Andrew M. Sieg - Mar 1, 2023 Form 4 Insider Report for BANK OF AMERICA CORP /DE/ (BAC)

Signature
Andrew M. Sieg / Michael P. Lapp POA
Stock symbol
BAC
Transactions as of
Mar 1, 2023
Transactions value $
-$742,511
Form type
4
Date filed
3/3/2023, 04:56 PM
Previous filing
Feb 15, 2023
Next filing
Sep 28, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BAC Common Stock Options Exercise +42.6K +11.48% 414K Mar 1, 2023 Direct F1
transaction BAC Common Stock Tax liability -$743K -21.7K -5.26% $34.14 392K Mar 1, 2023 Direct F2
holding BAC Common Stock 7.85 Mar 1, 2023 401(k) Plan
holding BAC Common Stock 12.6K Mar 1, 2023 By Spouse

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction BAC 2020 Performance Restricted Stock Units Options Exercise -42.6K -100% 0 Mar 1, 2023 Common Stock 42.6K Direct F1, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each unit represents a contingent right to receive one share of Bank of America Corporation common stock.
F2 Disposition of shares to the issuer to satisfy a tax withholding obligation.
F3 On February 14, 2020, the reporting person was granted units, subject to the Company's attainment of performance goals. One-half of the units have performance goals based on the Company's three year average return on assets and one-half of the units have performance goals based on the Company's three year average growth in adjusted tangible book value, both beginning on January 1, 2020 and ending December 31, 2022. For the performance period, an amount equaling 89% of the target was earned. All units earned were settled in shares on March 1, 2023, and no units remain outstanding.