Wells Fargo & Co., the fourth-largest U.S. bank by assets, awarded Chief Executive Officer John Stumpf 2011 performance shares worth about $12 million.
Stumpf received 382,410 performance shares, San Francisco-based Wells Fargo said today in a filing with the Securities and Exchange Commission. The shares are valued at $12 million based on the $31.38 closing price Feb. 22, when the award was granted. Stumpf’s award can rise by as much as 50 percent, the bank said.
Wells Fargo made grants to four other “named executive officers” as defined by SEC rules. Wholesale banking chief David Hoyt got shares valued at $6.5 million and community banking head Carrie Tolstedt received $5.5 million. Mark Oman, head of the consumer finance and mortgage business, and David Carroll, who runs the wealth, brokerage and retirement division, received shares worth $5 million each. Former Chief Financial Officer Howard I. Atkins didn’t receive any shares.
The shares will vest in the first quarter of 2014, and will depend on the bank’s performance over the three-year period ending Dec. 31, 2013, according to the filing. The shares will be forfeited if the executives leave the company for a reason other than retirement, disability or death, the bank said.