Bank of America (BAC) vice chair settles awards, withholds shares for tax
Rhea-AI Filing Summary
Bank of America vice chair Thong M. Nguyen exercised 99,917 2023 Performance Restricted Stock Units, which converted into an equal number of common shares. The common shares are held indirectly by a trust. To cover tax withholding, 55,165 common shares were delivered back to the issuer at $49.83 per share, a non‑market tax-withholding disposition rather than an open-market sale. Following these transactions, the trust’s indirect holdings reported were 363,827 common shares, with additional indirect holdings reported through other plans and trusts.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 44,752 shares
Net Buy
6 txns
Insider
Nguyen Thong M
Role
Vice Chair, Gl Stra & Ent Plat
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | 2023 Performance Restricted Stock Units | 99,917 | $0.00 | $0.00 |
| Exercise | Common Stock | 99,917 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Common Stock | 55,165 | $49.83 | $2.75M |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
2023 Performance Restricted Stock Units — 0 shares (Direct);
Common Stock — 793,827 shares (Indirect, by Trust);
Common Stock — 343.976 shares (Indirect, 401(k) Plan)
Footnotes (3)
- 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 15, 2023, 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, 2023 and ending December 31, 2025. For the performance period, an amount equaling 100% of the target was earned. All units earned were settled in shares on March 1, 2026, and no units remain outstanding.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider transactions did BAC executive Thong M. Nguyen report?
Thong M. Nguyen reported exercising 99,917 performance restricted stock units into Bank of America common stock. The resulting shares were held indirectly by a trust, with 55,165 shares delivered back to the issuer to satisfy tax withholding obligations at a price of $49.83 per share.
Were the BAC insider transactions open-market buys or sells?
The transactions were not open-market buys or sells. Nguyen exercised derivative awards into 99,917 common shares, then 55,165 of those shares were disposed of back to Bank of America solely to cover tax withholding, as indicated by the tax-withholding disposition code and related footnote.
What are 2023 Performance Restricted Stock Units in the BAC filing?
The 2023 Performance Restricted Stock Units represent a right to receive one Bank of America share per unit if performance goals are met. Footnotes state the units were tied to three-year performance metrics, earned at 100% of target, and fully settled in shares on March 1, 2026 with no units remaining.