Item 5.04. Temporary Suspension of Trading Under Registrant's Employee Benefit Plans.
OnNovember 16, 2020 ,Wells Fargo & Company ("Wells Fargo") received a notice from the administrator of theWells Fargo & Company 401(k) Plan (the "Plan") as required by Section 101(i)(2)(E) of the Employment Retirement Income Security Act of 1974, as amended, regarding an upcoming blackout period under the Plan. The purpose of the blackout period is to facilitate the transition (the "Transition") to the Plan's new record-keeper and to the Plan's new trustee, in each case effectiveJanuary 1, 2021 . The blackout period is expected to begin at3:00 p.m. Central Time onDecember 22, 2020 and is expected to end the week ofJanuary 10, 2021 . A staggered blackout approach is being used in connection with the Transition. Beginning at3:00 p.m. Central Time onDecember 22, 2020 , participants in the Plan will be subject to restrictions on certain paper-based transactions in their accounts, including restrictions on distributions, withdrawals, rollover requests, and certain loan requests. Beginning at3:00 p.m., Central Time , onDecember 28, 2020 , participants in the Plan will be unable to direct or diversify investments, request general purpose loans, make contribution rate changes, check their account balance, change investment elections for future contributions, make beneficiary designations, or request withdrawals or distributions, among other restrictions. Loan repayments will continue to be accepted if received before3:00 p.m., Central Time , onDecember 31, 2020 . Notice of the blackout period (the "Blackout Notice") was mailed to all participants and beneficiaries under the Plan commencing onNovember 9, 2020 . A copy of the Blackout Notice is attached as Exhibit 99.1 to this report and is incorporated by reference into this Item 5.04. Because the Plan includesWells Fargo common stock held in theWells Fargo ESOP Fund as an investment option, onNovember 19, 2020 , in accordance with Section 306 of the Sarbanes-Oxley Act of 2002 and Rule 104 ofU.S. Securities and Exchange Commission Regulation BTR,Wells Fargo sent a separate notice (the "Insider Notice") to its directors and executive officers informing them that during the blackout period, they would generally be prohibited from directly or indirectly purchasing, selling, or otherwise acquiring or transferringWells Fargo common stock or any other equity security or derivative securities ofWells Fargo acquired in connection with their service as a director ofWells Fargo or their employment as an executive officer ofWells Fargo . A copy of the Insider Notice is attached as Exhibit 99.2 to this report and is incorporated by reference into this Item 5.04. During the blackout period and for a period of two years after the end date thereof, a security holder or other interested person may obtain, without charge, information regarding the blackout period, including the actual end date of the blackout period, by contactingDee Dee Holland atWells Fargo & Company , Human Resources,11625 North Community House Road , BR3 Floor,Charlotte, NC 28277 or by telephone at 877-479-3557, option 1,1,1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits Exhibit No. Description Location 99.1 Notice of Blackout Period sent to Participants in Filed herewith theWells Fargo & Company 401(k) Plan 99.2 Notice of Blackout Period sent to Directors and Filed herewith Executive Officers ofWells Fargo & Company 104 Cover Page Interactive Data File
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