Company: WFC-PC
Filing Date: 2025-03-19
Form Type: DEF 14A
Source: 0000072971-25-000090
Chunk: 65

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-03-19
Form: DEF 14A
Chunk 65
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75

#### Executive Compensation
4. Under the applicable FASB ASC Topic 718 rules, the total amount reported in column (h) above represents the fair value of the 2024 PSA or RSR award on its “grant date” (i.e., the date the HRC approved each award), based (i) for a PSA upon the then-probable outcome of the ROTCE performance condition (i.e., the target value of the award) and using a Monte Carlo simulation (in light of the relative TSR component) resulting in a value of $51.01 per share, and (ii) for an RSR award upon the full number of shares subject to the award and the NYSE closing price per share on the grant date. See Notes 1 and 12 to our 2024 financial statements included as Exhibit 13 to our Annual Report on Form 10-K for the year ended December 31, 2024, regarding assumptions underlying the valuation of these awards, and footnote (4) to the Summary Compensation Table for additional information.

Additional Information About Equity Grants

PSAs

The HRC granted PSAs to Messrs. Scharf, Santomassimo, and Weiss in January 2024. Mr. Rivas and Ms. Engle joined the Company in 2024 and were not granted PSAs during 2024. The target and potential maximum number of shares that can be earned are shown in columns (e) and (f) in the table above. Each PSA represents the right to receive one share of Company common stock upon vesting, net of withholding for income taxes, and includes the right to receive dividend equivalents in the form of additional PSAs. These additional PSAs will be distributed in shares of our common stock if and when the underlying PSAs vest and are distributed.

The 2024 PSAs vest after three years in the first quarter of 2027, with the target number of PSAs for each NEO subject to adjustment upward (to a maximum of 150% of the original target amount granted) or downward (to zero) based on our Company’s absolute and relative ROTCE performance over the three-year period ending December 31, 2026, and additional NOL, TSR, and forfeiture conditions. PSAs are subject to the vesting treatment described under Potential Post-Employment Payments and the Company’s Clawback Policies, as applicable.

Additional information about the terms of these awards appears in the CD&A and in footnotes (3) and (4