Borthwick Alastair M 4

What Happened

• Alastair M. Borthwick, Executive Vice President & CFO of Bank of America, converted/ exercised a total of 116,948 award units into common shares on February 15, 2026. To satisfy tax-withholding obligations, he surrendered/withheld 77,205 shares at $52.55 per share (totaling approximately $4.06 million). After withholding/surrender, he netted about 39,743 shares.

Key Details

• Transaction date: February 15, 2026; Form 4 filed February 18, 2026.
• Conversion quantity: 116,948 units converted to shares (multiple grant lots).
• Shares surrendered/withheld for taxes: 77,205 shares at $52.55/share = $4,057,123 total.
  • Tax-withholding share counts and cash amounts shown on the filing sum to the amounts above.
• Net shares received by the insider: ~39,743 shares.
• Codes explained: M = exercise/conversion of derivative/units; F = payment to satisfy tax liability (shares withheld); D = disposition to issuer to satisfy tax withholding.
• Footnotes indicate these were award units from multiple grants (grants dated Feb 15, 2022; Feb 15, 2023; Feb 15, 2024; Feb 14/15, 2025) with various vesting schedules (annual installments). Footnote F2 clarifies dispositions to the issuer were to satisfy tax withholding.
• Shares owned after the transaction are not stated in the supplied summary of the filing.

Context

• This was not an open-market sale — the shares were converted from company awards and a portion was surrendered/withheld to cover taxes (a routine, non‑market transaction). For derivative/award conversions like this, surrendering shares for tax is common and does not necessarily indicate a change in the executive’s view of the stock.