Wells Fargo (WFC) SVP settles 2023 performance shares with tax share withholding
Rhea-AI Filing Summary
Wells Fargo & Company senior executive vice president Ling Bei reported equity award activity involving 2023 Performance Shares. On March 5, 2026, 47,479.6841 Performance Shares were exercised into the same number of common shares at a stated price of $0.0000 per share, following a three-year performance period ended December 31, 2025.
To cover tax obligations, 24,227.5092 common shares were disposed of at $83.93 per share through share withholding, a non-open-market transaction. After these transactions, direct common stock holdings were 41,220.5443 shares. Indirect holdings included 408.1200 share equivalents through a 401(k) plan and 74,912.0000 shares held through a trust.
The footnotes state that each Performance Share represented a contingent right to receive one share of Wells Fargo common stock and that the grant is exempt under Rule 16b-3(d). As a condition of the award, Ling Bei agreed to hold company stock while employed and for one year after retirement under the company’s Stock Ownership Policy.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | 2023 Performance Shares | 47,479.684 | $0.00 | -- |
| Exercise | Common Stock, $1 2/3 Par Value | 47,479.684 | $0.00 | -- |
| Tax Withholding | Common Stock, $1 2/3 Par Value | 24,227.509 | $83.93 | $2.03M |
| holding | Common Stock, $1 2/3 Par Value | -- | -- | -- |
| holding | Common Stock, $1 2/3 Par Value | -- | -- | -- |
Footnotes (1)
- These shares represent common stock of Wells Fargo & Company (the "Company") acquired on March 5, 2026 upon settlement of a Performance Share award granted on January 24, 2023 for the three-year performance period ended December 31, 2025, as previously disclosed on a Form 4 filed on February 27, 2026 (including reinvested dividend equivalents). Includes shares acquired under a dividend reinvestment program since the reporting person's most recent filing on Form 4. Reflects share equivalent of units in the Wells Fargo ESOP Fund under the 401(k) Plan (the "Plan") as of February 27, 2026, as if investable cash equivalents held by the Plan were fully invested in Company common stock. Each Performance Share represents a contingent right to receive one share of Company common stock. Represents the number of 2023 Performance Shares (including reinvested dividend equivalents) determined based on financial performance for the three-year performance period ended December 31, 2025 pursuant to the terms and conditions of a Performance Share award granted on January 24, 2023, which is exempt under Rule 16b-3(d). As a condition to receiving the grant, the reporting person agreed to hold, while employed by the Company and for one year after retirement, shares of Company common stock as required under the Company's Stock Ownership Policy.
