Wells Fargo Awards Company_wide Stock Option Grants to Team Members for Second Time in Two Years
SAN FRANCISCO — November 6, 2000
Wells Fargo & Company (NYSE:WFC) said today it has awarded stock option grants to virtually all its 117,000 team members - the second company-wide stock option award in two years.
"This award recognizes the hard work and accomplishments of all our team members and the important role they play in helping Wells Fargo achieve its vision of satisfying all of our customers' financial needs," said Dick Kovacevich, president and CEO of Wells Fargo & Company. "In the past two years, we've successfully combined two great companies, connected the vast majority of our systems and operations, and welcomed thousands of new team members through mergers and new hires." Full-time Wells Fargo team members employed by the company on November 3, 2000 received option grants for 200 or 400 shares based on salary levels. Part-time and flex-time team members received grants for 100 shares.
The 10-year options have an "exercise price" or fixed price of $46.50 a share based on Wells Fargo's New York Stock Exchange closing stock price on November 2, 2000. Wells Fargo team members can buy up to their allotted shares at the fixed price when Wells Fargo stock closes at or above $80 a share or in five years, whichever comes first.
The difference between the stock price and the fixed exercise price, when the option is vested and exercisable, is the potential gain.
"These option grants help all of our team members to think and act as owners more than ever before," said Kovacevich. "That personal ownership will reflect in the level of service we provide every day for every customer. Assuming Wells Fargo continues with a strong financial performance, we would expect more PartnerShares option grants in the future."
The majority of Wells Fargo team members own stock in the company and many have outstanding stock options. In November 1998, when the merger involving Norwest Corporation and Wells Fargo was completed, the company awarded stock option grants of 200 shares to team members.
The grants - the fourth in four and a half years awarded by the former Norwest Corporation - represent about 25 million shares or 1.5 percent of the company's approximately 1.7 billion shares outstanding. Wells Fargo Private Client Services administers the plan.
Wells Fargo & Company is a diversified financial services company with $263.5 billion in assets, providing banking, insurance, investments, mortgage and consumer finance from more than 5,700 stores and the Internet (wellsfargo.com ) across North America and elsewhere internationally.