Company: WFC-PC
Filing Date: 2025-07-31
Form Type: 8-K
Source: 0000072971-25-000193
Chunk: 1

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-07-31
Form: 8-K
Item: Item 5.02
Chunk 1
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f must, for the duration of his employment and one year after his departure, retain at least 50% of the net vested shares from Company stock-based awards.

The foregoing summary of the Award is qualified in all respects by reference to the text of the award agreements that govern the Award, forms of which are filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K and are incorporated herein by reference.

2025 Named Executive Officer Compensation Program

In connection with a comprehensive evaluation of our executive compensation program earlier this year, the HRC determined not to maintain a target total compensation structure for our named executive officers (“ NEOs”) effective as of the 2025 performance year. The HRC will continue to determine incentive compensation for each NEO, including the CEO, using a holistic performance assessment that evaluates NEO performance based on individual and Company performance, as well as line of business performance, where applicable, relative to established financial and non-financial performance criteria. This change further aligns the Company’s executive compensation program with those of the Company’s most comparable peers. The HRC will continue to award incentive compensation through a combination of cash and equity, with a significant majority deferred through performance share awards and RSRs that include additional performance and vesting criteria.

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

On July 29, 2025, the Board approved and adopted the Company’s By-Laws (as amended and restated, the “ By-Laws”), effective immediately.

Among other things, the amendments remove the requirement that the Chairman of the Board be an independent director. The Board also amended the Company’s Corporate Governance Guidelines (the “ Guidelines”) to, among other things, require a Lead Independent Director if the Chairman of the Board is not independent. Consistent with this change, the independent directors of the Board intend to appoint Mr. Scharf as Chairman of the Board, and to appoint a Lead Independent Director of the Board.

Additionally, the amendments to the By-Laws update certain procedural and disclosure requirements related to director nominations and/or other business proposals by shareholders, including by:

• tailoring information requirements to focus on the actual proposing shareholders

• removing requirements to disclose certain commercial interests relating to the Company and its principal competitors

• clarifying the purpose of any additional disclosure requirements as may be reasonably requested by the Company for a proposed nominee

• clarifying certain disclosure requirements regarding the director nominee questionnaire and representations

The amendments also: (