Form 4: Wells Fargo Director Wayne M. Hewett Reports Acquisition of Phantom Stock Units
SEC Filing
Wayne M. Hewett, a director of Wells Fargo & Company, reported the acquisition of phantom stock units representing the right to receive common stock.
Summary
- On October 1, 2024, Wayne M. Hewett, a director of Wells Fargo & Company, acquired 282.0906 phantom stock units.
- Each phantom stock unit represents the right to receive one share of Wells Fargo & Company common stock.
- The price of the derivative security was $55.39.
- Following the transaction, Hewett directly owns 38,619.7531 derivative securities.
- These shares are deferred compensation shares payable in installments based upon the director's election.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing, indicating a neutral sentiment.
Future Outlook
The phantom stock units are payable in installments based upon the director's election, indicating a deferred compensation arrangement.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.
Stakeholder Impact
- The transaction provides transparency to shareholders regarding director compensation.
Key Dates
| Date | Description |
|---|---|
| 10/01/2024 | Date of the transaction where phantom stock units were acquired. |
| 10/03/2024 | Date of signature for the Form 4 filing. |
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