Company: WFC-PC
Filing Date: 2025-08-26
Form Type: S-3/A
Source: 0001193125-25-188722
Chunk: 63

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-08-26
Form: S-3/A
Chunk 63
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43

When we use the term “ subsidiary” in this section “—Covenants Contained in Indentures” and in “—Consolidation, Merger or Sale” below, we mean any corporation of which we own more than 50% of the outstanding shares of voting stock, except for directors’ qualifying shares, directly or indirectly through one or more of our other subsidiaries. Voting stock is stock (or the equivalent thereof) that is entitled in the ordinary course to vote for the election of a majority of the directors, managers or trustees of a corporation and does not include stock (or the equivalent thereof) that is entitled to so vote only as a result of the happening of certain events, and references to “corporation” refer to corporations, associations, companies (including limited liability companies) and business trusts. When we use the term “ Principal Subsidiary Bank” above, we mean any commercial bank or trust company organized in the United States under Federal or state law of which we own at least a majority of the shares of voting stock directly or indirectly through one or more of our subsidiaries if such commercial bank or trust company has total assets, as set forth in its most recent statement of condition, equal to more than 10% of our total consolidated assets, as set forth in our most recent financial statements filed with the SEC under the Exchange Act. (Section 101 of the senior indenture) As of the date hereof, our only Principal Subsidiary Bank is Wells Fargo Bank, N.A. The subordinated indenture does not contain the restriction described above. Except as expressly set forth above, neither of the indentures contains restrictions on our ability to:

| ● |     | incur, assume or become liable for any type of debt or other obligation; |

| ● |     | create liens on our property for any purpose; or |

| ● |     | pay dividends or make distributions on our capital stock or repurchase or redeem our capital stock. |

The indentures do not require the maintenance of any financial ratios or specified levels of net worth or liquidity. In addition, the indentures do not contain any provisions which would require us to repurchase or redeem or modify the terms of any of the debt securities upon a change of control or other event involving us which may adversely affect the creditworthiness of the debt securities. Consolidation, Merger or Sale Each of the indentures generally permits a consolidation or merger between us and another entity. They also permit the conveyance,