Company: WFC-PC
Filing Date: 2025-07-31
Form Type: 8-K
Source: 0000072971-25-000193
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Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-07-31
Form: 8-K
Item: Item 5.02
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Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Special CEO Equity Award

On July 29, 2025, the independent members of the Board of Directors (the “ Board”) of Wells Fargo & Company (the “ Company”), consistent with the recommendation of the Human Resources Committee of the Board (the “ HRC”), awarded Chief Executive Officer and President Charles W. Scharf a one-time equity award (the “ Award”), consisting of Restricted Share Rights (“ RSRs”) with a grant date value of approximately $30 million and 1.046 million Stock Options (“ Options”). Both the RSRs and Options will vest (and become exercisable for Options) on a pro-rata basis following the fourth, fifth, and sixth anniversaries of the grant date. If Mr. Scharf resigns or retires from the Company, unvested portions of the Award will be forfeited.

The Award reflects the Board’s desire to retain Mr. Scharf in his role and to acknowledge his successful leadership of the Company, in particular by:

• promoting the long-term retention of Mr. Scharf as the Company’ s CEO

• recognizing Mr. Scharf’s role in building a strong executive team and supporting his continued leadership of the team in driving future growth

• recognizing Mr. Scharf’s leadership in driving significant progress, including:

◦ creating significant shareholder value and positioning the Company for future success

◦ continuing to build out a sustainable risk and control infrastructure appropriate for a company of our size and complexity

◦ reaching key regulatory milestones, resulting in 13 consent orders terminating during his tenure and including the Federal Reserve announcing in June 2025 the termination of the limits on growth in total assets that had been imposed in 2018

◦ delivering a strong financial performance, while making strategic investments in driving growth of the Company’ s core businesses

• maintaining our CEO’s compensation relative to peer financial institutions, including the CEOs of our Labor Market Peer Group

The Award design is intended to promote long-term shareholder value creation as the value of the RSRs will fluctuate with the Company’s stock price and the Options will only have value to the extent the Company’s stock price appreciates over the vesting period. The entire Award will be subject to the Company’s Clawback and Forfeiture Policy as well as our Stock Ownership Policy, under which Mr. Schar