Item 5.02.   Departure of Directors or Certain Officers; Election of Directors;
             Appointment

of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 20, 2020, the board of directors (the "Board") of Wells Fargo & Company (the "Company") elected Mark A. Chancy to the Board, effective immediately. His election increases the size of the Board to 13 directors. Mr. Chancy is considered an independent director under the New York Stock Exchange's corporate governance listing standards and the Company's Corporate Governance Guidelines. He has been appointed to serve on the Board's Audit Committee and Risk Committee.

Mr. Chancy will receive customary fees and equity awards from the Company for serving as a director in accordance with the Company's non-employee director compensation program as described in the Company's 2020 proxy statement filed with the Securities and Exchange Commission on March 16, 2020. Under the non-employee director compensation program, he was automatically granted a stock award on August 20, 2020, under the Company's Long-Term Incentive Compensation Plan, having a fair market value of approximately $135,000. The number of shares of Company common stock subject to the stock award was determined by dividing the award value by the closing price of a share of Company common stock on August 20, 2020, rounded up to the nearest whole share. The stock award vests in full on the date of grant. Additional information regarding equity awards under the non-employee director compensation program and our director deferral program under the Wells Fargo & Company Directors Stock Compensation and Deferral Plan is included in Exhibits 10(l) and 10(e) to the Company's Annual Report on Form 10-K for the year ended December 31, 2019.

The Company's news release announcing the election of Mr. Chancy as a director is attached to this report as Exhibit 99.1 and is incorporated by reference into this Item 5.02.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits



 Exhibit No.                  Description                        Location
    99.1        News Release                              Filed herewith
     104      Cover Page Interactive Data File            Embedded within the
                                                          Inline XBRL document

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses