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.