Ling Bei 4

What Happened
Ling Bei, Senior Executive Vice President of Wells Fargo (WFC), received 47,479.684 shares on March 5, 2026 upon settlement of a 2023 Performance Share award (three‑year period ended 12/31/2025). To satisfy tax withholding, 24,227.509 of those shares were surrendered at an implied value of $83.93 per share for a total withholding of $2,033,415. The award settlement (each Performance Share equals one share) is reflected as a derivative conversion/exercise on the Form 4.

Key Details

• Transaction date: March 5, 2026; Form 4 filed March 9, 2026 (timely filing).
• Shares acquired on settlement: 47,479.684 (performance shares converted to common stock).
• Shares withheld/surrendered for taxes: 24,227.509 at $83.93 each = $2,033,415.
• Price reported for the withheld shares: $83.93 per share.
• Shares owned after transaction: not specified in the excerpt provided.
• Notable footnotes: settlement includes reinvested dividend equivalents; shares reflect determination of 2023 Performance Shares based on 3‑year performance and are exempt under Rule 16b‑3(d). Reporting person agreed to hold required shares while employed and for one year after retirement.

Context
This was a routine settlement of long‑term performance awards rather than an open‑market purchase or investment sale. The surrender of shares to cover taxes is a common administrative step (similar to a cashless withholding) and does not necessarily signal a change in insider sentiment. The filing shows conversion of performance share units into common stock and subsequent withholding to meet tax obligations.