Updated from 9:42 a.m.

Bank of America ( BAC) said CEO Kenneth D. Lewis started a 10b5-1 plan covering the exercise of 4.1 million options to buy Bank of America shares over five months.

After paying taxes and acquisition costs out of the exercise proceeds, he will retain all of the resulting shares and receive no additional cash. A spokesman said at current prices, Lewis will end up keeping around 700,000 shares out of the options grants.

Lewis owned 6.6 million shares as of Dec. 31.

The option exercises are scheduled to begin in late August and occur monthly through December. Bank of America will make the required disclosure filings following each transaction.

Lewis signed the plan after Bank of America reported second-quarter earnings on July 19 and after the board declared the third quarter dividend on July 26.