SEC Contract Filing

Filing Date: 2019-09-27

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<TYPE>EX-10.(A)
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10(a) </B></P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:19.20em; font-size:10pt; font-family:Times New Roman"><B>Elizabeth A. Duke</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:19.20em; font-size:10pt; font-family:Times New Roman"><B>Chair of the Board of Directors</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:19.20em; font-size:10pt; font-family:Times New Roman"><B>Wells Fargo &amp; Company</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:19.20em; font-size:10pt; font-family:Times New Roman"><B>420 Montgomery Street</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:19.20em; font-size:10pt; font-family:Times New Roman"><B>San Francisco, CA 94104</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Charles W. Scharf </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September&nbsp;26, 2019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SUBJECT: OFFER OF EMPLOYMENT
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Charlie: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of the Wells Fargo&nbsp;&amp;
Company (&#147;Wells Fargo&#148;) Board of Directors (the &#147;Board&#148;), I am pleased to extend you an offer of employment as Chief Executive Officer (&#147;CEO&#148;) and President, and appointment as a member of the Board of Directors. As we
discussed, your employment as outlined in this offer letter and your appointment to the Board is subject to a prior written determination of no supervisory objection from the Office of the Comptroller of the Currency, and your ongoing Board
membership is subject to annual election by shareholders starting at the annual shareholder meeting in 2020. You will also serve as the CEO and President, and as a member of the Board, of Wells Fargo Bank, N.A. Your start date will be mutually
agreed upon based on the fulfillment of your obligations to your prior employer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As Wells Fargo&#146;s CEO, you will have the opportunity to lead the
organization forward by driving transformational change that builds and protects the long-term value of a proud institution striving to serve its customers and communities in the best-possible way. Please review all the details related to this offer
summarized below. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>ANNUAL COMPENSATION </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Your
annual base-salary rate will be $2,500,000, subject to review from time to time for increase but not decrease. You will receive your base salary every two weeks on the Friday following the end of each <FONT STYLE="white-space:nowrap">two-week</FONT>
pay period. Your base salary compensates you for all hours worked in any given week and your biweekly base-salary calculation will be based on the exact number of business days within each calendar year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You will be eligible for an annual bonus under the Wells Fargo Bonus Plan (&#147;Bonus Plan&#148;), which is generally payable in March of the year following
the performance period, based on the successful completion of performance objectives and terms and conditions of the Bonus Plan. Subject to the following paragraph, your initial bonus eligibility will be a range from 0% to 300% of your annual base
salary, with a target bonus of 200%. Each year, you will be instrumental in setting the performance objectives for determining the earned bonus awards. Final determination of your earned award under the Bonus Plan will be at the discretion of the
Human Resources Committee (&#147;HRC&#148;) of the Board of Directors with ratification by the Board. Payments may be in the form of cash, long-term equity, long-term cash or a combination, as discretionarily determined by the HRC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to the commencement of your employment with Wells Fargo and the following sentence, for the 2019 performance year you will receive a cash award of no
less than $5,000,000 (100% of target) under the Bonus Plan, with no proration for you having worked only a partial year during 2019. This bonus will be payable in March 2020, and will be reduced by the amount of any annual incentive compensation you
receive from your prior employer for the 2019 bonus year. In subsequent years, the determination and payment of your earned bonus and other forms of compensation described in this offer will be subject to the conditions and restrictions imposed
under applicable laws, rules and regulations. Except as expressly </P>
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