SEC Form 4 · accession 0001127602-18-011910
WELLS FARGO & COMPANY/MN · WFC
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Avid Modjtabai
Officer — Sr. Executive Vice President
Period of report
Mar 15, 2018
Accepted (ET)
Mar 16, 2018 · 7:14 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000072971
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock, $1 2/3 Par ValueF1 | Mar 15, 2018 | M | 162,250 | $0.00 | A | 162,250 | D | |
| Common Stock, $1 2/3 Par Value | Mar 15, 2018 | F | 79,999 | $56.83 | D | 82,251 | D | |
| Common Stock, $1 2/3 Par ValueF2 | Mar 15, 2018 | M | 656 | $0.00 | A | 82,907 | D | |
| Common Stock, $1 2/3 Par Value | Mar 15, 2018 | F | 311 | $56.83 | D | 82,596 | D | |
| Common Stock, $1 2/3 Par ValueF3 | holding | — | — | — | 11,117 | I | Through 401(k) Plan | |
| Common Stock, $1 2/3 Par Value | holding | — | — | — | 394,493 | I | Through Trust |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2015 Performance SharesF4,F5 | — | Mar 15, 2018 | M | 162,250 | D | — | — | Common Stock, $1 2/3 Par Value | 162,250 | 0 | D |
| Restricted Share RightF6,F7 | — | Mar 15, 2018 | M | 656 | D | — | — | Common Stock, $1 2/3 Par Value | 656 | 0 | D |
Explanation of responses
- F1These shares represent common stock of Wells Fargo & Company (the "Company") acquired on March 15, 2018 upon settlement of a Performance Share award granted on February 24, 2015 for the three-year performance period ended December 31, 2017 (as previously disclosed on a Form 4 filed on February 28, 2018).
- F2Number of shares represents a Restricted Share Right ("RSR") vesting on 3/15/2018. Original grant date was 2/24/2015. This vesting represents one-third of the original amount of RSRs granted (plus dividend equivalents reinvested in additional RSRs).
- F3Reflects share equivalent of units in the Wells Fargo ESOP Fund under the 401(k) Plan (the "Plan") as of February 28, 2018, as if investable cash equivalents held by Plan were fully invested in Company common stock.
- F4Each Performance Share represents a contingent right to receive one share of Company common stock upon vesting based on the attainment of pre-established performance goals.
- F5Represents the final number of 2015 Performance Shares earned for the three-year performance period ended December 31, 2017. The 2015 Performance Shares will be settled in shares of common stock of the Company on March 15, 2018. As a condition to receiving the award, the reporting person agreed to hold, while employed by the Company and for at least one year after retirement, shares of Company common stock equal to at least 50% of the after-tax shares (assuming a 50% tax rate) acquired upon vesting.
- F6Each RSR represents a contingent right to receive one share of Company common stock.
- F7These RSRs vest in three installments: one-third on 3/15/2016, 3/15/2017, and 3/15/2018. As a condition to receiving the grant, the reporting person agreed to hold, while employed by the Company and for at least one year after retirement, shares of Company common stock equal to at least 50% of the after-tax shares (assuming a 50% tax rate) acquired upon vesting. These RSRs were granted to the reporting person as part of the reporting person's 2014 annual incentive compensation award.