Form 4: Wells Fargo Executive Ellen R. Patterson Reports Stock Transactions
SEC Form 4 Filing
Ellen R. Patterson, a Senior EVP and General Counsel at Wells Fargo, reported the vesting and subsequent disposal of restricted share rights (RSRs) on February 5, 2025, along with adjustments to her holdings in the company's 401(k) plan.
Summary
- On February 5, 2025, Ellen R. Patterson, a Senior EVP and General Counsel at Wells Fargo, reported transactions involving Wells Fargo common stock.
- These transactions included the vesting of restricted share rights (RSRs) granted on January 25, 2022, January 24, 2023, and January 23, 2024.
- The vesting of these RSRs resulted in the acquisition of 14,792.559, 22,547.4533, and 20,988.1487 shares, respectively.
- Simultaneously, shares were disposed of to cover tax obligations at a price of $79.47 per share, resulting in the disposal of 7,550.4077, 11,515.6863, and 8,831.4429 shares, respectively.
- Patterson also reported holdings of 1,264.59 shares through the Wells Fargo ESOP Fund under the 401(k) Plan as of January 31, 2025.
- Following these transactions, Patterson directly owns 168,174.5599 shares and indirectly owns 1,264.59 shares through the 401(k) plan.
- The reporting person agreed to hold shares of Company common stock as required under the Company's Stock Ownership Policy.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing detailing stock transactions, and carries a neutral sentiment.
Industry Context
This filing is a routine disclosure of stock transactions by a company executive, which is common practice in publicly traded companies to ensure transparency and compliance with securities regulations.
Comparison to Industry Standards
- Executive stock ownership policies are common among large financial institutions like Wells Fargo, mirroring practices at companies such as JPMorgan Chase and Bank of America.
- The vesting schedules for restricted stock units (RSUs) or restricted share rights (RSRs) typically span three to five years, aligning with industry norms for executive compensation packages.
- Similar to other financial firms, Wells Fargo requires executives to hold a certain amount of company stock to align their interests with those of shareholders, a practice seen at Goldman Sachs and Morgan Stanley.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders, as they represent routine executive compensation adjustments.
- The disclosure provides transparency to shareholders regarding executive stock ownership.
Key Dates
| Date | Description |
|---|---|
| January 25, 2022 | Original grant date of RSRs vesting on February 5, 2025 (one-third). |
| January 24, 2023 | Original grant date of RSRs vesting on February 5, 2025 (one-third). |
| January 23, 2024 | Original grant date of RSRs vesting on February 5, 2025 (one-third). |
| January 31, 2025 | Date of share equivalent of units in the Wells Fargo ESOP Fund under the 401(k) Plan. |
| February 5, 2025 | Date of transaction: vesting of restricted share rights and disposal of shares for tax obligations. |
| February 5, 2023 | One-third of RSRs vested. |
| February 5, 2024 | One-third of RSRs vested. |
| February 7, 2025 | Date of Form 4 filing. |
| February 5, 2026 | One-third of RSRs vest. |
| February 5, 2027 | One-third of RSRs vest. |
Keywords
Wells Fargo, Ellen R. Patterson, Form 4, Restricted Share Rights, Stock Ownership, Insider Trading, Executive Compensation, WFC, Securities Exchange Act
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