Document:

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Exhibit 10(u)

February 22, 2005

David J. Zuercher

Executive Vice President

Wells Fargo Bank, N.A.

333 South Grand Avenue, 12th Floor

Los Angeles, CA 90071-1504

Dear Dave:

This letter is to notify Wells Fargo Bank, National Association that I hereby elect to terminate,
effective as of December 31, 2004, the agreement between the Bank and me, which became effective
April 15, 2002.

	 	 	 	 	 
	 	Sincerely,
 	 
	 	 	 
	 	/s/ Robert L. Joss
 	 
	 	Robert L. Jossexv10wxwy

 

Exhibit 10(w)

Description of Executive Financial Planning Program

          Wells Fargo & Company provides certain senior level officers with a personal financial
planning benefit to aid them in their financial, estate and tax planning. Under this program, the
Company will pay the annual cost of the AYCO financial planning program or will reimburse expenses
up to $20,000 per calendar year for covered financial planning and/or tax preparation fees.exv10wxxy

 

Exhibit 10(x)

WELLS FARGO & COMPANY

PARTNERSHARES STOCK OPTION PLAN

(Includes Amendments through February 22, 2005)

ARTICLE I

PURPOSE OF THE PLAN

     The Wells Fargo & Company PartnerShares Stock Option Plan is intended to enhance the
profitability and value of the Company by providing performance-based incentives and additional
equity ownership opportunities to Eligible Employees of the Company and its Affiliates.

ARTICLE II

DEFINITIONS OF TERMS AND RULES OF CONSTRUCTION

     2.1 General Definitions. As used herein, the following capitalized terms have the following
respective meanings.

	 	(a)  	“Affiliate” means any corporation or limited liability company, a
majority of the voting stock or membership interest of which is directly or
indirectly owned by the Company, and any partnership or joint venture designated
by the Committee in which any such corporation or limited liability company is a
partner or joint venturer.
	 
	 	(b)  	“Award” means any Option and any Stock Right granted to an Eligible
Employee pursuant to Section 6.1 of the Plan, including all rights and interests
that arise out of or are otherwise related to such Option or Stock Right.
	 
	 	(c)  	“Award Notice” means the document or other communication provided to
or otherwise made available to a Participant which describes the Award granted to
the Participant and sets forth the terms, conditions and restrictions specific to
the Award.
	 
	 	(d)  	“Board” means the Company’s board of directors.
	 
	 	(e)  	“Committee” means any PartnerShares Committee or PartnerShares
Committees, each consisting of one or more members of the Board, as designated
from time to time by the Board to administer the Plan.
	 
	 	(f)  	“Common Stock” means the Company’s common stock, par value $1-2/3 per
share.
	 
	 	(g)  	“Company” means Wells Fargo & Company.

 

 

	 	(h)  	“Disability” means a disability that (i) the Company determines,
based on medical evidence satisfactory to the Company, that the Participant has
become unable due to injury or illness to perform the duties of any occupation for
which the Participant is qualified and such condition is expected to last for at
least 12 months or to result in death, (ii) results in the Participant becoming
eligible for Social Security disability benefits, or (iii) would entitle a
Participant to receive a disability benefit under any long-term disability plan
maintained by the Company or an Affiliate, as from time to time in effect, whether
or not the Participant is then participating in such plan. The determination of
whether a Participant has satisfied the definition of Disability will not be made
until the Participant incurs a termination of employment.
	 
	 	(i)  	“Eligible Employee” means, unless otherwise provided herein, any
employee of the Company or an Affiliate other than (i) an employee who is subject
to Section 16 of the Securities Exchange Act of 1934, as amended from time to
time, (ii) a leased employee, (iii) any person classified by the Company or an
Affiliate as an independent contractor as of the date of an Award regardless of
whether the person is subsequently determined by any court or governmental agency
to then have been an employee, and (iv) any other employees excluded by the
Committee in its discretion. Notwithstanding the foregoing, the definition of
Eligible Employee in effect at the time of any prior Award shall apply to that
Award. If a Participant’s employer ceases to be an Affiliate, the Participant
shall thereupon cease to be an Eligible Employee and a Participant.
	 
	 	(j)  	“Fair Market Value” as of any date means the immediately preceding
trading day’s New York Stock Exchange-only closing price of a share of Common
Stock.
	 
	 	(k)  	“Option” means an option granted under the Plan to purchase shares of
Common Stock and having such terms, conditions and restrictions as the Committee
determines.
	 
	 	(l)  	“Participant” means an Eligible Employee who is granted an Award
under the Plan.
	 
	 	(m)  	“Plan” means the Wells Fargo & Company PartnerShares Stock Option
Plan, as amended from time to time.
	 
	 	(n)  	“Retirement” means termination of employment after reaching the
earlier of (i) age 55 with 10 completed years of service, or (ii) age 65, or (iii)
80 points (with one point credited for each completed age year and one point
credited for each completed year of service). For purposes of this definition, a
Participant is credited with one year of service after

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	 	   	completion of each full 12-month period of employment with the Company or an
Affiliate as determined by the Company or Affiliate.
	 
	 	(o)  	“Share” means a share of Common Stock.
	 
	 	(p)  	“Stock Right” means an award under the Plan of Common Stock or cash
measured by the value of Common Stock and in each case subject to such terms,
conditions and restrictions as the Committee determines.

     2.2 Other Definitions. Other capitalized terms used herein and not defined above are defined
where they first appear.

     2.3 Conflicting Provisions. In the event of any conflict or other inconsistency between the
terms of the Plan and the terms of any Award Notice, the terms of the Plan will control.

ARTICLE III

SHARES AVAILABLE FOR ISSUANCE UNDER THE PLAN

     3.1 Number of Shares. An aggregate of 54,000,000 Shares (as adjusted to reflect a 1997 stock
split, consisting of 14,000,000 Shares authorized on July 23, 1996, 24,000,000 Shares authorized on
September 23, 1997, 24,000,000 Shares authorized on November 2, 1998 and 5,000,000 Shares
authorized on September 26, 2000, 7,000,000 Shares authorized on February 26, 2002, and reduced by
20,000,000 Shares effective February 22, 2005) are available for Awards and as a basis for
calculating Awards under the Plan. Shares issued with respect to Awards may be treasury or new
issue Common Stock or a combination of treasury or new issue Common Stock, as the Company
determines.

     3.2 Reusage of Shares. Shares identified with Awards that for any reason terminate or expire
unexercised will thereafter be available for other Awards under the Plan. Shares used as a basis
for calculating cash amounts that are used to pay any portion of the purchase price of an Award or
any portion of a Participant’s income tax withholding resulting from an Award, will also thereafter
be available for Awards or as a basis for calculating Awards under the Plan.

     3.3 Adjustments. Any change in the number of outstanding shares of Common Stock occurring by
reason of a stock split, stock dividend, spin-off, split-up, recapitalization or other similar
event will be reflected proportionally in (a) the aggregate number of Shares available for Awards
under the Plan as set forth in Section 3.1, (b) the number of Shares identified with Awards then
outstanding, and (c) the purchase price and such other terms, as appropriate, of Awards then
outstanding. The number of Shares, if any, identified with an Award, after giving effect to any
such adjustment, will be rounded down to the nearest whole Share, and the purchase price of each
Award, after giving effect to any such adjustment, will be rounded down to the nearest whole cent.

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ARTICLE IV

PARTICIPATION IN THE PLAN

     The Committee will have discretionary authority to select Participants from among Eligible
Employees and determine the Award or Awards each Participant will receive. The Award or Awards to
each Participant need not be identical. In making such selections and determinations, the
Committee will consider such factors as it deems relevant to effect the purpose of the Plan. No
Eligible Employee will be entitled to receive any additional Awards or otherwise further
participate in the Plan solely because the Eligible Employee was previously granted an Award.

ARTICLE V

ADMINISTRATION OF THE PLAN

     Subject to the terms of the Plan, the Committee: (a) will have discretionary authority to
determine which Eligible Employees will be Participants to whom Awards will be granted, the type
and amount of each Award to be granted, the date of issuance and duration of each Award, the
purchase price of each Award, and such other Award terms, conditions and restrictions and any
subsequent amendments to the terms, conditions and restrictions as the Committee deems advisable;
(b) may adopt such rules or guidelines as it deems appropriate to determine Eligible Employees,
Participants, the terms of Awards and what other conditions or restrictions should apply to Awards
made under the Plan; and (c) shall have the sole authority and responsibility to interpret and
construe the terms of the Plan, including but not limited to, the entitlement of employees,
Participants and beneficiaries to Options and Shares under the Plan.

ARTICLE VI

AWARDS

     6.1 Types. The Committee may grant Options and Stock Rights under the Plan having such terms,
conditions and restrictions as the Committee determines.

     6.2. Price. The Committee will determine the purchase price of each Share subject to an
Option, provided that such purchase price will not be less than the Fair Market Value on the date
the Option is granted and in any event will not be less than the par value of the Share subject to
the Option.

     6.3 Exercise Term. The Committee will determine the term of each Award, provided that (a) no
Award will be exercisable after ten years from the date of grant, (b) no Award will be exercisable
unless a registration statement for the Shares, if any, underlying the Award is then in effect
under the Securities Act of 1933, as amended, or unless in the opinion of legal counsel
registration under such Act is not required, (c) except pursuant to Section 7.3 of the Plan or as
determined by the Committee in the case of death, Disability or Retirement pursuant to Section
7.1.1 of the Plan, no Award shall become exercisable within six months after the date of grant, and
(d) the Committee may

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delay exercise of an Award to the extent the Committee deems it in the best interests of the
Company.

     6.4 Payment of Purchase Price. Upon exercise of an Option or Stock Right that requires a
payment from the Participant to the Company, the amount due the Company must be paid by cash unless
the Committee determines otherwise. The Committee may, either at the time an Option is granted or
any time before it is exercised, subject to such limitations as the Committee may determine,
authorize payment of the Option purchase price by delivery to the Company of irrevocable
instructions to a broker, or some other communication as is authorized by the Company’s Executive
Vice President of Human Resources, requiring prompt delivery to the Company of the amount of sale
proceeds to pay the Option purchase price and all applicable withholding taxes resulting from the
exercise of the Option.

     6.5 Award Notice. Each Award will be evidenced by an Award Notice containing the following:
(a) the terms, conditions and restrictions of the Award; (b) if an Option, the purchase price and
acceptable methods of payment of the purchase price; (c) the Award’s duration; (d) the effect on
the Award of the Participant’s death, Disability, Retirement or other termination of employment;
and (c) the restrictions against transfer, if any, on the Award or the Shares subject to the Award.
The form of the Award Notice may be different for each Option grant or other Award.

     6.6 Withholding Taxes. The Company and its Affiliates have the right to withhold, at the time
any distribution is made under the Plan, whether in cash or in Shares, or at the time any Award is
exercised, all amounts necessary to satisfy federal, state and local withholding requirements
related to such distribution or exercise. Any required withholding may be satisfied by cash or, if
permitted by the Committee, by the Company’s withholding of Shares having a Fair Market Value equal
to the amount required to be withheld.

ARTICLE VII

MISCELLANEOUS PROVISIONS

     7.1 Termination of Employment.

          7.1.1 Due to Death, Disability or Retirement. If a Participant ceases to be an Eligible
Employee by reason of the Participant’s Disability or Retirement, the Participant’s Awards will be
exercisable for such period or periods as the Committee determines. If a Participant ceases to be
an Eligible Employee by reason of the Participant’s death, the person or persons surviving at the
time of the Participant’s death in the first of the following classes of beneficiaries in which
there is a survivor, shall be entitled to exercise the Participant’s Awards for such period or
periods as the Committee determines. If a person in the class surviving dies before exercising the
Participant’s Awards, that person’s right to receive and exercise the Awards will lapse and the
exercise entitlement will be determined as if that person predeceased the Participant.

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	 	(a)  	Participant’s surviving spouse;
	 
	 	(b)  	Equally to the Participant’s children, except that if any of
the Participant’s children predecease the Participant but leave descendants
surviving, such descendants shall take by right of representation the share
their parent would have taken if living;
	 
	 	(c)  	Participant’s surviving parents equally;
	 
	 	(d)  	Participant’s surviving brothers and sisters equally; or
	 
	 	(e)  	Representative of the Participant’s estate.

          7.1.2 Other than Due to Death, Disability or Retirement. Except as otherwise determined by
the Committee, if a Participant ceases to be an Eligible Employee for any reason other than death,
Disability or Retirement, including because the Participant’s employer is no longer an Affiliate,
all of the Participant’s Awards will terminate without notice of any kind.

          7.1.3 Intercompany Transfers. Transfers of a Participant’s employment between the Company and
an Affiliate or between Affiliates will not by itself constitute termination of the Participant’s
Eligible Employee status for purposes of any Award.

     7.2 Nontransferability. Except as otherwise determined by the Committee, (a) an Award may be
exercised during a Participant’s lifetime only by the Participant or the Participant’s legal
guardian or legal representative, (b) an Award may be exercised after the Participant’s death only
as provided in Section 7.1.1 of the Plan, and (c) no Award may be assigned or otherwise transferred
by the Participant to whom it was granted.

     7.3 Change in Control. On the date that (a) substantially all of the assets of the Company
are acquired by another corporation, (b) there is a reorganization of the Company involving an
acquisition of the Company by another entity, or (c) a majority of the Board shall be persons other
than persons (i) for whose election proxies shall have been solicited by the Board or (ii) who are
then serving as directors appointed by the Board to fill vacancies on the Board caused by death or
resignation (but not by removal) or to fill newly-created directorships, then (1) all Options and
other Awards that require exercise by Participants and/or payment by Participants to the Company
will become immediately exercisable in full and (2) with respect to all other Awards, all
conditions or restrictions to the receipt thereof will immediately terminate.

     7.4 No Employment Contract. Neither the adoption of the Plan nor the grant of any Award will
(a) confer upon any Eligible Employee any right to continued employment with the Company or any
Affiliate or (b) interfere in any way with the right of the Company or any Affiliate to terminate
at any time the employment of any Eligible Employee.

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     7.5 Amendment or Termination of Plan. The Board or the Human Resources Committee of the Board
may at any time terminate, suspend or amend the Plan.

     7.6 Duration of the Plan. The Plan will become effective upon its approval by the Board and,
unless earlier terminated, will remain in effect until all Shares available for issuance under the
Plan have been issued.

     7.7 Reservation of Board Authority. Any action under the Plan required or permitted to be
taken by the Committee may be taken by the Board or any other duly authorized committee of the
Board.

07/23/96

09/23/97

10/02/97

09/22/98

09/26/00

10/31/00

02/26/02

07/23/02

02/24/04

02/22/05

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