Wells Fargo & Company Chairman/CEO Retirement Policy Description
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Summary
This policy outlines post-retirement benefits for a retiring Chairman of the Board or CEO of Wells Fargo & Company. For three years after retirement, the retiree may receive office space, an administrative assistant, and a part-time driver at the company's expense, provided they remain available for consultation and represent the company as needed. With approval from the Human Resources Committee and recommendation from the current CEO, these benefits may be extended for up to two additional years if the retiree continues to serve effectively.
EX-10.(Y) 6 f38267exv10wxyy.htm EXHIBIT 10.(Y) exv10wxyy
Exhibit 10(y)
Description of Chairman/CEO Retirement Policy
For 3 years following the date of retirement, a retiring management Chairman of the Board or CEO of Wells Fargo & Company may be provided with office space, an administrative assistant, and part-time driver at the Company’s expense. These services will be provided with the agreement of the Board of Directors or the Human Resources Committee of the Board and the retiree on the condition that the retiree continues to be available for consultation with management and to represent Wells Fargo with customers, the community, and team members during this period. At the end of the 3 years, if the retiree is still considered to be effective and is spending a reasonable amount of time representing Wells Fargo with customers, the community, and team members, then, with the recommendation of the Company’s current CEO and approval by the Human Resources Committee, these services may be extended for a maximum of an additional two years.
