BLACK STEVEN D 4

What Happened
Steven D. Black, a director of Wells Fargo & Company (WFC), was granted 1,076.332 units as an award/other acquisition on July 1, 2026. The units are recorded at an acquisition price of $85.94 each, with a total reported value of $92,500. This transaction is a derivative award (phantom stock/deferred compensation), not an open-market purchase.

Key Details

• Transaction date: 2026-07-01; reported on Form 4 filed 2026-07-02 (timely filing).
• Transaction type/code: A — Grant/Award (derivative instrument).
• Quantity and valuation: 1,076.332 Phantom Stock Units @ $85.94 = $92,500.
• Shares owned after transaction: Not specified in the provided excerpt; see the full Form 4 for total holdings.
• Relevant footnotes:
  • F2: Each Phantom Stock Unit represents the right to receive one share of WFC common stock.
  • F3: These are deferred compensation shares payable in a lump sum or installments per the director's election.
  • F4: Includes dividend equivalents reinvested in additional Phantom Stock Units.
  • F1: (General note) Includes shares acquired under dividend reinvestment since last filing, where applicable.

Context
Phantom stock units are a form of deferred compensation for directors: they track share value and typically convert to actual shares or cash later (per F3), and can include dividend equivalents (F4). Such grants are routine director compensation and do not equate to an open‑market buy or sale; they should be viewed differently than outright purchases when assessing insider sentiment.