Van Beurden Saul 4

What Happened
Saul Van Beurden, Senior Executive Vice President at Wells Fargo (WFC), had 88,175.905 performance share units settle into common stock on March 5, 2026 (no cash exercise price). To satisfy tax withholding obligations, 45,013.771 of those shares were surrendered/withheld at $83.93 per share, producing proceeds/withholding of $3,778,006.

Key Details

• Transaction date: March 5, 2026; Form 4 filed March 9, 2026 (timely within the 2-business-day requirement).
• Settlement: 88,175.905 Performance Shares converted to common stock @ $0.00 (these were granted Jan 24, 2023 for the 3‑year performance period ended Dec 31, 2025).
• Tax withholding/disposition: 45,013.771 shares @ $83.93 = $3,778,006 (reported as code F).
• Footnotes: Performance Shares are contingent rights to receive one share each and the award is exempt under Rule 16b-3(d); the reporting person agreed to hold required stock while employed and for one year after retirement. Dividend equivalents were reinvested.
• Shares owned after the transaction: not specified in the provided filing excerpt.

Context

• This was a settlement of a performance-based award (not an open-market purchase). The conversion occurred at no cash exercise price because these were performance shares; some of the shares were withheld/surrendered to cover tax liabilities (a routine, administrative step).
• Such award settlements and associated withholding are common and do not by themselves indicate a change in insider sentiment about the company.