On Christmas Eve, Wells Fargo & Co. put share incentives into four top executives’ stockings. They vest in three years and could be worth more than $10 million for CEO John Stumpf.
Stumpf’s 379,600 “retention performance shares” are worth $10.3 million at today’s stock price.
Chief Financial Officer Howard Atkins got 189,800 shares, worth $5.2 million at today’s stock price.
David Hoyt, head of wholesale banking, and Mark Oman, head of home and consumer finance, also got 189,800 shares.
The awards vest in the first quarter of 2013, and can be adjusted up or down depending on the bank’s performance. If the bank does well, the number of shares awarded could be increased by half. But if the bank does poorly enough — based on a calculation of return upon equity and comparison to 24 other companies — the executives could get no stock awards in 2013 at all.
Between now and 2013, dividends will be paid in the form of more performance shares.
If one of the executives “terminates his employment” with the San Francisco bank (NYSE: WFC), he’ll lose the award. But he can still receive the shares under certain conditions if he retires before they vest.
If the executive dies or is permanently disabled, the shares vest at once.
According to a New Year’s Eve regulatory filing, the awards are to encourage each executive “to remain in the Company’s employment and provide valuable services to the Company.”
Wells Fargo is the fourth-largest banking operation in Oregon and has more than 60 branches in the Portland area, 179 total locations in Oregon and Southwest Washington, and 5,858 employees in Oregon and Southwest Washington.
New Year's was first celebrated in Times Square on Dec 31 1904. The inaugural bash commemorated the official opening of the new headquarters of The New York Timesnewspaper. The new impressive tower marooned on a tiny triangle at the intersection of 7th Ave and 42nd Street was at the time Manhattan's second tallest building. The night was a rousing success and the headline on New Year's Day read "THE PARTY OF ALL PARTIES"
This party came with a huge fireworks display & all. Two years later a seven hundred pound iron ball was introduced sparkling with a display of lights. Today the party lives on where hundreds of thousands gather from all over the world to ring in the new year!
(The area was re-named "TIMES SQUARE" on that famous New Years Eve in 1904 in celebration of the new NY Times building and throwing the big bash)