Form 4: Bank of America Executive Thong M. Nguyen Reports Stock Transactions
SEC Form 4 Filing
Thong M. Nguyen, a Vice Chair at Bank of America, reports the vesting and subsequent sale of restricted stock units to cover tax obligations.
Summary
- Thong M. Nguyen, a Vice Chair 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 involved the vesting of restricted stock units (RSUs) granted in 2021, 2022, 2023 and 2024.
- A portion of the shares acquired upon vesting were then disposed of to cover tax withholding obligations at a price of $46.96 per share.
- Nguyen also holds common stock directly, in a 401(k) plan, and through a trust.
- Following these transactions, Nguyen directly owns 426,646 shares of common stock, 337,289 shares indirectly through a 401(k) plan, and 215,000 shares indirectly through a trust.
Sentiment
Score: 5
Explanation: This is a neutral disclosure of stock transactions. It doesn't inherently indicate positive or negative sentiment about the company's performance.
Future Outlook
The document does not contain any specific forward-looking statements or guidance.
Industry Context
This filing is a routine disclosure of stock transactions by a company executive, which is common in the financial industry. It provides transparency into the executive's holdings and transactions in the company's stock.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units (RSUs) that vest over time, similar to the arrangement for Thong M. Nguyen.
- The practice of selling shares to cover tax obligations upon vesting is a standard procedure for executives receiving equity compensation.
- Companies like JPMorgan Chase (JPM) and Citigroup (C) also have executives who regularly report similar transactions via Form 4 filings.
Stakeholder Impact
- The transactions have a minimal direct impact on shareholders, employees, customers, suppliers, or creditors.
- The filing provides transparency to shareholders regarding executive compensation and stock ownership.
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 reported; vesting of RSUs and disposition of shares for tax withholding. |
| 02/19/2025 | Date of Form 4 filing. |
Keywords
Form 4, Beneficial Ownership, Stock Transactions, Restricted Stock Units, BAC, Bank of America, Nguyen, Vesting, Tax Withholding
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.