Form 4: Bank of America Director Denise L. Ramos Reports Acquisition of Phantom Stock Units

Director Denise L. Ramos reports acquisition of phantom stock units as part of annual compensation and dividend reinvestment under the Bank of America Corporation Director Deferral Plan.

Summary

• Denise L. Ramos, a director of Bank of America Corp, filed a Form 4 on April 24, 2025, reporting a transaction on April 22, 2025.
• The transaction involved the acquisition of 7,306.89 phantom stock units as part of annual compensation for services as a director under the Bank of America Corporation Director Deferral Plan.
• Additionally, 1716.60 phantom stock units were acquired through dividend reinvestment transactions under the same plan.
• Following the reported transactions, Ramos beneficially owns 77,599.9 phantom stock units.
• Each phantom stock unit is the economic equivalent of one share of Bank of America Corporation common stock and may be settled in cash upon death or termination of service as a director.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, indicating a stable and expected corporate governance practice. The sentiment is neutral to slightly positive as it aligns director interests with shareholder value.

Positives

• The acquisition of phantom stock units as compensation aligns the director's interests with the company's performance.
• Dividend reinvestment further increases the director's stake in the company.

Future Outlook

The phantom stock units may be settled in cash upon death or termination of service as a director.

Industry Context

Director compensation in the form of stock or phantom stock is a common practice in the financial industry to align management's interests with those of shareholders.

Comparison to Industry Standards

• Many large financial institutions, such as JPMorgan Chase & Co. and Citigroup, use similar deferred compensation plans for their directors.
• These plans often involve stock options, restricted stock units, or phantom stock units that vest over time or upon certain events.
• The specific terms and amounts of these plans vary depending on the company's size, performance, and compensation philosophy.

Stakeholder Impact

• The acquisition of phantom stock units aligns the director's interests with those of shareholders, potentially leading to better corporate governance and decision-making.

Key Dates

Keywords

Form 4, phantom stock units, director compensation, dividend reinvestment, Bank of America, BAC, Denise L. Ramos