Company: WFC-PC
Filing Date: 2025-03-19
Form Type: DEF 14A
Source: 0000072971-25-000090
Chunk: 51

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-03-19
Form: DEF 14A
Chunk 51
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 the number of shares that vest and our stock price at the time of vesting and settlement. Finally, PSAs carry additional performance requirements tied to our absolute and relative ROTCE and a TSR modifier based on our performance relative to our Financial Performance Peer Group over a three-year performance period.

Consistent with last year, absolute and relative ROTCE are the primary performance conditions in our PSAs. Effective for PSAs granted in 2025 for 2024 performance, the HRC increased the absolute ROTCE performance required to achieve the target payout level. Finally, the HRC continued to apply an award payout modifier of +/-20% based on our relative TSR over the three-year performance period. The TSR modifier has been included in PSAs granted since 2022 and supports management accountability for our relative stock price performance at the end of the performance period for which an award is earned.

2025 PSA Program

Our PSA program appropriately balances the importance of absolute and relative performance while maintaining rigorous performance targets.

The 2025 PSA design maintains a consistent program design structurally, with an increase to absolute ROTCE required for payout at target, from 2024. As discussed in the Peer Groups section of this proxy statement, the HRC updated the 2025 Financial Performance Peer Group for PSA awards granted in 2025 for performance year 2024. The key features of our 2025 PSA program, for the awards granted in 2025 for 2024 performance, include:

| Award Level         |     | •Determined based on 2024 Company, individual and, as applicable, business performance                                                                                                                                  
 •Represents 65% of long-term equity for CEO and 50% for other NEOs                                                                                                                                                      |
| Performance Metrics |     | •The number of PSAs earned at the end of the performance period is based on the achievement of three-year average absolute ROTCE (weighted 75%) and three-year average relative ROTCE (weighted 25%) as set forth below |

| Absolute ROTCE |     |        |     |                                                  |     |      |     | Payout |     |                  | Relative ROTCE |     |                  |     |      |     | Payout |
|                |     | <5.0%  |     | Increased target 75 basis points from prior year |     |      |     | 0%     |     |                  |                |     | <25th percentile |     |      |     | 0%     |
|                |     | 5.0