Bank of America 2015 Annual Report Download - page 209

Bank of America 2015 207
The 7.25% Non-Cumulative Perpetual Convertible Preferred
Stock, Series L (Series L Preferred Stock) listed in the Preferred
Stock Summary table does not have early redemption/call rights.
Each share of the Series L Preferred Stock may be converted at
any time, at the option of the holder, into 20 shares of the
Corporation’s common stock plus cash in lieu of fractional shares.
The Corporation may cause some or all of the Series L Preferred
Stock, at its option, at any time or from time to time, to be converted
into shares of common stock at the then-applicable conversion
rate if, for 20 trading days during any period of 30 consecutive
trading days, the closing price of common stock exceeds 130
percent of the then-applicable conversion price of the Series L
Preferred Stock. If a conversion of Series L Preferred Stock occurs
at the option of the holder, subsequent to a dividend record date
but prior to the dividend payment date, the Corporation will still
pay any accrued dividends payable.
All series of preferred stock in the Preferred Stock Summary
table have a par value of $0.01 per share, are not subject to the
operation of a sinking fund, have no participation rights, and with
the exception of the Series L Preferred Stock, are not convertible.
The holders of the Series B Preferred Stock and Series 1 through
5 Preferred Stock have general voting rights, and the holders of
the other series included in the table have no general voting rights.
All outstanding series of preferred stock of the Corporation have
preference over the Corporation’s common stock with respect to
the payment of dividends and distribution of the Corporation’s
assets in the event of a liquidation or dissolution. With the
exception of the Series B, F, G and T Preferred Stock, if any dividend
payable on these series is in arrears for three or more semi-annual
or six or more quarterly dividend periods, as applicable (whether
consecutive or not), the holders of these series and any other
class or series of preferred stock ranking equally as to payment
of dividends and upon which equivalent voting rights have been
conferred and are exercisable (voting as a single class) will be
entitled to vote for the election of two additional directors. These
voting rights terminate when the Corporation has paid in full
dividends on these series for at least two semi-annual or four
quarterly dividend periods, as applicable, following the dividend
arrearage.