Wells Fargo & Company Notice of Separation and Agreement Not to Exercise Stock Options with Carrie L. Tolstedt
This agreement is between Wells Fargo & Company and Carrie L. Tolstedt. It notifies Ms. Tolstedt of her employment separation effective September 27, 2016. She agrees not to exercise any stock options awarded to her until the company completes its investigation into her conduct. The Board of Directors will later decide if any stock options will be forfeited. In return for her agreement, Wells Fargo rescinds its previous notice of termination for cause.
Exhibit 10(a)
WELLS FARGO & COMPANY
Notice of Separation and Agreement Not to Exercise
You are hereby given notice that you will separate from your employment with Wells Fargo & Company (the “Company”) and its affiliates effective at 5 PM on Tuesday, September 27, 2016. By your signature below, you agree that, until your receipt of written notice from Company of the completion of the ongoing investigations being conducted by the Company and its Board of Directors into your conduct and activities as Senior Executive Vice President (Community Banking), you will not exercise any of the stock options awarded to you by the Company, and the Company will not give effect to any purported exercise by you of any such options. You acknowledge and agree that, at the conclusion of such investigation, the Board of Directors of the Company will have the authority to determine the extent to which your stock options will be forfeited.
In consideration of you agreement and acknowledgement set forth in the preceding paragraph, the Company hereby rescinds the Notice of Termination for Cause delivered to you on September 26, 2016.
September 26, 2016
| Accepted and agreed: |
| /s/ Carrie L. Tolstedt |
| Carrie L. Tolstedt |
| WELLS FARGO & COMPANY | ||||
| By: | /s/ Timothy J. Sloan | |||
| Name: | Timothy J. Sloan | |||
| Title: | President | |||
