NOWELL LIONEL L III 4

What Happened
Lionel L. Nowell III, a director of Bank of America Corporation (BAC), was granted 8,718.15 phantom stock units on May 4, 2026 as part of director compensation (reported on Form 4 filed May 6, 2026). The award is a derivative grant (phantom units) and no per-share price or cash value is reported on the filing.

Key Details

• Transaction date: 2026-05-04; Form 4 filed: 2026-05-06 (timely filing).
• Security: 8,718.15 phantom stock units (derivative award; no dollar price reported).
• Breakdown: 4,153.04 of the units were acquired via dividend reinvestment; remaining 4,565.11 units from the director compensation payment.
• Footnotes: F1 — each phantom stock unit equals the economic equivalent of one BAC common share; F2 — units represent annual director compensation under the Director Deferral Plan and may be settled in cash upon death/termination; F3 — dividend reinvestment component noted above.
• Transaction exemption: reported as exempt under Rule 16b-3 (routine director compensation).
• Shares owned after transaction: not disclosed on the provided summary of the filing.

Context
Phantom stock units are a deferred/derivative form of compensation that track the economic value of common shares but may be settled in cash rather than delivered as stock. Such awards are standard for board pay and are not the same as an open-market purchase or sale; they generally reflect compensation rather than a trading signal.