Filed Pursuant to Rule 424(b)(2)
Registration Nos. 333-268718 and 333-268718-01
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Pricing Supplement
Dated March 15, 2024
(To Prospectus dated December 30, 2022,
Series A Prospectus Supplement dated December 30, 2022 and
Product Supplement No. WF-1 dated March 8, 2023)
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BofA Finance LLC
Medium-Term Notes, Series A
Fully and Unconditionally Guaranteed by Bank of America Corporation
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
$2,660,000 Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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■ Linked to the Lowest Performing of the Class A common stock of Meta Platforms, Inc., the common stock of Amazon.com, Inc. and the Class A common stock of Alphabet Inc. (each referred to as an “Underlying Stock”)
■ Unlike ordinary debt securities, the Securities do not provide for fixed payments of interest, do not repay a fixed amount of principal on the Maturity Date and are subject to potential automatic call prior to the Maturity Date upon the terms described below. Whether the Securities pay a Contingent Coupon, whether the Securities are automatically called prior to the Maturity Date and, if they are not automatically called, whether you receive the principal amount of your Securities on the Maturity Date will depend, in each case, on the stock closing price of the Lowest Performing Underlying Stock on the relevant Calculation Day. The Lowest Performing Underlying Stock on any Calculation Day is the Underlying Stock that has the lowest stock closing price on that Calculation Day as a percentage of its Starting Price
■ Contingent Coupon. The Securities will pay a Contingent Coupon on a quarterly basis until the earlier of the Maturity Date or automatic call if, and only if, the stock closing price of the Lowest Performing Underlying Stock on the Calculation Day for that quarter is greater than or equal to its Coupon Barrier. However, if the stock closing price of the Lowest Performing Underlying Stock on a Calculation Day is less than its Coupon Barrier, you will not receive any Contingent Coupon for the relevant quarter. If the stock closing price of the Lowest Performing Underlying Stock is less than its Coupon Barrier on every Calculation Day, you will not receive any Contingent Coupons throughout the entire term of the Securities. The Coupon Barrier for each Underlying Stock is equal to 70% of its Starting Price. The Contingent Coupon Rate is 18.90% per annum
■ Automatic Call. If the stock closing price of the Lowest Performing Underlying Stock on any of the quarterly Calculation Days from September 2024 to December 2026, inclusive, is greater than or equal to its Starting Price, the Securities will be automatically called for the principal amount plus a final Contingent Coupon Payment
■ Potential Loss of Principal. If the Securities are not automatically called prior to the Maturity Date, you will receive the principal amount on the Maturity Date if, and only if, the stock closing price of the Lowest Performing Underlying Stock on the Final Calculation Day is greater than or equal to its Threshold Price. If the stock closing price of the Lowest Performing Underlying Stock on the Final Calculation Day is less than its Threshold Price, you will lose more than 30%, and possibly all, of the principal amount of your Securities. The Threshold Price for each Underlying Stock is equal to 70% of its Starting Price
■ If the Securities are not automatically called prior to the Maturity Date, you will have full downside exposure to the Lowest Performing Underlying Stock from its Starting Price if its stock closing price on the Final Calculation Day is less than its Threshold Price, but you will not participate in any appreciation of any Underlying Stock and will not receive any dividends on any Underlying Stock
■ Your return on the Securities will depend solely on the performance of the Lowest Performing Underlying Stock on each Calculation Day. You will not benefit in any way from the performance of the better performing Underlying Stocks. Therefore, you will be adversely affected if any Underlying Stock performs poorly, even if the other Underlying Stocks perform favorably
■ All payments on the Securities are subject to the credit risk of BofA Finance LLC (“BofA Finance”), as issuer of the Securities, and Bank of America Corporation (“BAC” or the “Guarantor”), as guarantor of the Securities
■ Securities will not be listed on any securities exchange
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Public offering price
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Underwriting Discount(1)(2)
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Proceeds, before expenses, to BofA Finance
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Per Security
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$1,000.00
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$23.25
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$976.75
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Total
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$2,660,000.00
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$61,845.00
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$2,598,155.00
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(1)
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Wells Fargo Securities, LLC and BofA Securities, Inc. are the selling agents for the distribution of the Securities and are acting as principal. See “Terms of the Securities—Selling Agents” in this pricing supplement for further information.
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(2)
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In addition, in respect of certain Securities sold in this offering, BofA Securities, Inc. or its affiliates may pay a fee of up to $1.00 per Security to selected securities dealers in consideration for marketing and other services in connection with the distribution of the Securities to other securities dealers.
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Wells Fargo Securities
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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Terms of the Securities
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Issuer:
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BofA Finance LLC.
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Guarantor:
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BAC.
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Underlying Stocks:
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The Class A common stock of Meta Platforms, Inc. (Nasdaq Global Select Market symbol: “META”), the common stock of Amazon.com, Inc. (Nasdaq Global Select Market symbol: “AMZN”) and the Class A common stock of Alphabet Inc. (Nasdaq Global Select Market symbol: “GOOGL”) (the “Underlying Stocks”).
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Pricing Date:
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March 15, 2024.
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Issue Date:
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March 20, 2024.
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Maturity Date:
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March 18, 2027, subject to postponement as described below in “—Market Disruption Events and Postponement Provisions”. The Securities are not subject to repayment at the option of any holder of the Securities prior to the Maturity Date.
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Denominations:
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$1,000 and any integral multiple of $1,000. References in this pricing supplement to a “Security” are to a Security with a principal amount of $1,000.
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Contingent Coupon Payment:
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On each Contingent Coupon Payment Date, you will receive a Contingent Coupon Payment at a per annum rate equal to the Contingent Coupon Rate if, and only if, the stock closing price of the Lowest Performing Underlying Stock on the related Calculation Day is greater than or equal to its Coupon Barrier. Each “Contingent Coupon Payment,” if any, will be calculated per Security as follows: ($1,000 × Contingent Coupon Rate)/4. Any Contingent Coupon Payment will be rounded to the nearest cent, with one-half cent rounded upward.
If the stock closing price of the Lowest Performing Underlying Stock on any Calculation Day is less than its Coupon Barrier, you will not receive any Contingent Coupon Payment on the related Contingent Coupon Payment Date. If the stock closing price of the Lowest Performing Underlying Stock is less than its Coupon Barrier on all Calculation Days, you will not receive any Contingent Coupon Payments over the term of the Securities.
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Contingent Coupon Payment Dates:
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Quarterly, on the third business day following each Calculation Day (as each such Calculation Day may be postponed pursuant to “—Market Disruption Events and Postponement Provisions” below, if applicable); provided that the Contingent Coupon Payment Date with respect to the Final Calculation Day will be the Maturity Date.
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Contingent Coupon Rate:
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The “Contingent Coupon Rate” is 18.90% per annum (equal to 4.725% per quarter).
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Automatic Call:
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If the stock closing price of the Lowest Performing Underlying Stock on any of the Calculation Days from September 2024 to December 2026, inclusive, is greater than or equal to its Starting Price, the Securities will be automatically called, and on the related Call Settlement Date you will be entitled to receive a cash payment per Security in U.S. dollars equal to the principal amount per Security plus a final Contingent Coupon Payment. The Securities will not be subject to automatic call until the second Calculation Day, which is approximately six months after the issue date.
If the Securities are automatically called, they will cease to be outstanding on the related Call Settlement Date and you will have no further rights under the Securities after such Call Settlement Date. You will not receive any notice from us if the Securities are automatically called.
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Calculation Days:
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Quarterly, on the 15th day of each March, June, September and December, commencing June 2024 and ending December 2026, and the Final Calculation Day, each subject to postponement as described below under “—Market Disruption Events and Postponement Provisions.” We refer to March 15, 2027 as the “Final Calculation Day.”
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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Call Settlement Date:
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Three business days after the applicable Calculation Day (as each such Calculation Day may be postponed pursuant to “—Market Disruption Events and Postponement Provisions” below, if applicable).
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Maturity Payment Amount:
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If the Securities are not automatically called prior to the Maturity Date, you will be entitled to receive on the Maturity Date a cash payment per Security in U.S. dollars equal to the Maturity Payment Amount (in addition to the final Contingent Coupon Payment, if any). The “Maturity Payment Amount” per Security will equal:
• if the Ending Price of the Lowest Performing Underlying Stock on the Final Calculation Day is greater than or equal to its Threshold Price:
$1,000; or • if the Ending Price of the Lowest Performing Underlying Stock on the Final Calculation Day is less than its Threshold Price:
$1,000 × Performance Factor of the Lowest Performing Underlying Stock on the Final Calculation Day
If the Securities are not automatically called prior to the Maturity Date and the Ending Price of the Lowest Performing Underlying Stock on the Final Calculation Day is less than its Threshold Price, you will lose more than 30%, and possibly all, of the principal amount of your Securities on the Maturity Date.
Any return on the Securities will be limited to the sum of your Contingent Coupon Payments, if any. You will not participate in any appreciation of any Underlying Stock, but you will have full downside exposure to decreases in the stock closing price of the Lowest Performing Underlying Stock on the Final Calculation Day if the Ending Price of that Underlying Stock is less than its Threshold Price.
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Lowest Performing Underlying Stock:
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For any Calculation Day, the “Lowest Performing Underlying Stock” will be the Underlying Stock with the lowest Performance Factor on that Calculation Day.
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Performance Factor:
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With respect to an Underlying Stock on any Calculation Day, its stock closing price on such Calculation Day divided by its Starting Price (expressed as a percentage).
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Stock Closing Price:
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With respect to each Underlying Stock, stock closing price and adjustment factor have the meanings set forth under “General Terms of the Securities—Certain Terms for Securities Linked to an Underlying Stock—Certain Definitions” in the accompanying product supplement.
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Starting Price:
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With respect to the Class A common stock of Meta Platforms, Inc.: $484.10, its stock closing price on the Pricing Date.
With respect to the common stock of Amazon.com, Inc.: $174.42, its stock closing price on the Pricing Date.
With respect to the Class A common stock of Alphabet Inc: $141.18, its stock closing price on the Pricing Date.
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Ending Price:
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With respect to each Underlying Stock, its stock closing price on the Final Calculation Day.
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Coupon Barrier:
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With respect to the Class A common stock of Meta Platforms, Inc.: $338.87, which is equal to 70.00% of its Starting Price.
With respect to the common stock of Amazon.com, Inc.: $122.094, which is equal to 70.00% of its Starting Price.
With respect to the Class A common stock of Alphabet Inc: $98.826, which is equal to 70.00% of its Starting Price.
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Threshold Price:
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With respect to the Class A common stock of Meta Platforms, Inc.: $338.87, which is equal to 70.00% of its Starting Price.
With respect to the common stock of Amazon.com, Inc.: $122.094, which is equal to 70.00% of its Starting Price.
With respect to the Class A common stock of Alphabet Inc: $98.826, which is equal to 70.00% of its Starting Price.
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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Market Disruption Events and Postponement Provisions:
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Each Calculation Day is subject to postponement due to non-trading days and the occurrence of a market disruption event. In addition, the Maturity Date will be postponed if the Final Calculation Day is postponed and will be adjusted for non-business days. For more information regarding adjustments to the Calculation Days and the Maturity Date, see “General Terms of the Securities—Consequences of a Market Disruption Event; Postponement of a Calculation Day—Securities Linked to Multiple Market Measures” and “—Payment Dates” in the accompanying product supplement. For purposes of the accompanying product supplement, each Contingent Coupon Payment Date, each Call Settlement Date and the Maturity Date is a “payment date.” In addition, for information regarding the circumstances that may result in a market disruption event, see “General Terms of the Securities—Certain Terms for Securities Linked to an Underlying Stock—Market Disruption Events” in the accompanying product supplement.
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Calculation Agent:
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BofA Securities, Inc. (“BofAS”), an affiliate of BofA Finance.
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Selling Agents:
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BofAS and Wells Fargo Securities, LLC (“WFS”).
Under our distribution agreement with BofAS, BofAS will purchase the Securities from us as principal at the public offering price indicated on the cover of this pricing supplement, less the indicated underwriting discount. BofAS will sell the Securities to WFS at the public offering price of the Securities less a concession of up to $23.25 per Security. WFS may provide dealers, which may include Wells Fargo Advisors (“WFA”) (the trade name of the retail brokerage business of WFS’s affiliates, Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC), with a selling concession of up to $17.50 per Security. In addition to the concession allowed to WFA, WFS may pay up to $0.75 per Security to WFA as a distribution expense fee for each Security sold by WFA.
In addition, in respect of certain Securities sold in this offering, BofAS or its affiliates may pay a fee of up to $1.00 per Security to selected securities dealers in consideration for marketing and other services in connection with the distribution of the Securities to other securities dealers.
WFS has advised us that if it, WFA or any of their affiliates makes a secondary market in the Securities at any time up to the Issue Date or during the three-month period following the Issue Date, the secondary market price offered by it, WFA or any of their affiliates will be increased by an amount reflecting a portion of the costs associated with selling, structuring and hedging the Securities that are included in the public offering price of the Securities. Because this portion of the costs is not fully deducted upon issuance, WFS has advised us that any secondary market price it, WFA or any of their affiliates offers during this period will be higher than it otherwise would be outside of this period, as any secondary market price offered outside of this period will reflect the full deduction of the costs as described above. WFS has advised us that the amount of this increase in the secondary market price will decline steadily to zero over this three-month period. If you hold the Securities through an account at WFS, WFA or any of their affiliates, WFS has advised us that it expects that this increase will also be reflected in the value indicated for the Securities on your brokerage account statement. If you hold your Securities through an account at a broker-dealer other than WFS, WFA or any of their affiliates, the value of the Securities on your brokerage account statement may be different than if you held your Securities at WFS, WFA or any of their affiliates.
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Material Tax Consequences:
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For a discussion of the material U.S. federal income and estate tax consequences of the ownership and disposition of the Securities, see “U.S. Federal Income Tax Summary.”
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CUSIP:
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09711B6B7
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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Additional Information about BofA Finance, the Guarantor and the Securities
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•
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Product Supplement No. WF-1 dated March 8, 2023:
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•
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Series A MTN prospectus supplement dated December 30, 2022 and prospectus dated December 30, 2022:
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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Investor Considerations
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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Determining Payment On A Contingent Coupon Payment Date and at Maturity
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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Hypothetical Payout Profile
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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Selected Risk Considerations
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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●
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The Securities may become linked to the common stock of a company other than an original Underlying Stock Issuer.
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●
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We cannot control actions by an Underlying Stock Issuer.
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●
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We and our affiliates have no affiliation with any Underlying Stock Issuer and have not independently verified any public disclosure of information.
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●
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You have limited anti-dilution protection.
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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Hypothetical Returns
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Hypothetical Performance Factor of Lowest Performing Underlying Stock on Final Calculation Day
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Hypothetical Maturity Payment Amount per Security
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170.00%
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$1,000.00
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160.00%
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$1,000.00
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150.00%
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$1,000.00
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140.00%
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$1,000.00
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130.00%
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$1,000.00
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120.00%
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$1,000.00
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110.00%
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$1,000.00
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100.00%
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$1,000.00
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90.00%
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$1,000.00
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80.00%
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$1,000.00
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70.00%
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$1,000.00
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69.00%
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$690.00
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60.00%
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$600.00
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50.00%
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$500.00
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40.00%
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$400.00
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30.00%
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$300.00
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25.00%
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$250.00
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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Hypothetical Contingent Coupon Payments
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Class A Common Stock of Meta Platforms, Inc.
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Common Stock of Amazon.com, Inc.
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Class A Common Stock of Alphabet Inc.
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Hypothetical Starting Price:
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$100.00
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$100.00
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$100.00
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Hypothetical stock closing price on relevant Calculation Day:
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$90.00
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$95.00
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$80.00
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Hypothetical Coupon Barrier:
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$70.00
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$70.00
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$70.00
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Performance Factor (stock closing price on Calculation Day divided by Starting Price):
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90.00%
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95.00%
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80.00%
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Class A Common Stock of Meta Platforms, Inc.
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Common Stock of Amazon.com, Inc.
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Class A Common Stock of Alphabet Inc.
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Hypothetical Starting Price:
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$100.00
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$100.00
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$100.00
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Hypothetical stock closing price on relevant Calculation Day:
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$69.00
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$125.00
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$105.00
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Hypothetical Coupon Barrier:
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$70.00
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$70.00
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$70.00
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Performance Factor (stock closing price on Calculation Day divided by Starting Price):
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69.00%
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125.00%
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105.00%
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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Class A Common Stock of Meta Platforms, Inc.
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Common Stock of Amazon.com, Inc.
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Class A Common Stock of Alphabet Inc.
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Hypothetical Starting Price:
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$100.00
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$100.00
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$100.00
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Hypothetical stock closing price on relevant Calculation Day:
|
$115.00
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$105.00
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$130.00
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Hypothetical Coupon Barrier:
|
$70.00
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$70.00
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$70.00
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Performance Factor (stock closing price on Calculation Day divided by Starting Price):
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115.00%
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105.00%
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130.00%
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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Hypothetical Payment at the Maturity Date
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Class A Common Stock of Meta Platforms, Inc.
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Common Stock of Amazon.com, Inc.
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Class A Common Stock of Alphabet Inc.
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Hypothetical Starting Price:
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$100.00
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$100.00
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$100.00
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Hypothetical Ending Price:
|
$145.00
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$135.00
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$125.00
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Hypothetical Coupon Barrier:
|
$70.00
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$70.00
|
$70.00
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Hypothetical Threshold Price:
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$70.00
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$70.00
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$70.00
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Performance Factor (Ending Price divided by Starting Price):
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145.00%
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135.00%
|
125.00%
|
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Class A Common Stock of Meta Platforms, Inc.
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Common Stock of Amazon.com, Inc.
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Class A Common Stock of Alphabet Inc.
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Hypothetical Starting Price:
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$100.00
|
$100.00
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$100.00
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Hypothetical Ending Price:
|
$80.00
|
$115.00
|
$110.00
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Hypothetical Coupon Barrier:
|
$70.00
|
$70.00
|
$70.00
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Hypothetical Threshold Price:
|
$70.00
|
$70.00
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$70.00
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Performance Factor (Ending Price divided by Starting Price):
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80.00%
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115.00%
|
110.00%
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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Class A Common Stock of Meta Platforms, Inc.
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Common Stock of Amazon.com, Inc.
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Class A Common Stock of Alphabet Inc.
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Hypothetical Starting Price:
|
$100.00
|
$100.00
|
$100.00
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Hypothetical Ending Price:
|
$120.00
|
$45.00
|
$90.00
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Hypothetical Coupon Barrier:
|
$70.00
|
$70.00
|
$70.00
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Hypothetical Threshold Price:
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$70.00
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$70.00
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$70.00
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Performance Factor (Ending Price divided by Starting Price):
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120.00%
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45.00%
|
90.00%
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
|
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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Structuring the Securities
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Validity of the Securities
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Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Meta Platforms, Inc., the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. due March 18, 2027
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U.S. Federal Income Tax Summary
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•
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There is no statutory, judicial, or administrative authority directly addressing the characterization of the Securities.
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•
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You agree with us (in the absence of an administrative determination, or judicial ruling to the contrary) to characterize and treat the Securities for all tax purposes as contingent income-bearing single financial contracts with respect to the Underlying Stocks. In the opinion of Sidley Austin LLP, our tax counsel, the U.S. federal income tax characterization and treatment of the Securities described herein is a reasonable interpretation of current law.
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•
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Under this characterization and tax treatment of the Securities, a U.S. Holder (as defined on page 71 of the accompanying prospectus) generally will recognize capital gain or loss upon maturity or upon a sale, exchange or redemption of the Securities prior to maturity. This capital gain or loss generally will be long-term capital gain or loss if you hold the Securities for more than one year.
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No assurance can be given that the Internal Revenue Service (“IRS”) or any court will agree with this characterization and tax treatment.
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We intend to take the position that any Contingent Coupon Payments constitute taxable ordinary income to a U.S. Holder at the time received or accrued, in accordance with the U.S. Holder’s method of tax accounting.
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We intend to treat any Contingent Coupon Payment made to Non-U.S. Holders (as defined on page 71 of the accompanying prospectus) as generally subject to withholding at a 30% rate (or at a lower rate under an applicable income tax treaty) on the entire amount of any Contingent Coupon Payment made unless such payments are effectively connected with the conduct by the Non-U.S. Holder of a trade or business in the U.S. (in which case, to avoid withholding, the Non-U.S. Holder will be required to provide a Form W-8ECI). We (or the applicable paying agent) will not pay any additional amounts in respect of such withholding.
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Under current IRS guidance, withholding on “dividend equivalent” payments (as discussed in the accompanying product supplement), if any, will not apply to Securities that are issued as of the date of this pricing supplement unless such Securities are “delta-one” instruments.
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