WELLS FARGO ANNOUNCES PARTNERSHARES® STOCK OPTION GRANTS FOR TEAM MEMBERS
SAN FRANCISCO — November 2, 1998
To celebrate the creation of the new Wells Fargo (NYSE:WFC), PartnerShares stock option grants of 200 shares are being awarded to the new company's approximately 100,000 eligible team members.
"This award recognizes the tremendous contributions team members already have made in identifying best practices and combining two outstanding companies into an even greater new company," said Dick Kovacevich, president and chief executive officer of Wells Fargo & Company. "It also emphasizes the importance of the Wells Fargo motto, 'Run it like you own it,' and with PartnerShares, every one of us is an owner."
Both part-time and full-time team members of the newly-combined company have the option to buy 200 shares at an option price that is the Wells Fargo share price at the close of trading on Nov. 3, 1998.
The option vests and can be exercised by team members when Wells Fargo stock closes at or above $70 a share or in five years, whichever comes first.
"Having team members become owners of the company is as old as Wells Fargo," said Paul Hazen, chairman of Wells Fargo & Company. "In the original 'Articles and Association' forming Wells Fargo & Company as a co-partnership in 1852, each of the 18 original partners received 200, 100 or 50 shares of Wells Fargo & Company stock."
Team members also have significant company stock ownership through the 401(k) plans and stock purchase plans.
Wells Fargo is a $196 billion diversified financial services company providing banking, insurance, mortgage and consumer finance through 5,836 stores in all 50 states, Canada, the Caribbean, Latin America and elsewhere internationally.