BankUnited, Inc. (the “Company”) (NYSE:BKU) today announced, as required
by New York Stock Exchange (NYSE) Listed Company Manual Section 303A.08,
that the Company granted employment inducement awards in the form of
restricted shares of the Company’s common stock to five new employees on
November 7, 2013. The total number of restricted shares of the Company’s
common stock awarded to these employees was 4,500 (the “Restricted
Shares”).
Each of the Restricted Share awards vest in one-third installments on
each of the first three anniversaries of the date of grant of the award
if the individual is still employed by the Company on the applicable
vesting date. The Restricted Shares vest in full upon a change in
control of the Company (as described in the award agreement). In
addition, in the event the employee’s employment is terminated for any
reason, the Restricted Shares held by such employee at the time of such
termination will terminate immediately.
These Restricted Share awards are granted outside of the Company's 2010
Omnibus Equity Incentive Plan (the “Plan”), but except as set forth in
the award agreement, will generally be subject to the same terms and
conditions as apply to restricted shares granted under the Plan. The
Compensation Committee of the Company’s Board of Directors approved
these employment inducement awards in reliance on the employment
inducement exception to shareholder approval provided under NYSE Listed
Company Manual Section 303A.08, referenced above. To comply with the
terms of this exemption, these employment inducement awards require an
immediate public announcement of the awards and written notice to the
NYSE.
About BankUnited, Inc.
BankUnited, Inc. is the bank holding company of BankUnited, N.A., a
national bank headquartered in Miami Lakes, Florida with 99 branches in
15 Florida counties and 5 banking centers in the New York metropolitan
area.
Copyright Business Wire 2013