BLACK STEVEN D 4

What Happened
Steven D. Black, a director of Wells Fargo & Company (WFC), was granted 1,117.041 derivative units on 2026-04-01 valued at $80.57 per share, totaling $90,000. The transaction is reported as an award/acquisition (derivative) rather than an open-market purchase. Footnotes indicate these are Phantom Stock Units (each unit represents the right to one share) and may include dividend equivalents and deferred compensation features.

Key Details

• Transaction date: 2026-04-01; filing date: 2026-04-02 (appears timely).
• Units/shares granted: 1,117.041 Phantom Stock Units.
• Reported price/value: $80.57 per share; aggregate value $90,000.
• Transaction type: Grant/Award (derivative).
• Shares owned after transaction: Not specified in this filing.
• Relevant footnotes: F2 (each Phantom Stock Unit = right to one share), F3 (deferred compensation payable lump sum or installments), F4 (dividend equivalents reinvested into Phantom Units), F1 (includes dividend reinvestment since last Form 4).
• No indication this was an exercise, sale, or 10% owner transaction.

Context
Director grants of phantom stock or deferred-compensation units are common as part of board pay and are compensation-related, not necessarily a personal investment decision. Because these are derivative/phantom units that may convert or pay out later (and can include dividend equivalents), they differ from immediate open-market purchases and are less direct as a bullish signal.