Form 4: Bank of America Executive Kathleen A. Knox Reports Stock Transactions
SEC Form 4 Filing
Kathleen A. Knox, President of The Private Bank at Bank of America, reports the vesting and disposition of restricted stock units and associated tax withholding.
Summary
- Kathleen A. Knox, President of The Private Bank at Bank of America, filed a Form 4 detailing changes in beneficial ownership of Bank of America (BAC) stock on February 15, 2025.
- The transactions involve the vesting of restricted stock units (RSUs) granted in 2021, 2022, 2023 and 2024.
- Upon vesting, shares were acquired and then a portion was disposed of to cover tax withholding obligations at a price of $46.96 per share.
- The transactions resulted in an increase in the number of shares beneficially owned by Knox, followed by a decrease due to the tax withholding.
- Knox now directly owns 350,201 shares of Bank of America common stock.
Sentiment
Score: 5
Explanation: This Form 4 filing is a routine disclosure of stock transactions by a company executive and does not inherently indicate positive or negative sentiment. It reflects standard compensation practices.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. These filings are closely watched by investors seeking insights into management's perspective on the company's stock.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units (RSUs) that vest over time, aligning executive interests with long-term shareholder value.
- The vesting schedules and tax withholding practices observed in this filing are typical for RSU grants at large corporations like Bank of America.
- Comparable companies such as JP Morgan Chase (JPM) and Citigroup (C) also utilize RSUs as part of their executive compensation plans, with similar vesting schedules and tax implications.
Stakeholder Impact
- The transactions have a minimal direct impact on shareholders, as they primarily reflect the vesting of previously granted compensation.
- Employees may be interested in the details of executive compensation and stock ownership.
- The transactions do not directly affect customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 02/12/2021 | Reporting person was granted units, vesting in four equal annual installments commencing on February 15, 2022. |
| 02/15/2022 | Reporting person was granted units, vesting in four equal annual installments commencing on February 15, 2023. |
| 02/15/2022 | Reporting person was granted units, vesting in two equal annual installments commencing on February 15, 2025. |
| 02/15/2023 | Reporting person was granted units, vesting in four equal annual installments commencing on February 15, 2024. |
| 02/15/2024 | Reporting person was granted units, vesting in shares in four equal annual installments commencing on February 15, 2025. |
| 02/15/2024 | Reporting person was granted units, vesting in cash in four equal annual installments commencing on February 15, 2025. |
| 02/15/2025 | Date of earliest transaction (vesting of restricted stock units and disposition of shares for tax withholding). |
| 02/19/2025 | Date of signature on the Form 4 filing. |
Keywords
Form 4, Beneficial Ownership, Kathleen A. Knox, Bank of America, BAC, Restricted Stock Units, RSU, Insider Trading, Tax Withholding, President The Private Bank
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