SEC Contract Filing

Filing Date: 2022-04-29

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>bac-0331202210xqex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
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<title>Document</title></head><body><div id="i79dbbb2c107a479085bf9a8ea904630a_1"></div><div style="min-height:108pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Exhibit 10.1</font></div><div style="text-align:right"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">Certain identified information has been redacted from this exhibit because it is both (i) not material and (ii) a type that the registrant treats as private or confidential. Information that has been omitted has been identified in this document with a placeholder identified by the mark &#8220;&#91;***&#93;.&#8221;</font></div><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:26px;margin-bottom:5pt;vertical-align:text-bottom;width:225px"></div><div><font><br></font></div></div><div style="margin-top:0.35pt"><font><br></font></div><div style="margin-top:4.35pt;padding-left:20pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">November 9, 2021</font></div><div style="margin-top:7.55pt;padding-left:20pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11.5pt;font-weight:700;line-height:100%;text-decoration:underline">By Electronic Delivery</font></div><div style="margin-top:0.6pt;padding-left:20pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">James DeMare</font></div><div style="margin-top:0.55pt"><font><br></font></div><div style="padding-left:20pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">Dear Jim&#58;</font></div><div style="margin-top:8.45pt;padding-left:19.95pt;padding-right:19pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11.5pt;font-weight:400;line-height:123%">This letter (the &#8220;Letter&#8221;) summarizes in writing our recent discussions regarding your letter agreement of June 18, 2014. This Letter provides you with updated terms for replacement awards that you will be eligible to receive following termination of your employment with Bank of America (together with its subsidiaries and affiliates, the &#8220;Company&#8221;), as well as clarification of certain post&#8208;employment obligations.</font></div><div style="margin-top:8pt;padding-left:19.95pt;padding-right:19.1pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11.5pt;font-weight:700;line-height:122%">1.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11.5pt;font-weight:700;line-height:122%;padding-left:7.16pt">Replacement Phantom Stock Unit Award</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11.5pt;font-weight:400;line-height:122%">. You understand that any restricted stock unit awards without &#8220;Qualifying Termination&#8221; provisions providing for career retirement eligibility will be canceled and forfeited effective as of the date you terminate employment (for the avoidance of doubt you are eligible for a &#8220;Qualifying Termination&#8221; under your awards with such provisions). You will be granted a Phantom Stock Unit award settled in cash (&#8220;Cash Payments&#8221;) intended to replace the portions of any such restricted stock unit awards (including any future restricted stock unit awards) that are cancelled and forfeited upon your termination of employment (e.g., the restricted stock unit awards with grant codes RSU&#47;19TTPGK, RSU&#47;20ESGP, and RSU&#47;21ESPGK), with the following key terms&#58;</font></div><div style="margin-top:8.4pt;padding-left:73.95pt;padding-right:19.15pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11.5pt;font-weight:400;line-height:122%">i.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11.5pt;font-weight:400;line-height:122%;padding-left:12.47pt">You will receive Cash Payments in a gross amount equal to the fair market value of the canceled and forfeited restricted stock units as of the originally scheduled payment dates based on the closing price of Bank of America Corporation common stock for such dates which for the avoidance of doubt shall mean the scheduled payment dates (or the business day immediately prior to the scheduled payment dates if the scheduled payment date is not a business day). Each Cash Payment will be made within thirty (30) days of the original payment date or as soon as administratively practicable thereafter.</font></div><div style="margin-top:8.35pt;padding-left:73.95pt;padding-right:19.05pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11.5pt;font-weight:400;line-height:122%">ii.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11.5pt;font-weight:400;line-height:122%;padding-left:9.84pt">The grant date of the Phantom Stock Units award will be the first business day after the date you terminate employment. Shortly after your employment termination date (within 14 days), you will receive a Phantom Stock Units package. This Phantom Stock Units package will include your Phantom Stock Units Agreement which will reflect the Cash Payments, contain the specific terms of the award (including payment and forfeiture provisions), and will in all events be the governing