WELLS FARGO & COMPANY/MN

2025 Process

The HRC assesses NEO performance through evaluation against pre-established financial and non-financial goals. This includes consideration of financial results and progress against strategic priorities, providing the flexibility to assess both quantitative and qualitative results. This process aligns variable compensation determinations with performance against the Company’s long-term value drivers and prudent risk oversight and provides the HRC with the ability to reduce an individual NEO’s variable compensation for risk management failures, including but not limited to misconduct. The HRC believes that using a single formula to evaluate performance and determine compensation is not practical and may not fully reflect the scope and complexity of our business and the regulatory risks and other non-financial outcomes that impact our Company success. This rigorous process enables the HRC to evaluate Company, CEO, and each of our other NEO’s overall performance, which serves as the basis for compensation decisions, as described in more detail below.

1 Set Goals

Our Board approves our strategic direction and risk appetite, including our strategic plan annually, which includes our five strategic pillars. The five strategic pillars are used to frame the goals the HRC uses to assess Company, individual, and, as applicable, line of business performance.

At the beginning of each year, individual NEO goals are set tailored to each NEO’s area of responsibility with a focus on supporting broader Company goals. For 2025, consistent with 2024, the strategic pillars, Company, and individual NEO goals are broadly categorized below:

1. Line of Business Goals are included for CEOs of each business line.

2 Evaluate Performance

The HRC assesses performance holistically and regularly monitors and reviews Company performance throughout the year. At the end of the year, the HRC (and the Board for the CEO) assesses Company and individual NEO performance against the financial and non-financial goals set at the beginning of the year, in addition to risk performance informed by the CRO (see Independent Risk Assessment below for details) and feedback from Internal Audit. The outcome of the performance evaluation is directly used to determine NEO variable compensation.

Similar to prior years, the HRC focused on our NEOs’ progress in enhancing our risk and control infrastructure, including continued progress on regulatory matters and the removal of the asset cap, as well as advancing the Company’s growth and transformation by driving efficiency to fund increased investments in infrastructure, technology, and innovation.

HRC’s Evaluation Process:

CEO

Other NEOs

Independent Risk Assessment

The CRO provides an independent risk assessment for each of the NEOs, other than the CEO. During this process, the CRO assesses the extent of each NEO’s (other than the CEO) involvement in and accountability (if any) related to risk events that took place, or were identified, during the year. For the CEO, the HRC conducts a risk review with input from the Risk Committee Chair (who is also a member of the HRC), as well as the CRO. Further, each NEO is assessed on driving measurable progress toward advancing the Company’s risk and control environment, which includes resolving outstanding regulatory matters and commitments. The risk assessments, and risk review for the CEO, are incorporated into each NEO’s overall performance assessment, and the HRC may reduce or eliminate an NEO’s variable compensation for the applicable performance year due to risk failures, as well as take other actions under the Company’s Clawback Policies depending on the nature and impact of adverse risk outcomes.

3 Determine Variable Compensation

The HRC determines each NEO’s variable compensation through a comprehensive evaluation of performance across multiple dimensions. This includes Company-wide results, individual contributions, and, when relevant, business unit performance, assessed against financial and non-financial goals. The HRC considers both quantitative and qualitative factors—such as progress on strategic priorities, leadership, culture, and risk management—along with market pay levels.

Compensation decisions are made within our established principles so that outcomes are balanced, reasonable, and aligned with our pay-for-performance philosophy and practices among peers. Variable compensation continues to be primarily delivered through long-term equity awards with multi-year vesting periods, reinforcing alignment with shareholder interests. Once the total variable compensation is determined, it is delivered through a pre-set pay mix.