CELEBRATING ITS 150TH YEAR IN BUSINESS, WELLS FARGO AWARDS COMPANY-WIDE STOCK OPTION GRANTS TO TEAM MEMBERS FOR FIFTH TIME IN SEVEN YEARS
SAN FRANCISCO — March 21, 2002
Wells Fargo & Company (NYSE: WFC) announced today that on March 18, 2002, it awarded stock option grants to virtually all of its 128,000 team members - the fifth company-wide stock option award in seven years.
"This award celebrates Wells Fargo's 150–year history of providing outstanding, reliable service to a our customers – especially the outstanding service all our team members are committed to providing today so our customers can reach the 'Next Stage' of their financial success," said Dick Kovacevich, chairman and CEO of Wells Fargo & Company. "Our team members act like owners of Wells Fargo because they are. That ownership builds a sense of pride in 'doing it right for the customer.' With this new PartnerShares grant we rededicate ourselves to everything our famous brand stands for – security, trust, dependability, speed and convenience." Eligible full–time Wells Fargo team members employed by the company on March 18, 2002 received option grants for 150 shares, and eligible part-time and flex–time team members received grants for 75 shares.
Wells Fargo Awards Stock Option Grants 2 - 2 - 2
The 10–year options have a fixed "exercise price" of $50.50 a share – Wells Fargo's closing stock price on the New York Stock Exchange on March 15, 2002. Wells Fargo team members can buy up to their allotted shares at the fixed exercise price when Wells Fargo stock closes at or above $90 a share or on March 18, 2007 – five years from the grant date – whichever comes first.
The amount by which the stock price exceeds the fixed exercise price is the potential gain before taxes and any fees
The majority of Wells Fargo team members own stock in the company and many have outstanding stock options. The last PartnerShares grant was made in November 2000 when the company awarded its team members stock option grants to recognize their important role in helping satisfy all of its customers' financial needs and to thank them for the successful merger integration of the former Norwest and the former Wells Fargo.
The grants awarded on March 18, 2002 - the fifth in seven years - represent about 17 million shares or one percent of the company's approximately 1.7 billion shares outstanding. Once vested, PartnerShares stock options can be exercised through Wells Fargo Investments LLC.
Wells Fargo & Company is a diversified financial services company with $308 billion in assets, providing banking, insurance, investments, mortgage and consumer finance from more than 5,400 stores and the internet (wellsfargo.com) across North America and elsewhere internationally.