A same-day sale (cashless) exercise is a method of exercise whereby Wells Fargo Investments simultaneously buys and sells the shares for you on the same day.
The exercise cost and taxes are deducted from the gross proceeds, including a commission of $0.03 per share with a $7.95 minimum plus a nominal Securities and Exchange Commission (SEC) fee. The net cash is delivered to you through your Wells Fargo Investments brokerage account.
You can complete a same-day sale online by signing on to Stock Options Management from work or from home.
Limit Orders
Limit orders can be placed on same-day sale transactions. A limit order is an order to buy or sell a security at a specific price. Your exercise will be completed when the market price of Wells Fargo stock equals your limit price and the sale of shares is complete.
You have two choices for limit orders:
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Good for the day
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Good for 60 days
Please keep in mind, if you place a limit order for an exercise, the exercise will not be complete until the order meets the rules you have selected. Also, if you wish to change any element of your limit order (including changing the price or number of shares), you must do so by either calling a customer service representative at Mellon Investor Services, or by signing on to Stock Options Management. You will need to cancel your exercise and replace it with a new exercise.
To complete a same-day sale (cashless) exercise:
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Go to Stock Options Management and click Grant Summary.
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Select the grant date you want to exercise.
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Click the Exercise button.
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Select Same-Day Sale from the drop-down menu.
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Complete the exercise.
Trading and Operating Hours
Monday – Friday, 9:30 a.m. – 4:00 p.m. Eastern Time (ET), during New York Stock Exchange trading days
Exercises can be submitted online 24 hours a day, 7 days a week. Exercises entered on a weekend or holiday will be effective the next business day (provided the grant being exercised does not expire on the next day).
Same-day sale and sell-to-cover transactions submitted between 3:30 p.m. and 4:00 p.m, Eastern Time (30 minutes prior to market close), are processed on a "best effort" basis. If a trade is not completed prior to market close, the exercise will be cancelled and the exercise will need to be reentered on a subsequent day.
Please refer to the grant’s prospectus for the specific terms of each stock option grant.
