Prospectus excerpt:  Wells Fargo & Company is offering 70,000,000 depositary shares, each representing a 1/1,000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Z, no par value, with a liquidation preference amount of $25,000 per share (equivalent to $25 per depositary share) (the “Series Z Preferred Stock”). Each depositary share entitles the holder, through the depositary, to a proportional fractional interest in all rights, powers and preferences of the Series Z Preferred Stock represented by the depositary share. Dividends on the Series Z Preferred Stock, when, as and if declared by our board of directors or a duly authorized committee of the board, will accrue and be payable on the liquidation preference amount of $25,000 per share, on a non-cumulative basis, quarterly in arrears on the 15th day of March, June, September and December of each year, commencing on March 15, 2020, at a rate per annum equal to 4.75%. If our board of directors or a duly authorized committee of the board has not declared a dividend on the Series Z Preferred Stock before the dividend payment date for any dividend period, such dividend shall not be cumulative and shall not accrue or be payable for such dividend period, and we will have no obligation to pay dividends for such dividend period, whether or not dividends on the Series Z Preferred Stock are declared for any future dividend period.