Bank of America Corp., the largest U.S. lender, said some employees may get a portion of their bonuses in stock rather than cash if the company fails to meet a Dec. 31 deadline for increasing equity through asset sales.

“In the event that there is a shortfall, it would be met by issuing equity awards of fully vested common stock to certain associates in lieu of a portion of their 2010 year-end cash incentive awards,” the Charlotte, North Carolina-based firm said today in its quarterly report. The awards would be “transferable by associates as soon as administratively practicable.”

Bank of America has raised $1.9 billion toward the $3 billion commitment, the company said. The lender is pursuing “several potential asset sales” to help meet the goal, according to the filing.

The bank agreed to sell assets as part of its federal bailout, under which it received $45 billion from the Troubled Asset Relief Program.