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
About
Source:
BankUnited, Inc.
Investor Relations:
Leslie N.
Lunak, 786-313-1698
LLunak@BankUnited.com
or
Corporate
Communications:
Mary Harris, 305-817-8117
MHarris@BankUnited.com