SEC Form 4 · accession 0001127602-18-010062
BANK OF AMERICA CORP /DE/ · BAC
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Terrence P Laughlin
Officer — Vice Chairman & Head of GWIM
Period of report
Mar 1, 2018
Accepted (ET)
Mar 5, 2018 · 4:23 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000070858
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Mar 1, 2018 | M | 132,408 | $0.00 | A | 937,974 | I | By Revocable Trust |
| Common Stock | Mar 1, 2018 | D | 132,408 | $31.48 | D | 805,566 | I | By Revocable Trust |
| Common Stock | holding | — | — | — | 36 | I | By Spouse IRA |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2015 Performance Restricted Stock UnitsF1,F2 | — | Mar 1, 2018 | M | 132,408 | D | — | — | Common Stock | 132,408 | 0 | D |
| 2015 Performance Restricted Stock UnitsF1,F3 | — | Mar 1, 2018 | A | 2,648 | A | — | — | Common Stock | 2,648 | 2,648 | D |
Explanation of responses
- F1Each unit is the economic equivalent of one share of Bank of America Corporation common stock.
- F2On February 13, 2015, the reporting person was granted units, vesting and payable in cash based on the closing price of Bank of America Corporation common stock on the settlement date, subject to the Company's attainment of performance goals. One-half of the units reported have performance goals based on the Company's three-year average return on assets and one-half of the units reported have performance goals based on the Company's three-year average growth in adjusted tangible book value, both beginning on January 1, 2015 and ending December 31, 2017. For the performance period, an amount equaling 102% of the target was earned. Of the 102% earned, 100% was settled in cash on March 1, 2018 and the remaining 2% will be settled in cash on March 1, 2020.
- F3For the performance period beginning January 1, 2015 and ending December 31, 2017, an amount equaling 102% of the target was earned; the amount earned exceeding 100% resulted in an additional 2,648 units with a settlement date of March 1, 2020.