Wells Fargo (NYSE: WFC) approved granting retention performance shares Wednesday to President and Chief Executive Officer John Stumpf and three other executive officers.
The executives also will not receive cash incentive bonuses for 2009.
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The performance-based stock awards for the executives are currently worth a combined $25 million. The shares are forfeited if the executives leave Wells Fargo & Co. for a competitor. They vest after three years if the company meets certain performance benchmarks.
The bank will award Stumpf 379,600 shares, which are currently worth $10 million. Chief Financial Officer Howard Atkins, wholesale banking head Dave Hoyt and consumer finance head Mark Oman are each getting 189,800 shares, worth about $5 million a piece.
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