at the time of redemption or purchase, the issuer will redeem or purchase
such securities only with the proceeds of replacement capital securities that have terms and provisions at the time of such redemption or purchase that are as or more equity-like than the securities then being redeemed or purchased, raised within
180 days prior to the applicable redemption or purchase date. Notwithstanding the use of the term Intent-Based Replacement Disclosure in the definition of Qualifying Preferred Stock herein, the requirement in such definition that a particular
security or the related transaction documents include Intent-Based Replacement Disclosure shall be disregarded and given no force or effect for so long as the Company is a bank holding company within the meaning of the Bank Holding Company Act of
1956, as amended. 
 “Interest Payment Date” has the meaning set forth on Section 201(e). 
 “Interest Period” means the period from and including any Interest Payment Date (or, in the case of the first Interest Payment Date,
August 19, 2008) to but excluding the next Interest Payment Date. 
 “Issuer Trust” has the meaning set forth in
Section 201(a). 
 “Junior Subordinated Debentures” has the meaning set forth in Section 201(a). 
 “Make-Whole Redemption Price” means the sum of the present values of the principal amount of the Junior Subordinated Debentures being
redeemed and each scheduled payment of interest thereon (not including any portion of such payments of interest accrued as of the Redemption Date) from the Redemption Date to and including September 15, 2013, discounted to the Redemption Date
from September 15, 2013 or the applicable Interest Payment Date on a quarterly basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Rate plus 0.50%. 
 “Market Disruption Event” means the occurrence or existence of any of the following events or sets of circumstances: 
 (a) trading in securities generally (or in the Common Stock or the Qualifying Preferred Stock specifically) on the New York Stock Exchange or any other
national securities exchange, or in the over-the-counter market, on which the Common Stock and/or the Company’s preferred stock is then listed or traded shall have been suspended or its settlement generally shall have been materially disrupted
or minimum prices shall have been established on any such exchange or market by the relevant exchange or market or by any other regulatory body or governmental agency having jurisdiction, and the establishment of such minimum prices materially
disrupts or otherwise has a material adverse effect on trading in, or the issuance and sale of, the Qualifying APM Securities; 
  

 3 

 (b) the Company would be required to obtain the consent or approval of its stockholders or a regulatory
body (including, without limitation, any securities exchange) or governmental authority to issue Qualifying APM Securities pursuant to Section 201(j), and the Company fails to obtain such consent or approval notwithstanding its commercially
reasonable efforts to obtain such consent or approval (including, without limitation, failing to obtain approval for such issuance if required from the Federal Reserve after having given notice to the Federal Reserve as required under
Section 201(j)); 
 (c) a banking moratorium shall have been declared by the federal or state authorities of the United States and such
moratorium materially disrupts or otherwise has a material adverse effect on trading in, or the issuance and sale of, the Qualifying APM Securities; 
 (d) a material disruption shall have occurred in commercial banking or securities settlement or clearance services in the United States and such disruption materially disrupts or otherwise has a material adverse
effect on trading in, or the issuance and sale of, the Qualifying APM Securities; 
 (e) the United States shall have become engaged in
hostilities, there shall have been an escalation in hostilities involving the United States, there shall have been a declaration of a national emergency or war by the United States or there shall have occurred any other national or international
calamity or crisis and such event materially disrupts or otherwise has a material adverse effect on trading in, or the issuance and sale of, the Qualifying APM Securities; 
 (f) there shall have occurred such a material adverse change in general domestic or international economic, political or financial conditions, including
as a result of terrorist activities, and such change materially disrupts or otherwise has a material adverse effect on trading in, or the issuance and sale of, the Qualifying APM Securities; 
 (g) an event occurs and is continuing as a result of which the offering document for the offer and sale of Qualifying APM Securities would, in the
Company’s reasonable judgment, contain an untrue statement of a material fact or omit to state a material fact required to be stated in such offering document or necessary to make the statements in such offering document not misleading and
either (i) the disclosure of such event at such time, in the Company’s reasonable judgment, is not otherwise required by law and would have a material adverse effect on its business or (ii) the disclosure relates to a previously
undisclosed proposed or pending development or material business transaction, and the Company has a bona fide business reason for keeping the same confidential or the disclosure of which would impede the Company’s ability to consummate such
transaction; provided that no single suspension period described in this clause (g) shall exceed 90 consecutive days and multiple suspension periods described in this clause (g) shall not exceed an aggregate of 90 days in any
180-day period with respect to the Company’s obligations pursuant to Section 201(j); or 
 (h) the Company reasonably believes that
the offering document for the offer and the sale of Qualifying APM Securities would not be in compliance with a rule or regulation of the Commission (for reasons other than those referred to in clause (g) above) and the Company is unable to
comply with such rule or regulation or such compliance would be unduly burdensome; provided that no single suspension period described in this clause (h) shall exceed 90 consecutive days and multiple suspension periods described in this
clause (h) shall not exceed an aggregate of 90 days in any 180-day period with respect to the Company’s obligations pursuant to Section 201(j). 
 “Maximum Share Number” has the meaning set forth in Section 201(j)(5). 
 “Parity Securities” has the meaning set forth in Section 201(g)(i). 
  

 4 

 “Permitted Remedies” means, with respect to any securities, one or more of the following
remedies: (a) rights in favor of the holders of such securities permitting such holders to elect one or more directors of the issuer (including any such rights required by the listing requirements of any securities exchange or market on which
such securities may be listed or traded) and (b) complete or partial prohibitions on the issuer paying distributions on or repurchasing common stock or other securities that rank pari passu with or junior as to distributions to such
securities for so long as distributions on such securities, including unpaid distributions, remain unpaid. 
 “Preferred Stock
Issuance Cap” has the meaning set forth in Section 201(j)(2). 
 “Qualifying APM Securities” means Common
Stock, Qualifying Preferred Stock and Qualifying Warrants, provided that the Company may, without the consent of the holders of the Capital Securities or the Junior Subordinated Debentures, amend this definition of Qualifying APM Securities to
eliminate Common Stock or Qualifying Warrants (but not both) from the definition if, after August 12, 2008, an accounting standard or interpretive guidance of an existing accounting standard issued by an organization or regulator that has
responsibility for establishing or interpreting accounting standards followed by the Company becomes effective such that there is more than an insubstantial risk that failure to eliminate Common Stock or Qualifying Warrants from the definition would
result in a reduction in the Company’s earnings per share as calculated in accordance with generally accepted accounting principles. 
 “Qualifying Preferred Stock” means the Company’s non-cumulative perpetual preferred stock that (i) ranks pari passu with or junior to the Company’s other preferred stock, (ii) as to which the
transaction documents provide for no remedies as a consequence of non-payment of dividends other than Permitted Remedies, and (iii)(a) is subject to Intent-Based Replacement Disclosure and has a provision that prohibits the Company from making any
distributions thereon upon the Company’s failure to satisfy one or more of the financial tests set forth therein, or (b) is subject to a Qualifying Replacement Capital Covenant. 
 “Qualifying Replacement Capital Covenant” means a replacement capital covenant that is substantially similar to the Wells Fargo Capital
XII Replacement Capital Covenant or a replacement capital covenant, as identified by the Company’s Board of Directors acting in good faith and in its reasonable discretion and reasonably construing the definitions and other terms of the Wells
Fargo Capital XII Replacement Capital Covenant, (i) entered into by a company that at the time it enters into such replacement capital covenant is a reporting company under the Exchange Act and (ii) that restricts the company and its
subsidiaries from redeeming or purchasing a series of the Company’s non-cumulative perpetual preferred stock except to the extent of the applicable percentage of the net proceeds from the issuance of specified replacement capital securities
that have terms and provisions at the time of redemption or purchase that are as or more equity-like than the securities then being redeemed or purchased within the 180-day period prior to the applicable redemption or purchase date. 
 “Qualifying Warrants” means net share settled warrants to purchase the Common Stock that (1) have an exercise price greater than
the Current Stock Market Price of the Common Stock as of the date the Company agrees to issue the warrants, and (2) the Company is not entitled to redeem for cash and the holders of which are not entitled to require the Company to repurchase
for cash in any circumstances. If the Company issues Qualifying Warrants, the Company will be required to use commercially reasonable efforts, subject to the Common Equity Issuance Cap, to set the terms of such Qualifying Warrants so as to raise
sufficient proceeds from their issuance to pay all deferred interest on the Junior Subordinated Debentures in accordance with Section 201(j). The Company intends that any Qualifying Warrants issued in accordance with Section 201(j) will
have exercise prices at least 10% above the Current Stock Market Price of the Common Stock on the date of issuance. 
  

 5 

 “Rating Agency Event” means that any nationally recognized statistical rating
organization within the meaning of Section 3(a)(62) of the Exchange Act that then publishes a rating for the Company (a “Rating Agency”) amends, clarifies or changes the criteria it uses to assign equity credit to securities
such as the Junior Subordinated Debentures, which amendment, clarification or change results in: 
 (a) the shortening of the length of time
the Junior Subordinated Debentures are assigned a particular level of equity credit by that Rating Agency as compared to the length of time they would have been assigned that level of equity credit by that Rating Agency or its predecessor on the
issue date of the Capital Securities; or 
 (b) the lowering of the equity credit (including up to a lesser amount) assigned to the Junior
Subordinated Debentures by that Rating Agency as compared to the equity credit assigned by that Rating Agency or its predecessor on the issue date of the Capital Securities. 
 “Senior Debt” has the meaning set forth in the Indenture, as modified by Section 201(q). 
 “Stated Maturity Date” has the meaning set forth in Section 201(d). 
 “Subsidiary” means, with respect to any Person: 
 (a) any corporation or company a majority of whose Capital Stock with voting power, under ordinary circumstances, to elect directors is, at the date of determination, directly or indirectly, owned by such Person (a
“subsidiary”), by one or more subsidiaries of such Person or by such Person and one or more subsidiaries of such Person; 
 (b) any
partnership in which such Person or a subsidiary of such Person is, at the date of determination, a general partner of such partnership; or 
 (c) any partnership, limited liability company or other Person in which such Person, a subsidiary of such Person or such Person and one or more subsidiaries of such Person, directly or indirectly, at the date of determination, have
(x) at least a majority ownership interest or (y) the power to elect or appoint or direct the election or appointment of the managing partner or member of such Person or, if applicable, a majority of the directors or other governing body
of such Person. 
 “Tax Event” means, for purposes of the Junior Subordinated Debentures, the Company has requested and
received an Opinion of Counsel experienced in such matters to the effect that, as a result of any: 
 (a) amendment to or change in the laws
or regulations of the United States or any political subdivision or taxing authority of or in the United States that is enacted or issued or becomes effective after August 12, 2008; 
 (b) proposed change in those laws or regulations that is announced after August 12, 2008; 
 (c) official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws or
regulations that is announced after August 12, 2008; or 
 (d) threatened challenge asserted in connection with an audit of the Issuer
Trust, the Company or its Subsidiaries, or a threatened challenge asserted in writing against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to the Junior Subordinated Debentures or the
Capital Securities, there is more than an insubstantial risk that: 
 (i) the Issuer Trust is, or will be, subject to United
States federal income tax with respect to income received or accrued on the Junior Subordinated Debentures, 
  

 6 

 (ii) interest payable by the Company on the Junior Subordinated Debentures is not, or
will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes, or 
 (iii) the
Issuer Trust is, or will be, subject to more than a de minimis amount of other taxes, duties or other governmental charges. 
 “Trading Day” means a day on which the Common Stock is traded on the New York Stock Exchange, or if not then listed on The New York Stock Exchange, a day on which the Common Stock is traded or quoted on the principal U.S.
securities exchange on which it is listed or quoted, or if not then listed or quoted on a U.S. securities exchange, a day on which the Common Stock is quoted in the over-the-counter market. 
 “Treasury Dealer” means Citigroup Global Markets Inc. (or its successor) or, if Citigroup Global Markets Inc. (or its successor) refuses
to act as Treasury Dealer for the purpose of determining the Make-Whole Redemption Price or ceases to be a primary U.S. Government securities dealer, another nationally recognized investment banking firm that is a primary U.S. Government securities
dealer specified by the Company for these purposes. 
 “Treasury Price” means the bid-side price for the Treasury Security
as of the third trading day preceding the Redemption Date, as set forth in the daily statistical release (or any successor release) published by the Wall Street Journal in the table entitled “Treasury Bonds, Notes and Bills,” except
that: (i) if that release (or any successor release) is not published or does not contain that price information on that trading day; or (ii) if the Treasury Dealer determines that the price information is not reasonably reflective of the
actual bid-side price of the Treasury Security prevailing at 3:30 p.m., New York City time, on that trading day, then Treasury Price will instead mean the bid-side price for the Treasury Security at or around 3:30 p.m., New York
City time, on that trading day (expressed on a next trading day settlement basis) as determined by the Treasury Dealer through such alternative means as are commercially reasonable under the circumstances. 
 “Treasury Rate” means the quarterly equivalent yield to maturity of the Treasury Security that corresponds to the Treasury Price
(calculated in accordance with standard market practice and computed as of the second trading day preceding the Redemption Date). 
 “Treasury Security” means the United States Treasury security that the Treasury Dealer determines would be appropriate to use, at the time of determination and in accordance with standard market practice, in pricing the
Junior Subordinated Debentures being redeemed in a tender offer based on a spread to United States Treasury yields. 
 “Trust
Agreement” has the meaning set forth in Section 201(a). 
 “Wells Fargo Capital XII Replacement Capital
Covenant” means the replacement capital covenant relating to the Company’s 7.875% Junior Subordinated Deferrable Interest Debentures due 2068. 
  

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 ARTICLE TWO 
 TERMS OF SERIES OF DEBT SECURITIES 
 Section 201. Terms of the Junior Subordinated
Debentures. Pursuant to Sections 201 and 301 of the Indenture, there is hereby established a series of Debt Securities, the terms of which shall be as follows: 
 (a) Designation. The Debt Securities of this series shall be known and designated as the “8.625% Junior Subordinated Deferrable Interest
Debentures due 2068” of the Company (the “Junior Subordinated Debentures”). The CUSIP number of the Junior Subordinated Debentures is 949746 PK1. The Junior Subordinated Debentures initially shall be issued to Wells Fargo
Capital XIV, a Delaware statutory trust (the “Issuer Trust”). The Trust Agreement for the Issuer Trust shall be the Amended and Restated Declaration of Trust and Trust Agreement, dated as of August 19, 2008 (the
“Trust Agreement”), among the Company, as Depositor, The Bank of New York Mellon Trust Company, National Association, as Property Trustee, Wilmington Trust Company, as Delaware Trustee, and the Administrative Trustees named therein
(the “Administrative Trustees”). The Guarantee (the “Guarantee”) will be issued pursuant to the Guarantee Agreement, dated as of August 19, 2008, between the Company and The Bank of New York Mellon Trust
Company, National Association, as Guarantee Trustee. 
 (b) Aggregate Principal Amount. The maximum aggregate principal amount of the
Junior Subordinated Debentures which may be authenticated and delivered under the Indenture and this Fifth Supplemental Indenture is $690,010,000 (except for Junior Subordinated Debentures authenticated and delivered upon registration of transfer
of, or exchange for, or in lieu of, other Junior Subordinated Debentures pursuant to Section 304, 305, 306, 906 or 1107 of the Indenture). 
 (c) Form and Denominations. The Junior Subordinated Debentures will be issued only in fully registered form, and the authorized denominations of the Junior Subordinated Debentures shall be $25 principal amount and any integral
multiple thereof. The Junior Subordinated Debentures will be denominated in U.S. dollars and payments of principal and interest will be made in U.S. dollars. 
 (d) Stated Maturity Date. The principal amount of, and all accrued and unpaid interest on, the Junior Subordinated Debentures shall be payable in full on September 14, 2068, or if such day is not a
Business Day, the following Business Day (the “Stated Maturity Date”). 
 (e) Rate of Interest. The Junior
Subordinated Debentures shall bear interest from and including August 19, 2008 to but excluding the Stated Maturity Date at the rate of 8.625% per annum, computed on the basis of a 360-day year comprised of twelve 30-day months. Subject to
Sections 201(g) and (h), interest on the Junior Subordinated Debentures shall be payable quarterly in arrears on September 15, June 15, September 15, and December 15 of each year and on the Stated Maturity Date, commencing
on December 15, 2008, until and including the Stated Maturity Date (each such date, an “Interest Payment Date”), or if any such day is not a Business Day, the following Business Day (and no interest shall accrue as a result of
such postponement). Any installment of interest (or portion thereof) deferred in accordance with Section 201(g) or otherwise unpaid shall bear interest, to the extent permitted by law, at the rate of 8.625% per annum, from the relevant
Interest Payment Date, compounded on each subsequent Interest Payment Date, until paid in accordance with Section 201(h). 
 (f) To
Whom Interest Payable. Interest shall be payable to the Person in whose name the Junior Subordinated Debentures are registered at the close of business on the Regular Record Date next preceding the relevant Interest Payment Date, except
that interest payable on the Stated Maturity Date shall be paid to the Person to whom principal is paid. The Regular Record Dates for the Junior 

  

 8 

 
Subordinated Debentures shall be the date 15 calendar days, whether or not a Business Day, before the relevant Interest Payment Date. Interest shall be
payable at the office or agency of the Company maintained for such purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose; provided that at the option of the Company payment
of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or by wire transfer to such account as may have been appropriately designated by such Person. The principal
of and interest on the Junior Subordinated Debentures payable at Maturity will be made against presentation of the Junior Subordinated Debentures at the office or agency of the Company maintained for that purpose in the City of Minneapolis,
Minnesota. Upon written request to the Paying Agent not less than 15 calendar days prior to the date on which interest is payable, a Holder of $1,000,000 or more in aggregate principal amount of Junior Subordinated Debentures may receive payment of
interest, other than payments of interest payable at Maturity, by wire transfer of immediately available funds. 
 (g) Option to Defer
Interest Payments. (i) The Company shall have the right, at any time and from time to time prior to the Stated Maturity Date, to defer the payment of interest on the Junior Subordinated Debentures for one or more consecutive Interest
Periods that do not exceed 40 consecutive Interest Periods; provided that no Deferral Period shall extend beyond the Stated Maturity Date or the earlier redemption of the Junior Subordinated Debentures; and provided, further, that if
an Event of Default with respect to the Junior Subordinated Debentures has occurred and is continuing or the Company is in default regarding its payment of any obligation under the Guarantee or the Company has given notice of its election to defer
interest payments but the Deferral Period has not yet commenced or a Deferral Period is continuing, the Company shall not, and shall not permit any Subsidiary to: (A) declare or pay any dividends or distributions on, or redeem, purchase,
acquire or make a liquidation payment with respect to, any of the Company’s capital stock, (B) make any payment of principal of, or interest or premium, if any, on, or repay, purchase or redeem any of the Company’s debt securities or
guarantees that rank pari passu upon the Company’s liquidation with the Junior Subordinated Debentures (“Parity Securities”) or any of the Company’s debt securities that rank junior upon the Company’s
liquidation to the Junior Subordinated Debentures or (C) make any guarantee payments with respect to any guarantee by the Company of the junior subordinated debt securities of any Subsidiary if such guarantee ranks junior to the Junior
Subordinated Debentures. 
 (ii) The restrictions listed in clause (i) of this Section 201(g) do not apply to:

 (A) any purchase, redemption or other acquisition of shares of capital stock of the Company in connection with (1) any
employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more employees, officers, directors, consultants or independent contractors, (2) a dividend reinvestment or stockholder purchase plan, or
(3) the issuance of capital stock of the Company, or securities convertible into or exercisable for such capital stock, as consideration in an acquisition transaction entered into prior to the applicable Deferral Period; 
 (B) any exchange, redemption or conversion of any class or series of the capital stock of the Company or of any of its Subsidiaries for
any other class or series of the Company’s capital stock, or of any class or series of the Company’s indebtedness for any class or series of the Company’s capital stock; 
 (C) any purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange provisions
of such capital stock or the securities being converted or exchanged; 
  

 9 

 (D) any declaration of a dividend in connection with a stockholder rights plan, or the
issuance of rights, stock or other property under any stockholder rights plan, or the redemption or purchase of rights pursuant thereto; 
 (E) any payment by the Company under the Guarantee; 
 (F) any dividend in the form of stock,
warrants, options or other rights where the dividend stock or stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks equally with or junior to such stock;

 (G) any payment during a Deferral Period of current or deferred interest in respect of Parity Securities that is made
pro rata to the amounts due on such Parity Securities and on the Junior Subordinated Debentures, provided that such payments are made in accordance with Section 201(h) to the extent it applies, and any payment of deferred interest on
Parity Securities that, if not made, would cause the Company to breach the terms of the instrument governing such Parity Securities; 
 (H) any payments of interest on Parity Securities in additional Parity Securities and any repurchase of Parity Securities in exchange for preferred stock, in each case in connection with a failed remarketing or similar event; or 

(I) any repayment or redemption of a security necessary to avoid a breach of the instrument governing the same. 
 (iii) Except as otherwise provided in Section 201(r), at the end of any Deferral Period, the Company shall pay all deferred interest
on the Junior Subordinated Debentures (together with Additional Interest thereon, if any, at the rate specified for the Junior Subordinated Debentures) to the extent permitted by applicable law, to the Persons in whose names the Junior Subordinated
Debentures are registered at the close of business on the Regular Record Date with respect to the Interest Payment Date at the end of such Deferral Period. 
 (iv) Subject to Section 201(r), in the case of any Deferral Period that does not terminate on or prior to the Interest Payment Date falling nearest the first anniversary of its commencement, the restrictions set
forth in clause (i) of this Section 201(g) shall continue in effect in respect of any redemption or purchase of securities that rank junior to or pari passu with the Qualifying APM Securities the proceeds of which were used to pay
deferred interest during such Deferral Period pursuant to the provisions set forth in Section 201(j) until the first anniversary of the termination of such Deferral Period. 
 (v) Upon termination of any Deferral Period and upon the payment of all deferred interest and any Additional Interest then due on any
Interest Payment Date the Company may elect to begin a new Deferral Period pursuant to clause (i) of this Section 201(g). 
 (vi) The Company may elect to pay interest on any Interest Payment Date during any Deferral Period to the extent permitted by Section 201(h). 
 (vii) The Company shall give written notice of its election to begin or extend any Deferral Period (i) if the Property Trustee is not the sole holder or a holder of the Junior Subordinated Debentures, to the
Holders of the Junior Subordinated Debentures and the Trustee at least one Business Day prior to the next succeeding Interest Payment Date or (ii) if the 

  

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Property Trustee is the sole holder of the Junior Subordinated Debentures, to the Property Trustee and the Trustee at least one Business Day prior to the
earlier of (a) the next Distribution Date or (b) the date the Property Trustee is required to give notice to holders of the Capital Securities of the record date for such Distribution Date or of such Distribution Date; provided
that, the Company is required to give the Holders of the Junior Subordinated Debentures notice of its election of such Deferral Period no more than 15 Business Days (or such other period as may be specified by the Federal Reserve) before the
next Interest Payment Date. 
 (h) Payment of Deferred Interest. The Company will not pay deferred interest (including Additional
Interest thereon) on the Junior Subordinated Debentures on any Interest Payment Date during any Deferral Period prior to the Stated Maturity Date or at any time an Event of Default has occurred and is continuing from any source other than Eligible
Proceeds. Notwithstanding the foregoing, (i) the Company may pay current interest during a Deferral Period from any available funds and (ii) if the Federal Reserve disapproves of the Company’s sale of Qualifying APM Securities, the
Company may pay deferred interest on the Junior Subordinated Debentures with cash from any source and if the Federal Reserve disapproves of the use of proceeds of the Company’s sale of Qualifying APM Securities to pay deferred interest on the
Junior Subordinated Debentures, the Company may use the proceeds for other purposes and continue to defer interest on the Junior Subordinated Debentures. To the extent that the Company applies proceeds from the sale of Qualifying APM Securities to
pay interest on the Junior Subordinated Debentures, such proceeds shall be allocated first to deferred payments of interest (including Additional Interest thereon) in chronological order based on the date each payment was first deferred;
provided that no such proceeds will be applied to deferred interest payments (including Additional Interest thereon) to the extent such proceeds exceed the amounts described in clauses (1) and (2) of Section 201(j) until all
other deferred interest payments (and Additional Interest thereon) with respect to such Deferral Period have been paid in full. The payment of interest from any other source shall be applied to current or deferred interest as directed by the Company
and notified to the Trustee prior to the applicable Interest Payment Date. To the extent any payment allocable to any installment of interest (including Additional Interest thereon) is insufficient to pay such installment in full, such payment shall
be applied pro rata to the outstanding Junior Subordinated Debentures. If the Company has outstanding Parity Securities under which it is obligated to sell Qualifying APM Securities and apply the net proceeds to the payment of deferred
interest or distributions, then on any date and for any period the amount of net proceeds received by the Company from those sales and available for payment of the deferred interest and distributions shall be applied to the Junior Subordinated
Debentures and those Parity Securities to the extent such net proceeds are Eligible Proceeds with respect to those Parity Securities on a pro rata basis up to the Maximum Share Number and the Common Equity Issuance Cap or Preferred Stock
Issuance Cap (or comparable provisions in the instruments governing those Parity Securities) in proportion to the total amounts that are due on the Junior Subordinated Debentures and such Parity Securities, or on such other basis as the Federal
Reserve may approve. 
 (i) No Additional Amounts. No additional amounts will be paid to the Holders of the Junior Subordinated
Debentures pursuant to Section 1006 of the Indenture. 
 (j) Alternative Payment Mechanism. Immediately following any APM
Commencement Date and until the termination of the related Deferral Period, the Company shall, unless after notice to the Federal Reserve and except to the extent that the Federal Reserve shall have disapproved, issue Qualifying APM Securities until
the Company has raised an amount of Eligible Proceeds at least equal to the aggregate and unpaid amount of deferred interest on the Junior Subordinated Debentures (including Additional Interest thereon) and applied such Eligible Proceeds on the next
Interest Payment Date to the payment of deferred interest (including Additional Interest thereon) in accordance with Section 201(h); provided that: 
  

 11 

 (1) the foregoing obligations shall not apply during the first 20 consecutive Interest
Periods of any Deferral Period (including Additional Interest thereon), to the extent the net proceeds of any issuance of Common Stock (or, if the Company has amended the definition of Qualifying APM Securities to eliminate Common Stock, Qualifying
Warrants) applied during such Deferral Period to pay interest on the Junior Subordinated Debentures pursuant to this Section 201(j), together with the net proceeds of all prior issuances of Common Stock so applied, would exceed an amount equal
to 2% of the product of the average of the Current Stock Market Prices of the Common Stock on the 10 consecutive Trading Days ending on the second Trading Day immediately preceding the date of issuance multiplied by the total number of issued
and outstanding shares of Common Stock as of the date of the Company’s then most recent publicly available consolidated financial statements (the “Common Equity Issuance Cap”); 
 (2) the foregoing obligations shall not apply, and the Company shall not be permitted to issue Qualifying Preferred Stock, to the extent
that the net proceeds of any issuance of Qualifying Preferred Stock applied to pay interest on the Junior Subordinated Debentures pursuant to this Section 201(j), together with the net proceeds of all prior issuances of Qualifying Preferred
Stock applied during the current and all prior Deferral Periods, would exceed 25% of the aggregate principal amount of the Junior Subordinated Debentures issued under the Indenture (the “Preferred Stock Issuance Cap”);
provided that the Common Equity Issuance Cap will cease to apply after the fifth anniversary of the commencement of any Deferral Period, at which point the Company must pay any deferred interest, to the extent not disapproved of by the
Federal Reserve after notice, regardless of the time at which it was deferred, using the Alternative Payment Mechanism, subject to any Market Disruption Event, the Maximum Share Number and the Preferred Stock Issuance Cap; and provided,
further, that if the Common Equity Issuance Cap is reached during a Deferral Period and the Company subsequently repays all deferred interest, the Common Equity Issuance Cap will cease to apply at the termination of such Deferral Period and
will not apply again unless and until the Company starts a new Deferral Period; 
 (3) the foregoing obligations shall not
apply in respect of any Interest Payment Date if the Company shall have provided to the Trustee (and to the Property Trustee of the Issuer Trust to the extent it is the Holder of the Junior Subordinated Debentures) no more than 15 and no less than
10 Business Days prior to such Interest Payment Date an Officers’ Certificate stating that (i) a Market Disruption Event was existing after the immediately preceding Interest Payment Date and (ii) either (A) the Market
Disruption Event continued for the entire period from the Business Day immediately following the preceding Interest Payment Date to the Business Day immediately preceding the date on which such Officers’ Certificate is provided or (B) the
Market Disruption Event continued for only part of such period but the Company was unable to raise sufficient Eligible Proceeds during the rest of that period to pay all accrued and unpaid interest due on the Interest Payment Date with respect to
which such Officers’ Certificate is being delivered; 
 (4) to the extent that the Company has raised some but not all
Eligible Proceeds necessary to pay all deferred interest (including Additional Interest thereon) on any Interest Payment Date pursuant to this Section 201(j) and subject to the Common Equity Issuance Cap and the Preferred Stock Issuance Cap,
such Eligible Proceeds shall be applied in accordance with Section 201(h); 
 (5) the number of shares of Common Stock or
shares of Common Stock subject to Qualifying Warrants that the Company shall be permitted to sell shall not exceed 100 million shares of Common Stock (such number, as it may be adjusted from time to time, the “Maximum Share
Number”) for purposes of paying deferred interest on the Junior Subordinated Debentures; 

  

 12 

 
provided that if the issued and outstanding shares of Common Stock shall have been changed into a different number of shares or a different class by
reason of any stock split, reverse stock split, stock dividend, reclassification, recapitalization, split-up, combination, exchange of shares or other similar transaction, then the Maximum Share Number shall be correspondingly adjusted; and
provided, further, that if the Maximum Share Number has been reached and is not sufficient to allow the Company to raise sufficient proceeds to pay deferred interest in full, the Company will use its commercially reasonable efforts to
increase the Maximum Share Number (i) only to the extent that it can do so and simultaneously satisfy future fixed or contingent obligations under other securities and derivative instruments that provide for settlement or payment in the Common
Stock or (ii) if it cannot increase the Maximum Share Number as contemplated in the preceding clause (i), by requesting the Board of Directors of the Company to adopt a resolution for a stockholder vote at the next occurring annual
stockholders’ meeting to increase the authorized number of shares of the Common Stock for purposes of satisfying its obligations to pay deferred interest; and 
 (6) so long as the definition of Qualifying APM Securities has not been amended to eliminate Common Stock, the sale of Qualifying Warrants
to pay deferred interest is an option that may be exercised at the Company’s sole discretion, and the Company will not be obligated to sell Qualifying Warrants or to apply the proceeds of any such sale to pay deferred interest on the Junior
Subordinated Debentures, and no class of investors in the Company’s securities, or any other party, may require the Company to issue Qualifying Warrants. 
 For the avoidance of doubt, once the Company reaches the Common Equity Issuance Cap for a Deferral Period, the Company shall not be required to issue more Common Stock (or, if the Company has amended the definition of Qualifying APM
Securities to eliminate Common Stock, Qualifying Warrants) during the first 20 consecutive Interest Periods of such Deferral Period (including Additional Interest thereon) pursuant to this Section 201(j) even if the amount referred to in
clause (1) of this Section 201(j) subsequently increases because of a subsequent increase in the Current Stock Market Price of the Common Stock or the number of outstanding shares of Common Stock. The Company shall not be excused from its
obligations under this Section 201(j) if it determines not to pursue or complete the sale of Qualifying APM Securities due to pricing, dividend rate or dilution considerations. 
 (k) Events of Default. Solely for purposes of the Junior Subordinated Debentures, clauses (1) and (4) of Section 501 of the
Indenture shall not apply. In addition to clauses (2) and (3) of Section 501 of the Indenture, the events set forth in the following clauses (1) and (2) shall constitute Events of Default; Section 502 of the Indenture
shall not apply to an Event of Default of the nature set forth in clause (2) below or in clauses (2) and (3) of Section 501 of the Indenture; and clauses (1) and (2) of each of Sections 503 and 508 of the Indenture
shall be replaced with clauses (1) and (2) below: 
 (1) default in the payment of interest, including Additional
Interest, in full on any Junior Subordinated Debentures for a period of 30 days after the conclusion of 40 consecutive Interest Periods following the commencement of any Deferral Period; or 
 (2) default in the payment of the principal of the Junior Subordinated Debentures when due whether on September 14, 2068, upon
redemption or otherwise; 
 For the avoidance of doubt, and without prejudice to any other remedies that may be available to the Trustee, the Holders of the
Junior Subordinated Debentures or the holders of the Capital Securities under the Indenture, no breach by the Company of any other covenant or obligation under the Indenture or the terms of the Junior Subordinated Debentures shall be an Event of
Default with respect to the Junior Subordinated Debentures. The Company will not enter into any supplemental indenture with the Trustee to add any additional Events of Default without the consent of the Holders of at least a majority in aggregate
Outstanding principal amount of the Junior Subordinated Debentures. 
  

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 (l) Redemption. The Junior Subordinated Debentures shall be redeemable in accordance with
Article Eleven of the Indenture, provided that the Junior Subordinated Debentures are redeemable at the option of the Company (i) in whole or in part at any time on or after September 15, 2013 at a Redemption Price equal to
100% of the principal amount being redeemed plus accrued and unpaid interest to the Redemption Date, (ii) in whole but not in part after the occurrence of a Rating Agency Event prior to September 15, 2013 at a Redemption Price equal to the
greater of (1) 100% of their principal amount and (2) the Make-Whole Redemption Price, plus, in either case, accrued and unpaid interest to the Redemption Date, and (iii) in whole but not in part after the occurrence of a Tax Event,
Capital Treatment Event or Investment Company Event prior to September 15, 2013 at a Redemption Price equal to 100% of their principal amount plus accrued and unpaid interest to the Redemption Date. The date of the prospectus referred to in the
definitions of Capital Treatment Event and Investment Company Event set forth in the Indenture is August 12, 2008. 
 (m) [Intentionally
Omitted] 
 (n) Limitation on Claims in the Event of Bankruptcy, Insolvency or Receivership. Each Holder, by such Holder’s
acceptance of the Junior Subordinated Debentures, agrees that if a Bankruptcy Event shall occur prior to the redemption or repayment of such Junior Subordinated Debentures, such Holder shall have no claim for, and thus no right to receive, any
interest deferred pursuant to Section 201(g) (including Additional Interest thereon) that has not been paid pursuant to Sections 201(h) and (j) to the extent the amount of such interest exceeds the sum of (x) interest that
relates to the earliest two years of the portion of the Deferral Period for which interest has not been paid (including Additional Interest thereon) and (y) an amount equal to such Holder’s pro rata share of the excess, if any, of
the Preferred Stock Issuance Cap over the aggregate amount of net proceeds from the sale of the Qualifying Preferred Stock that the Company has applied to pay such Deferred Interest pursuant to Section 201(j). Each Holder, by such Holder’s
acceptance of the Junior Subordinated Debentures, agrees that, to the extent the claim for deferred interest exceeds the amount set forth in clause (x), the amount such Holder receives in respect of such excess shall not exceed the amount it
would have received had the claim for such excess ranked pari passu with the interests of the holders, if any, of the Qualifying Preferred Stock. 
 (o) No Sinking Fund, Repayment at the Option of Holders, Exchange, Securities Fund, Defeasance or Conversion. Section 403 of the Indenture and Articles Twelve, Thirteen, Fourteen, Fifteen, Seventeen and
Nineteen of the Indenture shall not apply to the Junior Subordinated Debentures. For the avoidance of doubt, Section 401 of the Indenture shall apply to the Junior Subordinated Debentures. 
 (p) Form. The Junior Subordinated Debentures shall be issued as Registered Securities without coupons and shall be substantially in the form of
Annex A attached hereto, with such modifications thereto as may be approved by the authorized officer executing the same. 
 (q)
Subordination. The subordination provisions of Article Eighteen of the Indenture shall apply to the Junior Subordinated Debentures; provided that for the purposes of the Junior Subordinated Debentures (but not for the purposes of
any other Debt Securities unless specifically set forth in the terms of such Debt Securities), (i) Senior Debt shall also include debt securities, and guarantees in respect of those debt securities, initially issued to any trust, partnership or
other entity affiliated with the Company, that is, directly or indirectly, a financing vehicle of the Company in connection with the issuance by such entity of capital securities or other similar securities except to the extent, in the case of any
such securities or guarantees issued after the date hereof, the instrument creating those obligations provides that they are 

  

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not superior in right of payment to the Junior Subordinated Debentures and (ii) Senior Debt shall exclude trade accounts payable and accrued liabilities
arising in the ordinary course of business. The Junior Subordinated Debentures will rank pari passu with the Company’s 5.95% Capital Efficient Notes due 2086 held by Wells Fargo Capital X and the Company’s guarantee of the capital
securities issued by Wells Fargo Capital X, the Company’s 6.25% Junior Subordinated Deferrable Interest Debentures due 2067 held by Wells Fargo Capital XI and the Company’s guarantee of the capital securities issued by Wells Fargo
Capital XI, the Company’s 7.875% Junior Subordinated Deferrable Interest Debentures due 2068 held by Wells Fargo Capital XII and the Company’s guarantee of the capital securities issued by Wells Fargo Capital XII and with the
Company’s Remarketable 7.50% Junior Subordinated Notes due 2044 held by Wells Fargo Capital XIII and the Company’s guarantee of the preferred purchase securities issued by Wells Fargo Capital XIII. 
 (r) Business Combinations. If the Company engages in any merger, consolidation, amalgamation or conveyance, transfer or lease of assets
substantially as any entirety to any other Person, where immediately after the consummation of such transaction more than 50% of the voting stock of the Person formed by such transaction, or the Person that is the surviving entity of such
transaction, or the Person to whom such properties and assets are conveyed, transferred or leased in such transaction, is owned by the shareholders of the other party to such transaction, then Section 201(h) and clause (iv) of
Section 201(g) shall not apply to any Deferral Period that is terminated on the next Interest Payment Date following the date of consummation of such transaction (or, if later, at any time within 90 days following the date of consummation of
such transaction). The settlement of all deferred interest, whether it occurs on an Interest Payment Date or another date, will immediately terminate the Deferral Period. The Company will establish a special record date for the payment of any
deferred interest pursuant to this Section 201(r) on a date other than an Interest Payment Date. 
 (s) Registrar, Paying Agent,
Authenticating Agent and Place of Payment. The Company hereby appoints Wells Fargo Bank, N.A. as Security Registrar, Authenticating Agent and Paying Agent with respect to the Junior Subordinated Debentures. The Junior Subordinated Debentures may
be surrendered for registration of transfer and for exchange at the office or agency of the Company maintained for such purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. The
Place of Payment for the Junior Subordinated Debentures shall be the Security Registrar’s office in Minneapolis, Minnesota. 
 (t)
Replacement Capital Covenant. The Company shall have the right, at any time prior to the Stated Maturity Date, to enter into a replacement capital covenant in respect of the Junior Subordinated Debentures in favor of a specified class or
classes of the Company’s indebtedness without the consent of the Holders of the Junior Subordinated Debentures. 
 ARTICLE THREE 

 MISCELLANEOUS 
 Section 301. Trust Indenture Act. If any provision of this Fifth Supplemental Indenture limits, qualifies or conflicts with the duties imposed by any of Sections 310 to 317, inclusive, of the Trust Indenture Act of
1939 through operation of Section 318(c) thereof, such imposed duties shall control. 
 Section 302. Effect of
Headings. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 Section 303. Successors and Assigns. All covenants and agreements in this Fifth Supplemental Indenture by the Company shall bind its successors and assigns, whether expressed or not. 

 

 15 

 Section 304. Separability. In case any provision of this Fifth Supplemental Indenture shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 305. Benefit of Fifth Supplemental Indenture. Nothing in this Fifth Supplemental Indenture or the Junior Subordinated Debentures, express or implied, shall give to any Person, other than the
parties hereto and their successors hereunder, any Paying Agent and the Holders, any benefit or any legal or equitable right, remedy or claim under this Fifth Supplemental Indenture. 
 Section 306. Governing Law. THIS FIFTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK. 
 Section 307. No Representations by Trustee. The Trustee makes no representations as to the validity or
sufficiency of this Fifth Supplemental Indenture. The recitals and statements herein are deemed to be those of the Company and not of the Trustee. 
 Section 308. Amendments. Notwithstanding anything to the contrary contained in this Fifth Supplemental Indenture, the consent of the Holders of the Junior Subordinated Debentures shall not be required to effect any amendment
required in order to make this Fifth Supplemental Indenture consistent with the description of the Fifth Supplemental Indenture contained in the Prospectus, dated May 12, 2008, as supplemented by the Prospectus Supplement, dated August 12,
2008, relating to the Capital Securities. 
 Section 309. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS FIFTH SUPPLEMENTAL INDENTURE, THE JUNIOR SUBORDINATED DEBENTURES OR THE TRANSACTIONS
CONTEMPLATED HEREBY. 
 * * * * 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
  

 16 

 IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be duly executed,
all as of the day and year first above written. 
  

			
	WELLS FARGO & COMPANY
		
	By:	 	 /s/ Barbara S. Brett

	Name:	 	Barbara S. Brett
	Title:	 	Senior Vice President and
		 	Assistant Treasurer
	
	 THE BANK OF NEW YORK MELLON
 TRUST COMPANY,
NATIONAL
 ASSOCIATION,
 as Trustee

		
	By:	 	 /s/ Sharon K. McGrath

	Name:	 	Sharon K. McGrath
	Title:	 	Vice President

 [Fifth Supplemental Indenture] 

 Annex A – Form of Junior Subordinated Debenture 

 ANNEX A 
 The following legend applies 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. 
 WELLS
FARGO & COMPANY 
 8.625% Junior Subordinated Deferrable 
 Interest Debenture due 2068 
 No. 
 CUSIP No. 949746 PK1 
 $ 
 WELLS FARGO & COMPANY, a corporation 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
                                , or registered assigns, the principal sum of
                     dollars
($                    ) on September 14, 2068, or if such day is not a Business Day (as hereinafter defined), the following Business Day (the
“Stated Maturity Date”). The Company further promises to pay interest on said principal sum from August 19, 2008 or from the most recent Interest Payment Date for which interest has been paid or duly provided for at the rate of
8.625% per annum, payable (subject to deferral as set forth herein) quarterly in arrears on March 15, June 15, September 15 and December 15 of each year and on the Stated Maturity Date, commencing on December 15, 2008
(each such day, an “Interest Payment Date”), until the principal thereof is paid or duly provided for or made available for payment. In the event any Interest Payment Date is not a Business Day, the interest payable on such day
shall be paid on the following Business Day and no interest will accrue as a result of such postponement. Any installment of interest (or portion thereof) deferred in accordance with the Fifth Supplemental Indenture hereinafter referred to or
otherwise unpaid on the relevant Interest Payment Date shall bear interest, to the extent permitted by law, at the rate of 8.625% per annum, from the relevant Interest Payment Date, compounded on each subsequent Interest Payment Date, until
paid in accordance with the Fifth Supplemental Indenture. 

 The amount of interest payable on this Debt Security shall be computed on the basis of a 360-day year
comprised of twelve 30-day months. A “Business Day” shall mean any day other than a Saturday, Sunday or other day on which banking institutions in New York, New York, Minneapolis, Minnesota or Wilmington, Delaware are authorized or
required by law or executive order to remain closed. The interest installment 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 Debt
Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest installment, which shall be the date 15 calendar days, whether or not a Business Day, before the relevant Interest
Payment Date. Any such interest installment not so punctually paid or duly provided for shall 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 Debt 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 Debt 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 or automated quotation system on which the Debt Securities of this series may be
listed or traded, and upon such notice as may be required by such exchange or self-regulatory organization, all as more fully provided in said Indenture. 
 The Company shall have the right, at any time and from time to time prior to the Stated Maturity Date, to defer the payment of interest on this Debt Security for one or more consecutive Interest Periods that do not
exceed 40 consecutive Interest Periods; provided that no Deferral Period (as hereinafter defined) shall extend beyond the Stated Maturity Date or the earlier redemption of the Debt Securities of this series; and provided,
further, that during any such Deferral Period (and, except as provided in the Fifth Supplemental Indenture with respect to certain transactions, in the case of any Deferral Period that does not terminate on or prior to the Interest Payment
Date falling closest to the first anniversary of the commencement of such Deferral Period, until the first anniversary of the termination of such Deferral Period), if an Event of Default with respect to the Debt Securities of this series has
occurred and is continuing or if the Company has given notice of its election to defer interest payments but the Deferral Period has not yet commenced or a Deferral Period is continuing or the Company is in default regarding its payment of any
obligation under its guarantee regarding the Issuer Trust, the Company shall not, and shall not permit any Subsidiary, subject to certain exceptions set forth in the Fifth Supplemental Indenture, to: (i) declare or pay any dividends or
distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Company’s capital stock, (ii) make any payment of principal of or interest or premium, if any, on or repay, purchase or redeem any
debt security or guarantee of the Company (including other Debt Securities or other junior subordinated debt) that ranks pari passu upon the Company’s liquidation with this Debt Security or any debt security of the Company that ranks
junior upon the Company’s liquidation to this Debt Security or (iii) make any guarantee payments with respect to any guarantee by the Company of the junior subordinated debt securities of any Subsidiary if such guarantee ranks junior to
this Debt Security. Each period beginning on the Interest Payment Date with respect to which the Company elects to defer all or part of any interest payment and ending on the earlier of (i) the conclusion of 40 consecutive Interest Periods
following such Interest Payment Date and (ii) the next Interest Payment Date on which the Company has paid all accrued and unpaid interest on this Debt Security is referred to as a “Deferral Period.” Except as otherwise
provided in Section 201(r) of the Fifth Supplemental Indenture, at the end of any such Deferral Period, the Company shall pay all interest then accrued and unpaid on this Debt Security (together with Additional Interest thereon, if any, to the
extent permitted by applicable law), to the Person in whose name this Debt Security is registered at the close of business on the Regular Record Date with respect to the Interest Payment Date at the end of such Deferral Period. Upon termination of
any Deferral Period, the Company may elect to begin a new Deferral Period, subject to the above requirements. The Company may elect to pay current interest on any Interest Payment Date during any Deferral Period to the extent permitted, and shall
pay deferred interest (including Additional Interest thereon) to the extent required, by the Fifth Supplemental Indenture. 
  

 A-2 

 The Company shall give written notice of its election to begin or extend any Deferral Period (i) if
the Property Trustee is not the sole holder of the Debt Securities of this series, to the Holders of the Debt Securities of this series and the Trustee at least one Business Day prior to the next succeeding Interest Payment Date, or (ii) if the
Property Trustee is the sole holder of the Debt Securities of this series, to the Property Trustee and the Trustee at least one Business Day prior to the earlier of (a) the next Distribution Date or (b) the date the Property Trustee is
required to give notice to holders of such Capital Securities of the record date for such Distribution Date or of such Distribution Date provided that, the Company is required to give the Holders of the Junior Subordinated Debentures notice
of its election of such Deferral Period no more than 15 Business Days (or such other period as may be specified by the Federal Reserve) before the next succeeding Interest Payment Date. 
 Payment of principal of (and premium, if any) and interest on this Debt Security will be made at the office or agency of the Company maintained for that
purpose in the City of Minneapolis, Minnesota or at any other office or agency maintained by the Company for such purpose, 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; provided that at the option of the Company payment of interest may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Securities Register or (ii) by wire
transfer in immediately available funds at such place and to such account as may be designated in writing at least 15 days before the relevant Interest Payment Date by the Person entitled thereto as specified in the Securities Register. Upon written
request to the Paying Agent not less than 15 days prior to the date on which interest is payable, a Holder of $1,000,000 or more in aggregate principal amount of Debt Securities of the series may receive payments of interest, other than payments of
interest at Maturity, by wire transfer of immediately available funds. 
 The indebtedness evidenced by this Debt Security is, to the extent
provided in the Indenture, subordinate and subject in right of payment to the prior payment in full of all Senior Debt, and this Debt Security is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this Debt
Security, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee on his behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided
and (c) appoints the Trustee his attorney-in-fact for any and all such purposes. Each Holder hereof, by his acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each
holder of Senior Debt, whether now outstanding or hereafter incurred, and waives reliance by each such holder upon said provisions. The Debt Securities of this series shall, not in limitation of the preceding sentence, rank junior to debt securities
issued under the Indenture dated August 30, 1999 between the Company and The Bank of New York Mellon Trust Company, N.A. (successor in interest to The First National Bank of Chicago). 
 Reference is hereby made to the further provisions of this Debt 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 Debt Security shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose. 
  

 A-3 

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

  

			
	WELLS FARGO & COMPANY
		
	By:	 	  

	Name:	 	
	Title:	 	

 [SEAL] 
  

	
	 Attest:

	
	  

	[Secretary or Assistant Secretary]

 Dated: 
 This is one
of the Debt Securities, of the series designated herein, described in the within mentioned Indenture. 
  

			
	 THE BANK OF NEW YORK MELLON
TRUST
 COMPANY, NATIONAL ASSOCIATION
 Not in its individual capacity, but solely as Trustee

		
	By:	 	  

		 	Authorized Officer:

 OR 
  

			
	Wells Fargo Bank, N.A., as
	Authenticating Agent for the Trustee
		
	By:	 	  

		 	Authorized Signature

  

 A-4 

 REVERSE OF SECURITY 
 This Debt Security is one of a duly authorized issue of securities of the Company (herein called the “Debt Securities”), issued and to be issued in one or more series under an Indenture, dated as of
August 1, 2005 (herein called the “Indenture”), as supplemented by the fifth supplemental indenture thereto, dated as of August 19, 2008 (herein called the “Fifth Supplemental Indenture”), between the
Company and The Bank of New York Mellon Trust Company, National Association (as successor in interest to J.P. Morgan Trust Company, National Association), 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 Trustee, the Company and the
Holders of the Debt Securities of this series, and of the terms upon which the Debt Securities of this series are, and are to be, authenticated and delivered. This Debt Security is one of the series designated on the face hereof, limited in
aggregate principal amount of $690,010,000. 
 All terms used in this Debt Security that are defined in the Fifth Supplemental Indenture, in
the Indenture or in the Amended and Restated Declaration of Trust and Trust Agreement, dated as of August 19, 2008 (the “Trust Agreement”), for Wells Fargo Capital XIV, among Wells Fargo & Company, as Depositor,
and the Issuer Trustees named therein and the Holders referred to therein, shall have the meanings assigned to them in the Fifth Supplemental Indenture, the Indenture or the Trust Agreement, as the case may be; provided, however, in
the event that different meanings are assigned in the Fifth Supplemental Indenture and the Indenture, the meanings assigned in the Fifth Supplemental Indenture shall control. 
 The Company may, at its option, and subject to the terms and conditions of the Fifth Supplemental Indenture and Article Eleven of the Indenture, redeem
this Debt Security in whole or in part at any time on or after September 15, 2013 at a price equal to 100% of the principal amount of this Debt Security being redeemed (plus accrued and unpaid interest to the Redemption Date). 
 Upon the occurrence and during the continuation of a Tax Event, Capital Treatment Event, Investment Company Event or Rating Agency Event in respect of
the Issuer Trust, the Company may, at its option, redeem the Debt Securities of this series, in whole but not in part, subject to Section 1108 and the other provisions of Article Eleven of the Indenture and Section 201(l) of the Fifth
Supplemental Indenture. In the case of a Rating Agency Event prior to September 15, 2013, the redemption price shall be equal to the greater of (1) 100% of the principal amount of this Debt Security and (2) the sum of the present
values of the principal amount of this Debt Security and each scheduled payment of interest on this Debt Security (excluding any portion of such payments of interest accrued as of the Redemption Date) from the Redemption Date to and including
September 15, 2013, discounted to the Redemption Date from September 15, 2013 or the applicable Interest Payment Date on a quarterly basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the
Treasury Rate plus 0.50%, plus, in either case, accrued and unpaid interest to the Redemption Date. In the case of a Tax Event, Capital Treatment Event or Investment Company Event, the redemption price shall be equal to 100% of the principal amount
of this Debt Security (plus accrued and unpaid interest to the Redemption Date). 
 In the event of redemption of this Debt Security in part
only, a new Debt Security or Debt Securities of this series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 The Indenture contains provisions for satisfaction and discharge of the entire indebtedness of this Debt Security upon compliance by the Company with
certain conditions set forth in the Indenture. 
  

 A-5 

 The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee at any
time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the Holders of the Debt Securities of this series, with the consent of the Holders of not less than
a majority in aggregate principal amount of the Outstanding Debt Securities of all series to be affected by such supplemental indenture, acting together. The Indenture also contains provisions permitting Holders of a majority in aggregate principal
amount of the Debt Securities of all series issued under the Indenture at the time Outstanding, acting together, on behalf of the Holders of all Debt Securities of such series, to waive compliance by the Company with certain 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 Debt Securities of each series at the time Outstanding, on behalf of the Holders of
all Debt Securities of such series. Any such consent or waiver by the registered Holder of this Debt Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders of this Debt
Security and of any Debt Security issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Debt Security. 
 As provided in and subject to the provisions of the Indenture and the Fifth Supplemental Indenture, if an Event of Default arising from a default in the
payment of interest (including Additional Interest) in full for a period of 30 days after the conclusion of 40 consecutive Interest Periods following the commencement of any Deferral Period with respect to the Debt Securities of this series at the
time Outstanding, occurs and is continuing, then and in each such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Debt Securities of this series may declare the principal amount, and accrued interest
(including Additional Interest), of all the Debt Securities of this series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders); provided that if, upon such an Event of Default, the
Trustee or the Holders of not less than 25% in principal amount of the Outstanding Debt Securities of this series fail to declare the principal amount of all the Debt Securities of this series to be immediately due and payable, either the Property
Trustee or the holders of at least 25% in aggregate liquidation amount of the Capital Securities then outstanding shall have such right by a notice in writing to the Company and the Trustee; and upon any such declaration such principal amount (or
specified portion thereof) of and the accrued interest (including any Additional Interest) on all the Debt Securities of this series shall become immediately due and payable; and provided, further, that the payment of principal and interest
(including any Additional Interest) on such Debt Securities shall remain subordinated to the extent provided in Article Eighteen of the Indenture. 
 Each Holder, by such Holder’s acceptance hereof, agrees that if a Bankruptcy Event shall occur prior to the redemption or repayment of this Debt Security, such Holder shall have no claim for, and thus no right to receive, any interest
deferred pursuant to the Fifth Supplemental Indenture (including Additional Interest thereon) that has not been paid out of the proceeds of the issuance of certain securities in accordance with the Fifth Supplemental Indenture to the extent the
amount of such interest exceeds the sum of (x) interest that relates to the earliest two years of the portion of the Deferral Period for which interest has not been paid (including Additional Interest thereon) and (y) an amount equal to
such Holder’s pro rata share of the excess, if any, of the Preferred Stock Issuance Cap over the aggregate amount of net proceeds from the sale of the Qualifying Preferred Stock that the Company has applied to pay such Deferred Interest
pursuant to Section 201(j) of the Fifth Supplemental Indenture. Each Holder, by such Holder’s acceptance hereof, agrees that, to the extent the claim for deferred interest exceeds the amount set forth in clause (x), the amount such
Holder receives in respect of such excess shall not exceed the amount it would have received had the claim for such excess ranked pari passu with the interests of the holders, if any, of the Qualifying Preferred Stock. 
 No reference herein to the Indenture or the Fifth Supplemental Indenture and no provision of this Debt Security or of the Indenture or the Fifth
Supplemental Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Debt Security at the times, places and rate, and in the coin or
currency, herein prescribed. 
  

 A-6 

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Debt Security is registrable in the Security Register, upon surrender of this Debt Security for registration of transfer at the office or agency of the Company maintained under Section 1002 of the Indenture duly endorsed by, or accompanied by
written instrument of transfer in form satisfactory to the Company and the Securities Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Debt Securities of this series, of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment
of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Debt
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 Debt Security is registered as the owner hereof for all purposes, whether or not this Debt Security
be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Debt Securities of
this series are issuable only in registered form without coupons in denominations of $25 and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Debt Securities of this series are
exchangeable for like aggregate principal amount of Debt Securities of a different authorized denomination, as requested by the Holder surrendering the same. 
 If this Debt Security is a Global Security, this Debt Security is exchangeable for definitive Debt Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling or unable to
continue as Depositary for this Debt 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, (y) the
Company in its sole discretion determines that this Debt Security shall be exchangeable for definitive Debt Securities in registered form and notifies the Trustee thereof, or (z) an Event of Default with respect to the Debt Securities
represented hereby has occurred and is continuing. If this Debt Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Debt Securities in registered form, bearing interest at the same rate, having the
same terms and of authorized denominations aggregating a like amount. 
 If this Debt Security is a Global Security, this Debt 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 Debt Security will not be entitled to receive physical delivery of Debt Securities in definitive form and will not be considered the Holders
hereof for any purpose under the Indenture. 
 No recourse shall be had for the payment of the principal of or the interest, including
Additional Interest, on this Debt Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, the Fifth Supplemental 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. 
  

 A-7 

 The Company and, by its acceptance of this Debt Security or a beneficial interest herein, the Holder of,
and any Person that acquires beneficial interest in, this Debt Security agree that, for United States Federal, state and local tax purposes, it is intended that this Debt Security constitute indebtedness. 
 THE INDENTURE, THE FIFTH SUPPLEMENTAL INDENTURE AND THIS DEBT SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK. 
  

 A-8 

 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) 
  

 A-9 

 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. 
  

 A-10

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